Registered number:
07410211
STOREIT (FAKENHAM) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
STOREIT (FAKENHAM) LIMITED
COMPANY INFORMATION
|
STOREIT (FAKENHAM) LIMITED
CONTENTS
|
|
|
|
|
|
Notes to the financial statements
|
|
|
STOREIT (FAKENHAM) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STOREIT (FAKENHAM) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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 2020 which comprise the Balance sheet
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 https://www.icaew.com/regulation.
This report is made solely to the Board of directors of StoreIt (Fakenham) Limited, as a body, in accordance with the terms of our engagement letter dated
20 May 2020. 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 Board of directors of StoreIt (Fakenham) Limited, as a body, 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 Board of directors, as a body, 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.
We
have not been instructed to carry out an audit or review of the financial statements of StoreIt (Fakenham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
4 June 2021
|
STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER:
07410211
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER:
07410211
BALANCE SHEET
(CONTINUED)
AS AT
30 SEPTEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 by
:
The notes on pages 4 to 7 form part of these financial statements.
|
STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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
|
|
Basis of preparation of financial statements
|
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 rental income from investment properties leased under operating lesases and is recognised on a staight-line basis over the term of the lease.
Interest income is recognised in profit or loss using the effective interest method.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
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 the director 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.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Investment property is carried at fair value determined annually by the director 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.
|
The average monthly number of employees, including directors, during the year was
2
(2019 -
1
)
.
|
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2020 valuations were made by the director, on an open market value for existing use basis.
|
STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
Other reserves
The capital contribution reserve comprises investment properties brought into the Company by the director at fair value.
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
The profit and loss account includes all current and prior period retained profits and losses.
|
Transactions with directors
|
As at 1 October 2019, the directors owed the Company £742,670. During the year the directors made net repayments of
£209,700
, with a total of
£15,914
interest being charged at 2.5%. As a result at 30 September 2020 the directors owed a balance of
£548,884
, which is repayable on demand and included in other debtors in note 6 to the financial statements.
|
STOREIT (FAKENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
Related party transactions
|
|
As at 30 September 2020,
£1,003,798
(
2019: £3,248
) was owed to a related company. During December 2019 a loan of £1,200,000 was received from and subsequently written off by a company with a shareholder in common. The loan is interest free, repayable on demand and the balance is included within note 6 to the financial statements, creditors due within one year.
|
|