STOREbest (UK) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05116258 (England and Wales)

Audited Financial Statements

for the Year Ended 31 December 2022

for

STOREbest (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H C Boerger

M Hardcastle

REGISTERED OFFICE:

A1 Business Park

Knottingley

West Yorkshire

WF11 0BU

REGISTERED NUMBER:

05116258 (England and Wales)

SENIOR STATUTORY AUDITOR:

Caroline Peverett BA FCA

AUDITORS:

Tuerner Audit Limited

Bridge House

Old Grantham Road

Whatton

Nottingham

NG13 9FG

FIXED ASSETS

Tangible assets

5

17,571

23,427

CURRENT ASSETS

Stocks

323,676

381,013

Debtors

6

1,108,998

1,128,814

Cash at bank and in hand

702,471

975,246

2,135,145

2,485,073

CREDITORS

Amounts falling due within one year

7

3,810,953

4,180,341

NET CURRENT LIABILITIES

(1,675,808

)

(1,695,268

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,658,237

)

(1,671,841

)

CAPITAL AND RESERVES

Called up share capital

9

600,000

600,000

Retained earnings

(2,258,237

)

(2,271,841

)

SHAREHOLDERS' FUNDS

(1,658,237

)

(1,671,841

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 12 September 2023 and were signed on its behalf by:

M Hardcastle - Director

1.	STATUTORY INFORMATION

STOREbest (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has the continued support of the group. The directors have been given assurance that this support will continue for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover, which is net of value added tax and discounts, represents the value of commissions earned and due from the parent company, and sales direct to customers for the sale and installation of shopfittings and equipment.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are originally recognised at cost. Residual values and useful economic lives are reviewed at each year end.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

94,786

DEPRECIATION

At 1 January 2022

71,359

Charge for year

5,856

At 31 December 2022

77,215

NET BOOK VALUE

At 31 December 2022

17,571

At 31 December 2021

23,427

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,066,760

1,042,899

Other debtors

42,238

85,915

1,108,998

1,128,814

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

55,241

45,292

Amounts owed to group undertakings

3,463,447

3,772,732

Taxation and social security

276,631

309,151

Other creditors

15,634

53,166

3,810,953

4,180,341

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

82,500

82,292

Between one and five years

89,375

6,875

171,875

89,167

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

600,000

Ordinary

£1

600,000

600,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Caroline Peverett BA FCA (Senior Statutory Auditor)

for and on behalf of Tuerner Audit Limited

11.	PARENT COMPANY

The parent company of the smallest group that draws up consolidated financial statements which include the results for STOREbest (UK) Limited and the company's ultimate parent is Kesseböhmer Holding KG and its registered office is 49152 Bad Essen, Germany.