Registered number
02759004
Stormsure Ltd
Filleted Accounts
31 March 2024
Stormsure Ltd
Registered number: 02759004
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,463 14,672
Tangible assets 4 76,669 93,324
102,132 107,996
Current assets
Stocks 258,341 226,298
Debtors 5 142,998 58,343
Cash at bank and in hand 108,550 133,122
509,889 417,763
Creditors: amounts falling due within one year 6 (125,557) (106,355)
Net current assets 384,332 311,408
Total assets less current liabilities 486,464 419,404
Creditors: amounts falling due after more than one year 7 (51,017) (71,017)
Provisions for liabilities (32,002) (25,143)
Net assets 403,445 323,244
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 401,445 321,244
Shareholders' funds 403,445 323,244
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Altham
Director
Approved by the board on 12 April 2024
Stormsure Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Development costs:
Cost
At 1 April 2023 22,643
Additions 15,681
At 31 March 2024 38,324
Amortisation
At 1 April 2023 7,971
Provided during the year 4,890
At 31 March 2024 12,861
Net book value
At 31 March 2024 25,463
At 31 March 2023 14,672
4 Tangible fixed assets
Land and buildings Plant and machinery etc IT Equipment Total
£ £ £ £
Cost
At 1 April 2023 7,271 144,170 67,428 218,869
Additions - 1,413 5,797 7,210
At 31 March 2024 7,271 145,583 73,225 226,079
Depreciation
At 1 April 2023 5,390 67,598 52,557 125,545
Charge for the year 470 19,269 4,126 23,865
At 31 March 2024 5,860 86,867 56,683 149,410
Net book value
At 31 March 2024 1,411 58,716 16,542 76,669
At 31 March 2023 1,881 76,572 14,871 93,324
5 Debtors 2024 2023
£ £
Trade debtors 51,652 38,866
Amounts owed by directors 45,247 9,294
Amounts owed by group companies 23,832 -
Prepayments 6,000 6,000
Other debtors 16,267 4,183
142,998 58,343
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,903 21
Trade creditors 37,467 9,023
Taxation and social security costs 62,025 53,719
Accrued expenses 1,550 368
Deferred income 21,612 43,224
125,557 106,355
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 46,667 66,667
Deferred income 4,350 4,350
51,017 71,017
8 Other information
Stormsure Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hall Farm Lode Road
Bottisham
Cambridge
Cambs
CB25 9DN
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