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COMPANY REGISTRATION NUMBER: 07715001
Storm Power Ltd
Filleted Unaudited Financial Statements
31 October 2023
Storm Power Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
387
Current assets
Stocks
1,500
1,500
Debtors
6
50,053
42,985
Cash at bank and in hand
3,480
13,957
--------
--------
55,033
58,442
Creditors: amounts falling due within one year
7
52,004
52,659
--------
--------
Net current assets
3,029
5,783
-------
-------
Total assets less current liabilities
3,416
5,783
Creditors: amounts falling due after more than one year
8
221
2,018
Provisions
Other provisions
2,813
2,911
-------
-------
Net assets
382
854
-------
-------
Capital and reserves
Called up share capital
10
10
Profit and loss account
372
844
----
----
Shareholders funds
382
854
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Storm Power Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr P Bate
Director
Company registration number: 07715001
Storm Power Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Vale Street, Denbigh, Denbighshire, LL16 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022
1,749
419
2,168
Additions
484
484
-------
----
-------
At 31 October 2023
2,233
419
2,652
-------
----
-------
Depreciation
At 1 November 2022
1,749
419
2,168
Charge for the year
97
97
-------
----
-------
At 31 October 2023
1,846
419
2,265
-------
----
-------
Carrying amount
At 31 October 2023
387
387
-------
----
-------
At 31 October 2022
-------
----
-------
6. Debtors
2023
2022
£
£
Trade debtors
23,608
20,998
Other debtors
26,445
21,987
--------
--------
50,053
42,985
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,693
23,646
Trade creditors
3,915
6,366
Corporation tax
23,157
14,353
Social security and other taxes
7,439
7,444
Other creditors
800
850
--------
--------
52,004
52,659
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Social security and other taxes
221
1,000
Other creditors
1,018
----
-------
221
2,018
----
-------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Bate
3,358
3,358
----
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Bate
2,385
( 2,385)
-------
----
-------
----
10. Related party transactions
The company was under the control of Mr & Mrs Bate throughout the current and previous year. Mr & Mrs Bate are the managing directors and joint shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.