Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
Lenham Storage Company Limited hereby present the Strategic Report covering the results for the financial year ending 31 August 2022.
The principal activities of the company during the year were those of warehousing and haulage services.
The company has enjoyed a successful year’s trading and the results for the year and the financial position of the company are as shown in the annexed statements. This trading year has seen greater stability with staff retention and recruitment has similarly been positive. Heavy investment again has been made in wages, something the company always believes important but especially so during the current financial climate. Investment in training has always been important to the business and with Covid restrictions released has been strengthened in all areas of the business throughout the trading period be that warehouse staff, drivers or administration. The business continues to support and encourage apprenticeships. The company is proud of its long-term partnerships with clients, many spanning more than a decade, some several. Post Brexit and Covid, the company has seen significant cost rises in almost every area of the business. Rather than pass on every increase, the company took the decision to absorb a significant amount of the overall percentage, reflecting its appreciation of the loyalty shown by its clients. Several clients during the period formally renewed long term contracts. Fleet replacement is ongoing for the business with investment in both new technology and more environmentally friendly vehicles and equipment. Projects were underway during the trading year and continue for renewable energy investment as well as both gas and electric powered vehicles. The company is in a strong position and well placed for the year ahead. Though the marketplace remains extremely competitive, the company is confident that the practical steps adopted to reduce costs and maximise profits will leave the business well placed to meet the inevitable challenges.
The company holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations; (b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and (c) for trading purposes. In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below. Interest rate risk The company finances its operations through a combination of retained earnings and hire purchase contracts. Exposure to interest rate fluctuations is controlled by entering into fixed rate agreements. Credit risk The company's principal financial assets are trade debtors. In order to manage credit risk on these debtors the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. Liquidity risk The directors monitor the cash levels of the company to ensure that there are always cash funds available to meet the day to day working capital requirements of the company. Short term flexibility is achieved through the company's banking
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
arrangements.
Non financial risks The companies operations involve a large amount of haulage and transport and so there is a risk of delays, accidents and non-compliance with road traffic regulations. The company finances much of its investment in tangible fixed assets through hire purchase contracts.
The Board utilise a number of key performance indicators to monitor and manage the business, foremost amongst these are the measurement of turnover, margins and cash flows. These measures indicate the levels of operation achieved, its profitability and the efficiency with which those profits have been turned into cash.
The company also benefited from increases in some key rates negotiated throughout the year but more significantly benefited from reducing our cost base in certain key areas. Revenues increased by 8.3% in the year (2021: 10.9%) and gross profits increased by £191,089 an increase over 2021 of 2.2%. Profit for the year before tax but after interest is £1.74m (2021: £2.22m) with a net margin reported of 3.5% (2021: 4.9%) The company continues to apply cost savings initiatives where possible and negotiate enhanced rates as and when they fall due. The company again addressed the issue of recruitment and retaining staff by raising pay rates in the year. This trend will continue in 2023 as a result of the living wage increase of £0.92 to £10.42 and our intention to ensure that the existing pay rate parity throughout the company is maintained. As a business, our continued priority is to recruit experienced class1 & 2 drivers where we can. The company has placed an order in 2023 for a DAF 18 tonne electric vehicle which we expect to be delivered in July 2023. We have also purchased a transit trend van L4 fully electric due for delivery also in 2023. To charge both vehicles the company has invested in a truck charging station on the Lenham site which will we hope will be operational in time for the delivery of the first vehicle in July 2023. We have also purchased three diesel generators for the Lenham site. All three will provide electrical backup for most of the onsite warehousing and offices in case of prolonged electrical outage on site. Mentioned in last year’s commentary was the purchase of two small units locally to the main Sittingbourne site (Education House & Drywall). The company will pursue any further opportunities in the Sittingbourne area should a suitable unit become available. The company did not undertake a valuation of its properties this year. The next valuation is due in August 2023.
The directors of Lenham Storage, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised below.
A director of a company must act in the way he/she considers in good faith would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard amongst other matters to; 1. The likely consequence of any decision in the long term. 2. The interests of the company’s employees. 3. The need to foster the company’s business relationships with suppliers, customers and any others. 4. The impact of the company’s operations on the community and the environment. 5. The desirability of the company maintaining a reputation for high standards of business conduct, and 6. The need to act fairly between members of the company. Each director of Lenham Storage is aware of their obligations on the 6 points above and can seek professional advice from independent advisors known to the company if required. Lenham Storage has a skilled workforce, so the directors will delegate day to day decisions making to employees in the company. At all times the board considers how the decisions they make support the company’s vision and its values and how they promote the success of the company. The board continues to look for opportunities to expand its operations and its desire to have a Midlands hub remains its ultimate aspirational goal. The directors make strategic decisions based on the short term and long term objectives whether this involves supply chain matters or long term vision in the procuring of warehouse space both owned or rented. As such, in addition to the acquisition last year a similar sized warehouse was purchased this year in the Sittingbourne location to provide additional support to the existing Sittingbourne operation.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Directors uses its regular meetings, both formal and informally, as a way to address and meet its obligations under S172 on the Companies Act 2006 and the stakeholders of the company are discussed. The board of the company comprises the Chairman, The Managing Director, Finance Director, Transport and Warehousing Directors, IT Director, Commercial Director and Director of Risk Management. The board considers the size and composition is appropriate to its function. In the directors opinion, employees, suppliers and customers represent the stakeholders of the business and the means of their engagement are detailed below. Employees – We rely on our employees to ensure we deliver a high quality service to our customers be it handling a pallet of stock professionally into the warehouse, administering its arrival and subsequent delivery to the end user and ensuring billing is accurate and timely. We adapt to each clients needs and each client is treated in a bespoke way. On going training is a key part of the company's approach. As an example, we have a longstanding relationship with a forklift training provider who provides forklift training for new warehouse operatives but also ongoing training to our current staff. We also employ a Driver Trainer to assess all our drivers competencies and will intervene where necessary if shortcomings in driving standards are revealed. We also employ a further Driver Trainer whose role is to teach learner both current employees and those applying directly from outside to drive 18T vehicles and guide them through their Class 2 driving test and those with existing Class 2 licenses through the Class 1 test. This has proved successful. It has added additional drivers to its existing driver pool without having to recruit from outside. The company is committed to attracting the best people, in the appropriate area, retaining and incentivising them to deliver the companies objectives. Pay rates are continually reviewed to ensure that pay does not fall below accepted industry averages and where it can, pay rates are agreed above these averages. Customers – Our employees and managers are constantly interacting with our customers to fulfill their requirements. We focus on customer service and this enables the company to act as an extension of each of our customers operation. Regular contact is maintained via visits to the site, telephone calls and more recently zoom/team video conferencing calls. Suppliers – We fully understand the role our suppliers play in the delivery of our services. And as such we ensure that our suppliers are paid within their agreed terms. We also ensure there is an open dialogue between our company and suppliers regarding our ongoing deeds and requirements. The company ensures suppliers are paid on time within agreed payment terms. The company maintains excellent relations with both the local borough and parish councils. During the Covid crisis the company donated funds to the parish council that was used to provide food deliveries for the elderly and those to unable to shop due to ill health. Noise pollution is a constant issue as the site sits within a large housing area. To alleviate the problem, the company installed an acoustic fence which runs the length of the site to reduce the noise pollution while at the same time planted spreading plants to hide the length of the fence. The company operates a zero tolerance approach to modern slavery and human trafficking and the company will act at all times ethically and with integrity in its business dealings.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The directors present their report and the financial statements for the year ended 31 August 2022.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,379,110 (2021: £1,151,611).
The directors who served during the year were:
The company continues to respond to the challenges of the current market by reducing costs where it can, and amending its operational overhead to reflect market conditions.
Disabled employees Applications for employment by disabled persons are always fully considered bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure their employment by the company continues. It is company policy that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of the other employees.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Financial instruments are referred to in the strategic report.
The company places considerable value in the involvement of its employees and continues to keep them informed on matters affecting them as employees and on significant factors affecting the performance of the Lenham "Group". This is achieved through formal and informal meetings and employee representatives are consulted regularly on a wide range of issues affecting the employees' current and future interests.
Covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions.
Current reporting year (Sept 21 – Aug 22) ‘000 kWh tonnes CO2e Scope 1 (direct emissions) Total emissions generated through business travel/transport 32,527 7,824 Total emissions generated through other fuels (gas oil & propane) 2,482 561 Scope 2 (indirect emissions) Total emissions generated through combustion of gas 1,480 273 Total emissions generated through use of purchased electricity 3,792 884 Total gross emissions 40,281 9,542 Intensity ratio (total gross emissions/sq ft of whse space) 13 kgCO2e per sq ft Intensity ratio (transport gross emissions/mile) 1 kgCO2e per mile Previous reporting year (Sep 20 - Aug 21) '000kWh tonnes C02e
Scope 1 (direct emissions)
Total emissions generated through business travel/transport 34,416 8,279
Total emissions generated through other fuels (gas oil & propane) 2,410 542
Scope 2 (indirect emissions)
Total emissions generated through combustion of gas 1,615 297
Total emissions generated through use of purchased electricity 3,967 925
Total gross emissions 42,408 10,043
Intensity ratio (total gross emissions/sq ft of whse space) 13 kgCO2e per sq ft
Intensity ratio (transport gross emissions/mile) 1 kgCO2e per mile
Methodology used within the calculations
The company has used data from monthly/quarterly invoices. All calculations have been applied from the “Conversion_Factors_2022_-_Condensed_set__for_most_users” spreadsheet found on the gov.uk (Greenhouse reporting) website.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Energy efficiency actions
New measures implemented this year; Drywall units 1-3 (6.8k sq ft) 100% of LED sensor-controlled lightning. Aylesford, all units totalling 111k sq ft are now fitted with LED sensor controlled lighting. All external lighting at Lenham covering 26 acres is LED lighting. The use of propane has significantly dropped resulting 14% less tCO2e produced. All forklifts at the Aylesford depot been upgraded too electric. Company cars – The company operates one fully electric car with a further three on order, delivery due 2023 and also three hybrid vehicles. The company installed two electric charging points to support those with company cars and to encourage staff/visitors whom wish to reduce their carbon footprint.
The following energy efficiency measures are under consideration for implementation during 2022-2023
The 3.5% increase of tCO2e generated through other fuels is the result of refrigerant used by an aging air cooling system which the company is looking into the feasibility of replacing next year with a more efficient system.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED
We have audited the financial statements of Lenham Storage Company Limited (the 'Company') for the year ended 31 August 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant, including:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK health and safety legislation;
−General Data Protection Regulations;
−DVSA; and
−MOT testing requirements
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making enquiries to management, those responsible for legal and compliance procedures and the company secretary.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgements made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgements or estimation to manipulate the Company's financial position;
−Posting of unusual journals and complex transactions;
−The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022
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STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Lenham Storage Company Limited is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office is disclosed on the company information page. The principal place of business is Ham Lane, Maidstone, Kent, ME17 2LH.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Rental income is derived from the Company's investment property portfolio. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.
Depreciation is provided on the following basis:
Fair values are determined from market based evidence normally undertaken by the directors and professionally qualified valuers. if appropriate, or if there is an indication of a significant change since the last reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Defined benefit pension plan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
A valuation of the scheme liability is carried out annually by the scheme actuary as at the end of the reporting period. This utilises information contained within the last triennial actuarial assessment for the scheme dated 31 January 2022 in conjunction with updated data for the current reporting period, and are accepted as providing suitably robust figures for financial reporting purposes. Of course there is an element of estimation uncertainty due to the valuation of the scheme liability as at 31 August 2022 being based on valuation data as at 31 January 2022. In undertaking this actuarial assessment, the methodology prescribed in IAS 540 have also been used. An independent, qualified actuary is employed to annually value the assets and obligations of the pension scheme. The directors believe this sufficiently minimises the risk of the assets and obligations of the scheme being misstated. Another judgement area in the accounts is that involving the valuation of investment properties. However, all properties are valued by an independent, RICS registered professional. The experts are appropriately qualified and experienced therefore, the directors believe there is little risk the valuation of investment property is materially misstated.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
12.Taxation (continued)
The main rate of UK corporation tax is due to increase to 25% from 1 April 2023.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
13.Tangible fixed assets (continued)
There is a fixed charge over the freehold land and buildings in place as at the balance sheet date.
The land and buildings were revalued on 31 August 2022 by the directors on an open market for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Revaluation reserve
Profit and loss account
A contingent liability exists at the balance sheet date in respect to a fixed charge over the freehold land and buildings and an unlimited cross guarantee given to the other companies with majority common shareholders which comprise the Lenham ''Group'' in order to secure their banking facilities.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
The Company operates a defined benefit pension scheme entitled Lenham Storage Group Retirement Benefits Scheme.
There are no other post-retirement benefits provided.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
26.Pension commitments (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Page 34
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
The directors are of the opinion that there is no one controlling party.
Page 35
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