Company registration number 02639703 (England and Wales)
STOROFILE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
STOROFILE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STOROFILE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
706,746
737,296
Current assets
Stocks
11,343
10,932
Debtors
5
91,801
81,953
Cash at bank and in hand
681,439
658,916
784,583
751,801
Creditors: amounts falling due within one year
6
(198,460)
(201,114)
Net current assets
586,123
550,687
Total assets less current liabilities
1,292,869
1,287,983
Provisions for liabilities
(36,266)
(43,903)
Net assets
1,256,603
1,244,080
Capital and reserves
Called up share capital
2
2
Distributable profit and loss reserves
1,256,601
1,244,078
Total equity
1,256,603
1,244,080
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 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 24 September 2024
Mr J Sutcliffe
Director
Company registration number 02639703 (England and Wales)
STOROFILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Storofile Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shirewood Store, Park Lane, Woodlands, Wimborne, Dorset, BH21 8LL.
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.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Where a reliable estimate of the useful life of the goodwill or intangible asset cannot be made, the life is presumed not to exceed ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
15% Reducing balance
Fixtures and fittings
10% Straight line
Computers
20% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
STOROFILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
The estimated residual value of the company's freehold properties is in excess of its net book value. It is the company's policy to maintain this property to a high standard, so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The director is of the opinion that any depreciation in respect of the company's freehold property would be immaterial and consequently no provision is made in the accounts for such depreciation.
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
STOROFILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
147,136
Amortisation and impairment
At 1 January 2023 and 31 December 2023
147,136
Carrying amount
At 31 December 2023
At 31 December 2022
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
571,962
273,962
13,727
28,139
147,000
1,034,790
Additions
2,851
583
1,669
5,103
At 31 December 2023
571,962
276,813
14,310
29,808
147,000
1,039,893
Depreciation and impairment
At 1 January 2023
10,280
194,990
2,085
26,537
63,602
297,494
Depreciation in the year
12,273
1,432
1,097
20,851
35,653
At 31 December 2023
10,280
207,263
3,517
27,634
84,453
333,147
Carrying amount
At 31 December 2023
561,682
69,550
10,793
2,174
62,547
706,746
At 31 December 2022
561,682
78,972
11,642
1,602
83,398
737,296
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
84,252
63,963
Other debtors
7,549
17,990
91,801
81,953
STOROFILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,159
22,829
Taxation and social security
108,248
93,503
Other creditors
86,053
84,782
198,460
201,114