Company Registration No. 10305682 (England and Wales)
Go Store Self Storage Limited
Unaudited financial statements
for the year ended 31 August 2022
Pages for filing with the registrar
Go Store Self Storage Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
Go Store Self Storage Limited
Statement of financial position
As at 31 August 2022
Page 1
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
6,809
Tangible assets
3
8,176,117
6,084,227
8,176,117
6,091,036
Current assets
Stocks
3,654
1,892
Debtors
5
130,079
100,093
Cash at bank and in hand
86,358
102,166
220,091
204,151
Creditors: amounts falling due within one year
6
(1,096,249)
(933,856)
Net current liabilities
(876,158)
(729,705)
Total assets less current liabilities
7,299,959
5,361,331
Creditors: amounts falling due after more than one year
7
(2,049,840)
(2,142,148)
Provisions for liabilities
(1,849,508)
(746,990)
Net assets
3,400,611
2,472,193
Capital and reserves
Called up share capital
400,002
400,002
Revaluation reserve
3,166,449
2,263,379
Profit and loss reserves
(165,840)
(191,188)
Total equity
3,400,611
2,472,193
Go Store Self Storage Limited
Statement of financial position (continued)
As at 31 August 2022
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 2 March 2023 and are signed on its behalf by:
Rory Windham
Director
Company Registration No. 10305682
Go Store Self Storage Limited
Statement of changes in equity
For the year ended 31 August 2022
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 August 2021:
Balance at 1 September 2020
400,002
2,773,073
(351,812)
2,821,263
Year ended 31 August 2021:
Profit for the year
-
-
160,624
160,624
Other comprehensive income:
Tax relating to other comprehensive income
-
(509,694)
(509,694)
Total comprehensive income for the year
(509,694)
160,624
(349,070)
Balance at 31 August 2021
400,002
2,263,379
(191,188)
2,472,193
Year ended 31 August 2022:
Profit for the year
-
-
25,348
25,348
Other comprehensive income:
Revaluation of tangible fixed assets
3
-
1,985,162
-
1,985,162
Tax relating to other comprehensive income
-
(1,082,092)
(1,082,092)
Total comprehensive income for the year
903,070
25,348
928,418
Balance at 31 August 2022
400,002
3,166,449
(165,840)
3,400,611
Go Store Self Storage Limited
Notes to the financial statements
For the year ended 31 August 2022
Page 4
1
Accounting policies
Company information
Go Store Self Storage Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Beeches, Hawkwell, Newcastle upon Tyne, NE18 0QT.
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 during the year, net of VAT, where there is a right to consideration from self storage activities and related services.
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.
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 other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies (continued)
Page 5
Intangible assets have been fully disposed of in current year, therefore no further amortisation.
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.
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 freehold
Nil
Buildings fit out
25 years
Fixtures and fittings
5 years
Computers
5 years
Motor vehicles
5 years
The directors consider the residual value of the property in current market conditions to be no less than the cost recorded in the accounts. It is company policy to maintain buildings to such a standard, and their residual values are such that depreciation is not significant, consequently buildings are not depreciated.
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.
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.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies (continued)
Page 6
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
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
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 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.
1.8
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 statement of financial position 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, 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.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies (continued)
Page 7
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.
1.9
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.
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
income statement
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.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies (continued)
Page 8
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies (continued)
Page 9
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
5
3
Tangible fixed assets
Land and buildings freehold
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
At 1 September 2021
6,103,025
23,878
10,805
17,064
6,154,772
Additions
164,525
179
1,431
166,135
Disposals
(3,352)
(3,352)
Revaluation
1,985,162
1,985,162
At 31 August 2022
8,252,712
24,057
8,884
17,064
8,302,717
At 1 September 2021
51,041
7,585
5,378
6,541
70,545
Depreciation charged in the year
47,119
4,736
2,366
3,413
57,634
Eliminated in respect of disposals
(1,579)
(1,579)
At 31 August 2022
98,160
12,321
6,165
9,954
126,600
Carrying amount
At 31 August 2022
8,154,552
11,736
2,719
7,110
8,176,117
At 31 August 2021
6,051,984
16,293
5,427
10,523
6,084,227
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
3
Tangible fixed assets (continued)
Page 10
Included within
Land and
B
uildings
are properties valued at £7,000,000. The basis of the valuation is open market value, as assessed by the company directors as at 31 August 2022.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would be as follows:
2022
2021
£
£
Cost
1,673,816
1,658,978
4
Intangible fixed assets
Website
£
Cost
At 1 September 2021
8,670
Disposals
(8,670)
At 31 August 2022
Amortisation and impairment
At 1 September 2021
1,861
Amortisation charged for the year
1,589
Disposals
(3,450)
At 31 August 2022
-
Carrying amount
At 31 August 2022
-
At 31 August 2021
6,809
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
Page 11
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
91,750
13,217
Other debtors
38,329
86,876
130,079
100,093
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
85,651
Trade creditors
64,960
38,319
Taxation and social security
27,881
268
Other creditors
917,757
895,269
1,096,249
933,856
Included within other creditors are amounts payable in respect of loan balances due to the company directors of £823,220 (2021: £824,993), as detailed in note 8.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,049,349
2,135,000
Other creditors
491
7,148
2,049,840
2,142,148
The bank loan is secured by a fixed charge over specific assets of the company and a floating charge over all of the assets of the company in favour of HSBC UK Bank Plc.
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
Page 12
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Director's loan
349,917
349,917
Director's loan
473,303
475,076
823,220
824,993
The loans from the directors to the company are interest free and repayable on demand.
9
Prior period adjustment
The prior period adjustment relates to the recognition of deferred tax on the revaluation gain on the property.
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Aug 2021
£
£
£
Provisions for liabilities
Deferred tax
(567,950)
(179,040)
(746,990)
Capital and reserves
Revaluation reserve
2,773,073
(509,694)
2,263,379
Profit and loss reserves
(521,842)
330,654
(191,188)
Total equity
2,651,233
(179,040)
2,472,193
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 August 2021
£
£
£
Taxation
-
330,654
330,654
(Loss)/profit for the financial period
(170,030)
330,654
160,624
Go Store Self Storage Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
9
Prior period adjustment (continued)
Page 13
Reconciliation of changes in equity
1 September
31 August
2020
2021
£
£
Adjustments to prior year
Deferred tax movement
-
(179,040)
Equity as previously reported
2,821,263
2,651,233
Equity as adjusted
2,821,263
2,472,193
Analysis of the effect upon equity
Revaluation reserve
-
(509,694)
Profit and loss reserves
-
330,654
-
(179,040)
Reconciliation of changes in (loss)/profit for the previous financial period
2021
£
Adjustments to prior year
Deferred tax movement
330,654
Loss as previously reported
(170,030)
Profit as adjusted
160,624
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CCH Software
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No description of principal activity
Norman Galbraith
Rory Windham
Gillespie Macandrew Secretaries Limited
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