Company registration number 07329462 (England and Wales)
Storm Brand Design Limited
Unaudited
financial statements
for the year ended 31 July 2023
PAGES FOR FILING WITH REGISTRAR
Storm Brand Design Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Storm Brand Design Limited
Statement of financial position
as at 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,086,491
661,555
Cash at bank and in hand
563,688
573,548
1,650,179
1,235,103
Creditors: amounts falling due within one year
5
(608,419)
(382,458)
Net current assets
1,041,760
852,645
Capital and reserves
Called up share capital
6
375
375
Capital redemption reserve
59
59
Profit and loss reserves
1,041,326
852,211
Total equity
1,041,760
852,645
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 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.
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 by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
B J Drinkwater
Director
Company Registration No. 07329462
Storm Brand Design Limited
Notes to the financial statements
for the year ended 31 July 2023
- 2 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3 years straight line basis
Fixtures, fittings & equipment
4 years straight line basis
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Storm Brand Design Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
34
31
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
37,798
35,125
72,923
Depreciation and impairment
At 1 August 2022 and 31 July 2023
37,798
35,125
72,923
Carrying amount
At 31 July 2023
At 31 July 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
956,218
550,161
Other debtors
19,167
Prepayments and accrued income
130,273
92,227
1,086,491
661,555
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
70,285
129,908
Corporation tax
125,927
75,670
Other taxation and social security
114,242
46,588
Other creditors
89,314
56,249
Accruals and deferred income
208,651
74,043
608,419
382,458
Storm Brand Design Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
- 4 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
152
152
152
152
B Ordinary shares of £1 each
140
140
140
140
C Ordinary shares of £1 each
83
83
83
83
375
375
375
375
7
Company information
Storm Brand Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marshall's Mill, Marshall Street, Leeds, LS11 9YJ.