Company registration number:
11966930
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FOR THE YEAR ENDED
30 NOVEMBER 2022
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LENHAM STORAGE (MIDLANDS) LIMITED
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LENHAM STORAGE (MIDLANDS) LIMITED
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COMPANY INFORMATION
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Chartered Accountants
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Statutory Auditor
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LENHAM STORAGE (MIDLANDS) LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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LENHAM STORAGE (MIDLANDS) LIMITED
REGISTERED NUMBER:
11966930
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STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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LENHAM STORAGE (MIDLANDS) LIMITED
REGISTERED NUMBER:
11966930
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 NOVEMBER 2022
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Allotted and called up share capital
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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 statement of income and retained earnings 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 3 to 8 form part of these financial statements.
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
Lenham Storage (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The principal place of business is Avian Way, Salhouse Road, Norwich, Norfolk, NR7 9AJ.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to
the nearest £.
Following the acquisition of Fitzmaurice Carriers Limited during the prior financial year, the Company has changed its year end to 30 November for consistency of year end with the company acquired. As such the 2021 figures are presented for a 7 month period and are therefore not directly comparable to the current 12 month period disclosed.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
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Exemption from preparing consolidated accounts
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The group, and its subsidiary, qualify as small as set out in section 383 of the Companies Act 2006 and are therefore considered as eligible for the exemption to prepare consolidated accounts.
Revenue relates to the rental of investment property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.
Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairments losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.
Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2
(2021 -
2
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Fitzmaurice Carriers Limited
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Freehold investment property
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The land and buildings were revalued at £2,226,000 on 30 November 2022 by the directors on an open market for
existing use basis.
There is a fixed charge over the investment properties held at the balance sheet date.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Called up share capital not paid
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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A loan of £610,000 included within other creditors due after more than 1 year is secured by way of fixed charge over the Company's land and buildings.
Included within other creditors are 2,029,857 preference shares owned by a independent shareholder. Each share has a nominal value of £1. Each share is entitled to dividend payments or any distribution and to participate in a distribution arising from a winding up of the Company. The preference shares have no voting rights.
The directors have considered the rights associated with the preference shares along with the associated legal terms of the preference shares and consider these represent a financial liability rather than equity.
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LENHAM STORAGE (MIDLANDS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Effect of changes in tax rates
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A contingent liability exists at the accounting date in respect of an unlimited cross-guarantee and a debenture,
secured on all of the company's assets, given to/by specific other companies with common shareholders, being
Fitzmaurice Carriers Limited, Lenham Garages Limited, Lenham Storage (Southern) Limited and Lenham
Storage Company Limited in order to secure their banking facilities.
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Related party transactions
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As at the 30 November 2022 there is an amount of £278,437 (2021 - £90,000) owed to a Company under common control as per note 8.
Included in note 9 is £2,029,857 (2021 - £2,029,857) worth of preference shares held by a independent shareholder.
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The auditors' report on the financial statements for the year ended 30 November 2022 was unqualified.
The audit report was signed on
1 March 2023
by
Andrew Hookway
(Senior statutory auditor) on behalf of
Menzies LLP
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