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
Storm-I.T. Limited
Company Information
for the year ended 31 March 2023
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
Storm-I.T. Limited
Statement of financial position
as at 31 March 2023
Tangible assets
81,785
87,816
Cash at bank and in hand
146,824
270,433
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
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
Storm-I.T. Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on reducing balance
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.
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
At 31 March 2023
41,461
55,121
101,971
198,553
At 1 April 2022
-
43,494
59,904
103,398
Charge for the year
-
2,924
10,517
13,441
At 31 March 2023
-
46,347
70,421
116,768
At 31 March 2023
41,461
8,774
31,550
81,785
At 31 March 2022
41,461
11,910
34,445
87,816
Amounts falling due within one year
Trade debtors
46,702
59,191
Accrued income and prepayments
1,877
506
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
-
Trade creditors
102,702
93,480
Taxes and social security
50,343
102,942
Loans from directors
640
819
7
Creditors: amounts falling due after more than one year
2023
2022
Storm-I.T. Limited
Notes to the Accounts
for the year ended 31 March 2023
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
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).