Registered number:
UNAUDITED
FOR THE YEAR ENDED 30 SEPTEMBER 2018
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STOREIT (FAKENHAM) LIMITED
COMPANY INFORMATION
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STOREIT (FAKENHAM) LIMITED
CONTENTS
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STOREIT (FAKENHAM) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STOREIT (FAKENHAM) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of StoreIt (Fakenham) Limited for the year ended 30 September 2018 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the director of StoreIt (Fakenham) Limited in accordance with the terms of our engagement letter dated
16 December 2016. Our work has been undertaken solely
to prepare for your approval the financial statements of StoreIt (Fakenham) Limited and state those matters that we have agreed to state to the director of StoreIt (Fakenham) Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than StoreIt (Fakenham) Limited and its director for our work or for this report.
It is your duty to ensure that StoreIt (Fakenham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of StoreIt (Fakenham) Limited. You consider that StoreIt (Fakenham) Limited is exempt from the statutory audit requirement for the year.
7 The Close
Norfolk
NR1 4DJ
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STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER:
07410211
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
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STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER:
07410211
BALANCE SHEET
(CONTINUED)
AS AT
30 SEPTEMBER 2018
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 5 to 7 form part of these financial statements.
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STOREIT (FAKENHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2018
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STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is The Accommodation Centre, Holt Road, Fakenham, Norfolk, NR21 8JH.
The company's principal activity is that of the investment in and letting of residential properties.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of the management of rental properties.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
The 2018 valuations were made by the director, on an open market value for existing use basis.
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STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
Other reserves
The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.
Profit and loss account
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