FLEXI STORE SELF STORAGE LIMITED
Company Registration No. 04713546 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
31 March 2018
PAGES FOR FILING WITH REGISTRAR
FLEXI STORE SELF STORAGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FLEXI STORE SELF STORAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,964
31,468
Tangible assets
4
568,157
598,633
Current assets
Stocks
12,718
9,006
Debtors
5
794,931
716,216
Investments
6
1,667,028
1,358,591
Cash at bank and in hand
448,270
264,554
2,922,947
2,348,367
Creditors: amounts falling due within one year
7
(992,103)
(1,124,927)
Net current assets
1,930,844
1,223,440
Total assets less current liabilities
2,526,965
1,853,541
Provisions for liabilities
(60,444)
(36,670)
Net assets
2,466,521
1,816,871
Capital and reserves
Called up share capital
8
104
100
Profit and loss reserves
2,466,417
1,816,771
Total equity
2,466,521
1,816,871
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 19 October 2018 and are signed on its behalf by:
Miss S A Hopkins
Director
Company Registration No. 04713546
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
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
Grange House, Lancaster Road, Harlescott, Shrewsbury, Shropshire, SY1 3JF.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for
rental income and the provision of
goods and services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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 ten 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.
1.4
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 YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
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%/33% 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
.
1.5
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.
1.6
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
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.
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.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2017 - 15).
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
70,000
Amortisation and impairment
At 1 April 2017
38,532
Amortisation charged for the year
3,504
At 31 March 2018
42,036
Carrying amount
At 31 March 2018
27,964
At 31 March 2017
31,468
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
436,134
1,038,123
1,474,257
Additions
-
55,199
55,199
At 31 March 2018
436,134
1,093,322
1,529,456
Depreciation and impairment
At 1 April 2017
193,112
682,512
875,624
Depreciation charged in the year
17,436
68,239
85,675
At 31 March 2018
210,548
750,751
961,299
Carrying amount
At 31 March 2018
225,586
342,571
568,157
At 31 March 2017
243,022
355,611
598,633
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
163,821
161,037
Amounts owed by group undertakings
187,208
190,582
Other debtors
443,902
364,597
794,931
716,216
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Current asset investments
2018
2017
£
£
Other investments
1,667,028
1,358,591
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
67,467
53,683
Trade creditors
255,429
316,445
Amounts due to group undertakings
1,145
5
Corporation tax
117,938
126,516
Other taxation and social security
42,102
39,042
Other creditors
508,022
589,236
992,103
1,124,927
The bank overdraft is secured by charges over the assets of the company.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
104 Ordinary shares of £1 each
104
100
104
100
During the year 3 Ordinary A Shares and 1 Ordinary C Share were issued. All these shares were issued at par.
9
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 Stacey Lea.
The auditor was Dyke Yaxley Limited.
FLEXI STORE SELF STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
10
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:
2018
2017
£
£
1,035,000
1,540,000
11
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Dividends totalling £72,000 (2017 - £72,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan
-
2,735
111,997
114,732
2,735
111,997
114,732
12
Parent company
The parent company is Alan Ward Limited. This is a UK company whose registered office is Grange House, Lancaster Road, Harlescott, Shrewsbury, SY1 3JF.