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Registered number: 4627329
Stormsaver Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
R H Wyatt Co Ltd
Incorporated Financial Accountants
R H Wyatt and Co Ltd
Edwinstowe House, High Street
Edwinstowe
Notts
NG21 9PR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 4627329
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 217,650 233,000
217,650 233,000
CURRENT ASSETS
Stocks 5 301,326 274,270
Debtors 6 682,659 918,317
Cash at bank and in hand 1,733,083 932,310
2,717,068 2,124,897
Creditors: Amounts Falling Due Within One Year 7 (1,247,049 ) (1,007,855 )
NET CURRENT ASSETS (LIABILITIES) 1,470,019 1,117,042
TOTAL ASSETS LESS CURRENT LIABILITIES 1,687,669 1,350,042
NET ASSETS 1,687,669 1,350,042
CAPITAL AND RESERVES
Called up share capital 8 100 100
Share premium account 15,695 15,695
Profit and Loss Account 1,671,874 1,334,247
SHAREHOLDERS' FUNDS 1,687,669 1,350,042
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Lisa Craven
Director
19/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stormsaver Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 4627329 . The registered office is Hockerton Moor Enterprise Park, Winkburn Lane, Kirklington, Newark, Notts, NG22 8FL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 33.3% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 20
2023 2022
Office and administration 9 9
Sales, marketing and distribution 24 23
Manufacturing 2 2
35 34
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 42,500 88,346 269,909 75,536
Additions - - 49,759 18,111
As at 31 December 2023 42,500 88,346 319,668 93,647
Depreciation
As at 1 January 2023 42,500 82,615 64,554 57,507
Provided during the period - 2,108 74,557 7,864
As at 31 December 2023 42,500 84,723 139,111 65,371
Net Book Value
As at 31 December 2023 - 3,623 180,557 28,276
As at 1 January 2023 - 5,731 205,355 18,029
Computer Equipment Total
£ £
Cost
As at 1 January 2023 211,183 687,474
Additions 11,962 79,832
As at 31 December 2023 223,145 767,306
Depreciation
As at 1 January 2023 207,298 454,474
Provided during the period 10,653 95,182
As at 31 December 2023 217,951 549,656
Net Book Value
As at 31 December 2023 5,194 217,650
As at 1 January 2023 3,885 233,000
5. Stocks
2023 2022
£ £
Stock 301,326 274,270
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Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 485,728 735,465
Prepayments and accrued income 31,106 26,135
Other debtors 165,825 156,717
682,659 918,317
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 435,086 396,382
Corporation tax 209,662 122,811
Other taxes and social security 66,523 80,116
Other creditors 154,119 89,563
Accruals and deferred income 381,659 318,983
1,247,049 1,007,855
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 450,000 380,000
10. Controlling Party
The company has no overall controlling party.
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