STORM EVENTS (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 06269110 (England and Wales)
STORM EVENTS (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
STORM EVENTS (LONDON) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,002
13,335
Tangible assets
5
910,318
546,130
Investments
6
49
-
0
920,369
559,465
Current assets
Debtors
8
861,806
620,132
Cash at bank and in hand
299,446
731,297
1,161,252
1,351,429
Creditors: amounts falling due within one year
9
(552,174)
(674,148)
Net current assets
609,078
677,281
Total assets less current liabilities
1,529,447
1,236,746
Provisions for liabilities
(186,996)
(73,089)
Net assets
1,342,451
1,163,657
Capital and reserves
Called up share capital
28
28
Share premium account
39,990
39,990
Capital redemption reserve
82
82
Profit and loss reserves
1,302,351
1,123,557
Total equity
1,342,451
1,163,657

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 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 October 2023 and are signed on its behalf by:
Mr D T Auchterlonie
Miss C May
Director
Director
Company Registration No. 06269110
STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Storm Events (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Butt Road, Colchester, Essex, CO3 3BZ.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 12 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

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
Land and buildings Leasehold
10% straight line basis
Plant and equipment
20% straight line basis
Fixtures, fittings & equipment
25% reducing balance basis
Motor vehicles
25% straight line basis

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

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.

STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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 balance sheet 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 and cash and bank balances, 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.

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.

STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
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 profit and loss account 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.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
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.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
23
17
STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
40,000
Amortisation and impairment
At 1 July 2022
26,665
Amortisation charged for the year
3,333
At 30 June 2023
29,998
Carrying amount
At 30 June 2023
10,002
At 30 June 2022
13,335
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
172,928
796,606
969,534
Additions
-
0
617,630
617,630
At 30 June 2023
172,928
1,414,236
1,587,164
Depreciation and impairment
At 1 July 2022
2,084
421,320
423,404
Depreciation charged in the year
562
252,880
253,442
At 30 June 2023
2,646
674,200
676,846
Carrying amount
At 30 June 2023
170,282
740,036
910,318
At 30 June 2022
170,844
375,286
546,130
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
49
-
0
STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 July 2022
-
Additions
49
At 30 June 2023
49
Carrying amount
At 30 June 2023
49
At 30 June 2022
-
7
Joint ventures

Details of the company's joint ventures at 30 June 2023 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Storm IR Limited
47 Butt Rd, Colchester, Essex, CO3 3BZ
Ordinary
49.00
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
506,640
308,631
Amounts owed by group undertakings and undertakings in which the company has a participating interest
731
96
Other debtors
354,435
311,405
861,806
620,132
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
214,175
38,377
Corporation tax
78,753
187,628
Other taxation and social security
129,464
115,823
Other creditors
129,782
332,320
552,174
674,148
STORM EVENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
71,326
14,698
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
26,937
2023-06-30 2022-07-01 false 02 October 2023 CCH Software CCH Accounts Production 2023.100 No description of principal activity Mr D T Auchterlonie Mr D J Warner Miss C May 06269110 2022-07-01 2023-06-30 06269110 2023-06-30 06269110 2022-06-30 06269110 core:NetGoodwill 2023-06-30 06269110 core:NetGoodwill 2022-06-30 06269110 core:LandBuildings 2023-06-30 06269110 core:OtherPropertyPlantEquipment 2023-06-30 06269110 core:LandBuildings 2022-06-30 06269110 core:OtherPropertyPlantEquipment 2022-06-30 06269110 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 06269110 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 06269110 core:CurrentFinancialInstruments 2023-06-30 06269110 core:CurrentFinancialInstruments 2022-06-30 06269110 core:ShareCapital 2023-06-30 06269110 core:ShareCapital 2022-06-30 06269110 core:SharePremium 2023-06-30 06269110 core:SharePremium 2022-06-30 06269110 core:CapitalRedemptionReserve 2023-06-30 06269110 core:CapitalRedemptionReserve 2022-06-30 06269110 core:RetainedEarningsAccumulatedLosses 2023-06-30 06269110 core:RetainedEarningsAccumulatedLosses 2022-06-30 06269110 bus:Director1 2022-07-01 2023-06-30 06269110 bus:Director3 2022-07-01 2023-06-30 06269110 core:Goodwill 2022-07-01 2023-06-30 06269110 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06269110 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 06269110 core:PlantMachinery 2022-07-01 2023-06-30 06269110 core:FurnitureFittings 2022-07-01 2023-06-30 06269110 core:MotorVehicles 2022-07-01 2023-06-30 06269110 2021-07-01 2022-06-30 06269110 core:NetGoodwill 2022-06-30 06269110 core:NetGoodwill 2022-07-01 2023-06-30 06269110 core:LandBuildings 2022-06-30 06269110 core:OtherPropertyPlantEquipment 2022-06-30 06269110 2022-06-30 06269110 core:LandBuildings 2022-07-01 2023-06-30 06269110 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 06269110 core:JointVenture1 2022-07-01 2023-06-30 06269110 core:JointVenture1 1 2022-07-01 2023-06-30 06269110 core:WithinOneYear 2023-06-30 06269110 core:WithinOneYear 2022-06-30 06269110 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06269110 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 06269110 bus:FRS102 2022-07-01 2023-06-30 06269110 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 06269110 bus:Director2 2022-07-01 2023-06-30 06269110 bus:FullAccounts 2022-07-01 2023-06-30 xbrli:pure xbrli:shares iso4217:GBP