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 2023
Lenham Storage Company Limited hereby present the Strategic Report covering the results for the financial year ending 31 August 2023.
The principal activities of the company during the year were those of warehousing and haulage services with a business model centred on storing and delivering largely food and grocery products.
The company has enjoyed a successful year’s trading and the results for the period and the financial position of the company are as shown in the annexed statements. This trading year has seen stability evidenced with staff retention and recruitment efforts yielding positive results. Heavy investment again has been made in wages, something the company always believes is important but especially so during the current financial climate. Training, staff development and internal progression has always been important to the business. The driver and warehouse training teams have grown over the trading period, both achieving a record number of pass results. The business continues to support and encourage apprenticeships. The company were proud during the year to achieve BRCGS AA+ accreditation following an unannounced multi day audit for our sites at Aylesford and Sittingbourne at Lenham. The company enjoys a large number of long-term partnerships with clients, many spanning more than a decade, some multiple. Several clients during the period formally renewed long term contracts and the business welcomed a number of new clients during the year. Reinvestment back into our sites has always been key to the business, this included a fully racked, new build warehouse at our Sittingbourne site during the trading period. Heavy investment also took place in the areas of building maintenance on the Lenham site. We are also looking to purchase additional warehouse capacity in the Sittingboune area to supplement our existing capacity at our main facility, Drywall and Education House units. The company will pursue any further opportunities in the Sittingbourne area should a suitable unit become available. The company again addressed the issue of recruitment and retaining staff by raising pay rates in the year. This trend will continue in 2024 as a result of the living wage increase of £11.02 to £11.44 and our intention is to ensure that the existing pay rate parity throughout the company is maintained. As a business, our continued priority is to recruit experienced class 1 & 2 drivers where we can. The company has taken delivery of two fully electric Volvo FM 490Kw 4 x 2 tractor Globetrotter vehicles with a range on one charge of 200 miles on a single charge. The three diesel generators at the Lenham site are now fully operational and will provide electrical backup for most of the onsite warehousing and offices in case of prolonged electrical outage. The business welcomed a new team to undertake full colour label printing with investment in machines and a purpose-built facility on site to compliment the growing Contract Packing operation. A large part of the growing fleet was replaced during the trading year with investment in both new technology and more environmentally friendly vehicles and equipment. Several projects were underway during the trading year and continue for renewable energy investment as well as both gas and electric powered vehicles. The company did undertake a revaluation of its properties this year and these accounts reflect changes in these values. The next valuation will be in August 2026. The company is in a strong position and well placed for the year ahead.
The Company holds or issues financial instruments in order to achieve three main objectives, being:
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
(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 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 1.6% in the year (2022: 8.3%) and gross profits increased by £194,899, an increase over 2022 of 2.2%. Profit for the year before tax but after interest is £1.32m (2022: £1.74m) with a net margin reported of 2.6% (2022: 3.5%) The company continues to apply cost savings initiatives where possible and negotiate enhanced rates as and when they fall due. Building maintenance costs increased in the year and is the main reason why net profit is lower than 2022.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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 we continue to look for opportunities, especially in the Sittingbourne area, to support our exisiting operations there.
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 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
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 £992,082 (2022: £1,379,110).
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 2023
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 22 – Aug 23) ‘000 kWh tonnes CO2e Scope 1 (direct emissions) Total emissions generated through business travel/transport 31,333 7,537
Total emissions generated through other fuels (gas oil & propane) 3,952 898
Scope 2 (indirect emissions) Total emissions generated through combustion of gas 1,114 205
Total emissions generated through use of purchased electricity 3,792 884
Total gross emissions 40,191 9,524 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 21 - Aug 22) '000kWh tonnes C02e 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 9,524 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 2023
Carbon emission efficiency actions
New measures implemented this year; At Lenham Shed 18 remove T5 fluorescent lights and replaced with LED Sensor lights and LED emergency lighting.
Shed 16 remove T5 fluorescent lights and replaced with LED Sensor lights and LED emergency lighting.
Shed 19 under mezz deck remove old LED panels and replaced with new sensor-controlled LED panels.
Label printing room fitted out with LED panels.
Management offices (old garden county) replaced T8 fluorescents with LED panels and downlights.
Shed 16 gents WC (various) replaced with LED downlights with sensors and LED emergency lighting.
Shed 19 ladies and gent’s WC’s (various) replaced with LED downlights with sensors and LED emergency lighting.
Shed 19 messroom replaced T8 fluorescents with LED downlights and LED emergency lighting.
At Sittingbourne New build fitted out with LED sensor lighting, Led Emergency lighting and LED outside perimeter lighting with photocells.
Outside lighting (various SOX, SON and halogen) replaced with LED street lighting with individual photocell controls.
The following carbon emission efficiency measures are under consideration for implementation during 2023
The 52.9% increase of tCO2e generated through other fuels is the result of refrigerant used by an aging air cooling system which the Company is currently replacing, however the result will only show in the following years reporting.
There have been no significant events affecting the Company since the year end.
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006.
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 2023, 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.
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:
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED (CONTINUED)
∙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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LENHAM STORAGE COMPANY LIMITED (CONTINUED)
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 2023
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STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023
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 34 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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 professionally qualified valuers.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Defined benefit pension plan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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 2023
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 2023 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 freehold properties. However, all properties are valued by independent RICS registered professionals. The experts are appropriately qualified and experienced therefore, the directors believe there is little risk the valuation of freehold property is materially misstated.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
There are no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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 2023 by external valuers, Lambert Smith Hampton in accordance with the RICS Red Book Global Standards, on an open market for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Revaluation reserve
Profit and loss account
A contingent liability exists at the balance sheet date in respect to a fixed charge over the Company's freehold land and buildings detailed in Note 13 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 2023
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 2023
24.Pension commitments (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
24.Pension commitments (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The directors are of the opinion that there is no one controlling party.
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