BrightAccountsProduction v1.0.0 v1.0.0 2022-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the supply of vehicles and other goods via online competitions. 30 July 2024 6 6 12671393 2023-07-31 12671393 2022-06-30 12671393 2021-06-30 12671393 2022-07-01 2023-07-31 12671393 2021-07-01 2022-06-30 12671393 uk-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-07-31 12671393 uk-curr:PoundSterling 2022-07-01 2023-07-31 12671393 uk-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-07-31 12671393 uk-bus:FullAccounts 2022-07-01 2023-07-31 12671393 uk-bus:Director1 2022-07-01 2023-07-31 12671393 uk-bus:Director2 2022-07-01 2023-07-31 12671393 uk-bus:Director3 2022-07-01 2023-07-31 12671393 uk-bus:RegisteredOffice 2022-07-01 2023-07-31 12671393 uk-bus:Agent1 2022-07-01 2023-07-31 12671393 uk-core:ShareCapital 2023-07-31 12671393 uk-core:ShareCapital 2022-06-30 12671393 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 12671393 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 12671393 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-31 12671393 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-06-30 12671393 uk-bus:FRS102 2022-07-01 2023-07-31 12671393 uk-core:PlantMachinery 2022-07-01 2023-07-31 12671393 uk-core:CurrentFinancialInstruments 2023-07-31 12671393 uk-core:CurrentFinancialInstruments 2022-06-30 12671393 uk-core:WithinOneYear 2023-07-31 12671393 uk-core:WithinOneYear 2022-06-30 12671393 uk-core:EmployeeBenefits 2022-06-30 12671393 uk-core:EmployeeBenefits 2022-07-01 2023-07-31 12671393 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 12671393 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-07-31 12671393 uk-core:OtherDeferredTax 2023-07-31 12671393 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-07-31 12671393 uk-core:EmployeeBenefits 2023-07-31 12671393 2022-07-01 2023-07-31 12671393 uk-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: 12671393
 
 
Storm Cars Ltd
 
Unaudited Financial Statements
 
for the financial period ended 31 July 2023
Storm Cars Ltd
Directors and Other Information

 
Directors Mr Robbie Toan
Mr Harvey Pearce (Resigned 1 October 2022)
Mr Richard Robinson
 
 
Company Registration Number 12671393
 
 
Registered Office and Business Address Springfield House
Water Lane
Wimslow
Cheshire
SK9 5BG
England
 
 
Accountants HCA Chartered Accountants Ltd
Chartered Accountants
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers ibanq
  119 Marylebone Road
  NW1 5PU
  England
 
   
Solicitors Keystone Law
  48 Chancery Lane
  London
  WC2A 1JF
  United Kingdom



Storm Cars Ltd
Company Registration Number: 12671393
Statement of Financial Position
as at 31 July 2023

Jul 23 Jun 22
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 - 5,444
───────── ─────────
 
Current Assets
Stocks 6 - 768,354
Debtors 7 103,497 232,820
Cash and cash equivalents - 420,126
───────── ─────────
103,497 1,421,300
───────── ─────────
Creditors: amounts falling due within one year 8 (76,434) (1,272,979)
───────── ─────────
Net Current Assets 27,063 148,321
───────── ─────────
Total Assets less Current Liabilities 27,063 153,765
 
Provisions for liabilities 10 - (1,294)
───────── ─────────
Net Assets 27,063 152,471
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 26,963 152,371
───────── ─────────
Equity attributable to owners of the company 27,063 152,471
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial period ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 30 July 2024 and signed on its behalf by
           
           
________________________________          
Mr Robbie Toan          
Director          
           



Storm Cars Ltd
Notes to the Financial Statements
for the financial period ended 31 July 2023

   
1. General Information
 
Storm Cars Ltd is a company limited by shares incorporated and registered in the England. The registered number of the company is 12671393. The registered office of the company is Springfield House, Water Lane, Wimslow, Cheshire, SK9 5BG, England which is also the principal place of business of the company. The principal activity of the company is the supply of vehicles and other goods via online competitions. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 July 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
As explained in note  to the financial statements, the directors do not consider the going concern basis to be appropriate and these financial statements have therefore not been prepared on that basis. The financial statements have been prepared in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the aggregate value of tickets sold by the company for entry into competitions which have completed and for which prizes have been awarded within the reporting period, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Break up basis
The company sold its property and intellectual property assets to another company during the period, and has ceased to the trade. The financial statements are therefore prepared on a basis other than the going concern basis.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 13 month period ended 31 July 2023.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial period was 6.
 
  Jul 23 Jun 22
  Number Number
 
Employees 6 6
  ═════════ ═════════
       
5. Property, plant and equipment
  Plant and Total
  machinery  
     
  £ £
Cost
At 1 July 2022 32,712 32,712
Additions 26,250 26,250
Disposals (58,962) (58,962)
  ───────── ─────────
At 31 July 2023 - -
  ───────── ─────────
Depreciation
At 1 July 2022 27,268 27,268
On disposals (27,268) (27,268)
  ───────── ─────────
At 31 July 2023 - -
  ───────── ─────────
Net book value
At 31 July 2023 - -
  ═════════ ═════════
At 30 June 2022 5,444 5,444
  ═════════ ═════════
       
6. Stocks Jul 23 Jun 22
  £ £
 
Finished goods and goods for resale - 768,354
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown. The company has ceased trading and had disposed of all remaining stock in advance of the reporting date.
       
7. Debtors Jul 23 Jun 22
  £ £
 
Amounts owed by connected parties (Note 12) 75,190 -
Other debtors 11,500 226,720
Directors' current accounts (Note 13) 16,707 -
Called up share capital not paid 100 100
Prepayments and accrued income - 6,000
  ───────── ─────────
  103,497 232,820
  ═════════ ═════════
       
8. Creditors Jul 23 Jun 22
Amounts falling due within one year £ £
 
Trade creditors - 12,196
Amounts owed to connected parties (Note 12) - 469,411
Taxation  (Note 9) 23,535 458,794
Other creditors 38,500 2,034
Accruals and deferred income:
Pension accrual - 265
Other accruals 14,399 330,279
  ───────── ─────────
  76,434 1,272,979
  ═════════ ═════════
       
9. Taxation Jul 23 Jun 22
  £ £
 
Creditors:
VAT - 191,499
Corporation tax 23,535 267,291
PAYE / NI - 4
  ───────── ─────────
  23,535 458,794
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    Jul 23 Jun 22
  £ £ £
 
At financial period start 1,294 1,294 1,915
Charged to profit and loss (1,294) (1,294) (621)
  ───────── ───────── ─────────
At financial period end - - 1,294
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 July 2023.
           
12. Related party transactions
  Balance Movement Balance Maximum
  Jul 23 in period Jun 22 in period
  £ £ £ £
 
Storm Motors (NI) Limited 75,190 75,190 - -
  ═════════ ═════════ ═════════ ═════════
 
The following amounts are due to other connected parties:
      Jul 23 Jun 22
      £ £
 
Storm Motors (NI) Limited     - 469,411
      ═════════ ═════════
 
Net balances with other connected parties:
      Jul 23 Jun 22
      £ £
 
Storm Motors (NI) Limited     75,190 (469,411)
      ═════════ ═════════
 
Storm Motors (NI) Limited is a connected party of the company due to common shareholders and Directors. During the reporting period the company purchased goods from Storm Motors (NI) Limited on commercial terms and charged management charges totalling £102,515.

During the comparative period, Storm Motors (NI) Limited supplied goods to the company on commercial terms and charged management expenses of £291,192. A balance of £75,190 was owed from (2022: £469,411 owed to) Storm Motors (NI) Limited at the reporting date.

During the reporting period, the company paid consultancy fees to companies controlled by the the Directors totalling £185,000 (2022: £195,000). Seal Ventures Limited charged fees of £92,500 (2022: £105,000), and RPT FIC Ltd charged fees of £92,500 (2022: £90,000).
   
13. Directors' advances, credits and guarantees
 
During the financial period, the company made a loan to a director amounting to £16,707.
   
14. Events After the End of the Reporting Period
 
The company not traded since the reporting date and has no plans to resume trading.
       
15. Share Capital
 
The share capital of the company is comprised of 1,000 Ordinary Shares of £0.10 each.