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Audited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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STOREbest (UK) Limited |
REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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STOREbest (UK) Limited |
STOREbest (UK) Limited (Registered number: 05116258) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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STOREbest (UK) Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
Strelley Hall |
Main Street |
Strelley |
Nottingham |
NG8 6PE |
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ACCOUNTANTS: |
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Bridge House |
Old Grantham Road |
Whatton |
Nottingham |
NG13 9FG |
STOREbest (UK) Limited (Registered number: 05116258) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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STOREbest (UK) Limited (Registered number: 05116258) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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STOREbest (UK) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. Despite the COVID-19 pandemic the group has continued to trade well. 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. |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are originally recognised at cost. Residual values and useful economic lives are reviewed at each year end. |
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Government grants |
Government grants received are recognised in the profit and loss account to match them with expenditure to which they are intended to contribute. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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STOREbest (UK) Limited (Registered number: 05116258) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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STOREbest (UK) Limited (Registered number: 05116258) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
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Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 600,000 | 600,000 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
With respect to stock with a carrying value of £393,582 as at 31 December 2020 and £656,574 as at 31 December 2019, the audit evidence available to us was limited because the accounting system in respect of stock had been changed in the year, and during the comparative year, and did not accurately reflect the price paid by the company for the stock in either year. We were unable to satisfy ourselves by alternative means. Consequently, we were unable to obtain sufficient appropriate audit evidence regarding the stock valuation at either balance sheet date using other audit procedures to confirm whether or not any adjustment to the stock values was necessary, or whether there was any consequential effect on the cost of sales for either year. |
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In respect solely of the limitation on our work relating to stock described above: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received |
from branches not visited by us: or |
- we have not received all the information and explanations we require for our audit. |
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for and on behalf of
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11. | PARENT COMPANY |
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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. |