FLEXI STORE SELF STORAGE LIMITED
Company Registration No. 04713546 (England and Wales)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
FLEXI STORE SELF STORAGE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
FLEXI STORE SELF STORAGE LIMITED
BALANCE SHEET
AS AT
9 DECEMBER 2019
09 December 2019
- 1 -
9 December 2019
31 March 2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,039
24,460
Tangible assets
4
2,336,417
1,422,749
Investments
5
100
-
2,358,556
1,447,209
Current assets
Stocks
13,249
10,302
Debtors
6
364,926
667,125
Investments
7
-
746,156
Cash at bank and in hand
845,437
1,049,879
1,223,612
2,473,462
Creditors: amounts falling due within one year
8
(1,133,448)
(808,981)
Net current assets
90,164
1,664,481
Total assets less current liabilities
2,448,720
3,111,690
Provisions for liabilities
(43,156)
(50,391)
Net assets
2,405,564
3,061,299
Capital and reserves
Called up share capital
9
104
104
Profit and loss reserves
2,405,460
3,061,195
Total equity
2,405,564
3,061,299
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2020 and are signed on its behalf by:
Mr R Greenwood
Director
Company Registration No. 04713546
FLEXI STORE SELF STORAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 9 DECEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
104
2,466,417
2,466,521
Period ended 31 March 2019:
Profit and total comprehensive income for the period
-
594,778
594,778
Balance at 31 March 2019
104
3,061,195
3,061,299
Period ended 9 December 2019:
Profit and total comprehensive income for the period
-
105,476
105,476
Dividends
-
(761,211)
(761,211)
Balance at 9 December 2019
104
2,405,460
2,405,564
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 9 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Flexi Store Self Storage Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
127a High Street, Ruislip, HA4 8JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period has been reduced from 31 March 2020 to 9 December 2019 so as to align it with the date that the company was sold.
1.3
Turnover
Turnover represents amounts receivable for
rental income and the provision of
goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
4% straight line basis
Plant and machinery
10% straight line basis
Fixtures, fittings & equipment
10%/20%/25% straight line basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
9 December 2019
31 March 2019
Number
Number
Total
14
15
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 9 December 2019
70,000
Amortisation and impairment
At 1 April 2019
45,540
Amortisation charged for the period
2,421
At 9 December 2019
47,961
Carrying amount
At 9 December 2019
22,039
At 31 March 2019
24,460
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
1,393,391
1,095,303
2,488,694
Additions
1,000,000
631
1,000,631
Disposals
-
(15,381)
(15,381)
At 9 December 2019
2,393,391
1,080,553
3,473,944
Depreciation and impairment
At 1 April 2019
256,632
809,313
1,065,945
Depreciation charged in the period
46,134
39,656
85,790
Eliminated in respect of disposals
-
(14,208)
(14,208)
At 9 December 2019
302,766
834,761
1,137,527
Carrying amount
At 9 December 2019
2,090,625
245,792
2,336,417
At 31 March 2019
1,136,759
285,990
1,422,749
5
Fixed asset investments
9 December 2019
31 March 2019
£
£
Shares in group undertakings and participating interests
100
-
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019
-
Additions
100
At 9 December 2019
100
Carrying amount
At 9 December 2019
100
At 31 March 2019
-
6
Debtors
9 December 2019
31 March 2019
Amounts falling due within one year:
£
£
Trade debtors
118,469
131,177
Corporation tax recoverable
37,050
37,050
Amounts owed by group undertakings
-
251,768
Other debtors
209,407
247,130
364,926
667,125
7
Current asset investments
9 December 2019
31 March 2019
£
£
Other investments
-
746,156
The investments comprised investment bonds held with Prudential and W H Ireland. These were all sold in July 2019 for cash. The bonds were sold for £753,261 which resulted in a gain in the period of £7,106.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
- 9 -
8
Creditors: amounts falling due within one year
9 December 2019
31 March 2019
£
£
Bank loans and overdrafts
391,737
73,215
Trade creditors
204,441
68,943
Corporation tax
48,859
143,064
Other taxation and social security
32,917
47,486
Other creditors
455,494
476,273
1,133,448
808,981
The bank overdraft is secured by charges over the assets of the company.
9
Called up share capital
9 December 2019
31 March 2019
£
£
Ordinary share capital
Issued and fully paid
104 Ordinary shares of £1 each
104
104
Each class of share has full voting rights and capital distribution rights.
Each has a right to dividends, the shares do not rank pari passu for dividend purposes.
A shares 78
B shares 25
C shares 1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Young.
The auditor was Dyke Yaxley Limited.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 9 DECEMBER 2019
- 10 -
11
Operating lease commitments
Lessee
The operating leases represent leases
of certain of the company's properties.
The leases are negotiated over
an average term of ten years.
All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
9 December 2019
31 March 2019
£
£
320,000
1,035,000
12
Events after the reporting date
Subsequent to the year end, Betterstore Self Storage Properties 1 Limited acquired the company. The ultimate parent company is Betterstore Self Storage Holdings Limited. Copies of the group accounts can be obtained from Intertrust Services Limited Guernsey, PO Box 119, Martello Court, Admiral Park, St Peter Port, Guernsey, GY1 3HB.
13
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Dividends totalling £190,303 (31 March 2019 - £0) were paid in the period in respect of shares held by the company's directors. The reminder of the dividend was paid to the other shareholder Alan Ward Limited.
2019-12-09
2019-04-01
false
23 April 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Mr A Hopkins
Miss S A Hopkins
Mr R Greenwood
Mr S J Horton
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