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Company Registration No. 04698244 (England and Wales)
Storm-I.T. Limited Unaudited accounts for the year ended 31 March 2023
Storm-I.T. Limited Unaudited accounts Contents
Page
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Storm-I.T. Limited Company Information for the year ended 31 March 2023
Director
Mr W S Lipman
Company Number
04698244 (England and Wales)
Registered Office
Churchill House, Suite 112 120 Bunns Lane Mill Hill London NW7 2AS
Accountants
Platts Churchill House, Suite 112 120 Bunns Lane Mill Hill London NW7 2AS
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Storm-I.T. Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
81,785 
87,816 
Current assets
Inventories
1,000 
1,000 
Debtors
1,302,719 
989,085 
Cash at bank and in hand
146,824 
270,433 
1,450,543 
1,260,518 
Creditors: amounts falling due within one year
(227,345)
(273,126)
Net current assets
1,223,198 
987,392 
Total assets less current liabilities
1,304,983 
1,075,208 
Creditors: amounts falling due after more than one year
(27,254)
- 
Net assets
1,277,729 
1,075,208 
Capital and reserves
Called up share capital
120 
120 
Profit and loss account
1,277,609 
1,075,088 
Shareholders' funds
1,277,729 
1,075,208 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 October 2023 and were signed on its behalf by
Mr W S Lipman Director Company Registration No. 04698244
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Storm-I.T. Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Storm-I.T. Limited is a private company, limited by shares, registered in England and Wales, registration number 04698244. The registered office is Churchill House, Suite 112, 120 Bunns Lane, Mill Hill, London, NW7 2AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Nil
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Storm-I.T. Limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2022
41,461 
55,404 
94,349 
191,214 
Additions
- 
- 
7,622 
7,622 
Disposals
- 
(283)
- 
(283)
At 31 March 2023
41,461 
55,121 
101,971 
198,553 
Depreciation
At 1 April 2022
- 
43,494 
59,904 
103,398 
Charge for the year
- 
2,924 
10,517 
13,441 
On disposals
- 
(71)
- 
(71)
At 31 March 2023
- 
46,347 
70,421 
116,768 
Net book value
At 31 March 2023
41,461 
8,774 
31,550 
81,785 
At 31 March 2022
41,461 
11,910 
34,445 
87,816 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
46,702 
59,191 
Accrued income and prepayments
1,877 
506 
Other debtors
3,189 
3,311 
51,768 
63,008 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,250,951 
926,077 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
- 
VAT
57,660 
70,885 
Trade creditors
102,702 
93,480 
Taxes and social security
50,343 
102,942 
Loans from directors
640 
819 
Accruals
6,000 
5,000 
227,345 
273,126 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
27,254 
- 
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Storm-I.T. Limited Notes to the Accounts for the year ended 31 March 2023
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary shares of £1 each
50 
50 
50 A Ordinary shares of £1 each
50 
50 
10 B Ordinary shares of £1 each
10 
10 
10 C Ordinary shares of £1 each
10 
10 
120 
120 
9
Transactions with related parties
At the balance sheet date, included within Other Debtors due more than one year: The company was owed an amount in the sum of £1,185,428 (2022 - £868,404) by Storm Invest Limited, a company with a common director and shareholder. The receivable is repayable on demand and is unsecured. The company was owed an amount in the sum of £30,665 (2022 - £30,862) by Storm Comms Limited, a company with a common director and shareholder. The receivable is repayable on demand and is unsecured. The company was owed an amount in the sum of £34,858 (2022 - £26,811) by Storm Coffee Co Limited, a company with a common director and shareholder. The receivable is repayable on demand and is unsecured.
10
Average number of employees
During the year the average number of employees was 12 (2022: 12).
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