Company registration number 11545736 (England and Wales)
STORMEDIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STORMEDIA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STORMEDIA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
486
486
Debtors
3
144,879
84,985
Cash at bank and in hand
1,950
92
147,315
85,563
Creditors: amounts falling due within one year
4
(167,184)
(84,590)
Net current (liabilities)/assets
(19,869)
973
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(19,969)
873
Total equity
(19,869)
973

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

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 and signed by the director and authorised for issue on 25 January 2024
Nicole Mansfield
Director
Company Registration No. 11545736
STORMEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Stormedia Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Dowsett Drive,, Witham, England, CM8 3GN.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has prepared the financial statements on the going concern basis although the balance sheettrue shows negative shareholders funds. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future and the company is expecting to make profits in future years that will reverse this position. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise.

1.3
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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
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.

Basic financial assets

Basic financial assets include debtors and cash and bank balances.

STORMEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 include creditors. Creditors are not interest bearing and are stated at their nominal value.        

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.7
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.

STORMEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees

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

2022
2021
Number
Number
Total
1
1
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
142,415
82,535
Other debtors
2,464
2,450
144,879
84,985
4
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
2,945
3,402
Other taxation and social security
-
0
792
Other creditors
164,239
80,396
167,184
84,590
5
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100

 

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityNicole Mansfield115457362022-01-012022-12-31115457362022-12-31115457362021-12-3111545736core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111545736core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111545736core:CurrentFinancialInstruments2022-12-3111545736core:CurrentFinancialInstruments2021-12-3111545736core:ShareCapital2022-12-3111545736core:ShareCapital2021-12-3111545736core:RetainedEarningsAccumulatedLosses2022-12-3111545736core:RetainedEarningsAccumulatedLosses2021-12-3111545736bus:Director12022-01-012022-12-31115457362021-01-012021-12-3111545736core:WithinOneYear2022-12-3111545736core:WithinOneYear2021-12-3111545736bus:PrivateLimitedCompanyLtd2022-01-012022-12-3111545736bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111545736bus:FRS1022022-01-012022-12-3111545736bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3111545736bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP