REGISTERED NUMBER: |
Strom Limited |
Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Strom Limited |
Financial Statements |
for the Year Ended 29 February 2024 |
Strom Limited (Registered number: 08421339) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Strom Limited |
Company Information |
for the year ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
Strom Limited (Registered number: 08421339) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
Strom Limited (Registered number: 08421339) |
Balance Sheet - continued |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Strom Limited (Registered number: 08421339) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Strom Limited is a |
The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Research & development costs |
Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met: |
(i) | It is technically feasible to complete the research or development so that the product will be available for use or sale. |
(ii) | It is intended to use or sell the product being developed. |
(iii) | The company is able to use or sell the product. |
(iv) | It can be demonstrated that the product will generate future economic benefits. |
(v) | Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold. |
(vi) | Expenditure attributable to the research and development work can be reliably measured. |
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. |
All other research and development expenditure is recognised as an expense in the period in which it is incurred. |
Strom Limited (Registered number: 08421339) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Leasehold Property Improvement | - |
Plant and machinery | - |
Fixtures and fittings | - |
Office equipment | - |
Fixed assets are initially recorded at cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Strom Limited (Registered number: 08421339) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
4. | INTANGIBLE FIXED ASSETS |
Research & |
Patents and | development | Computer |
licences | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
Property | Plant and | and | Office |
Improvement | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Strom Limited (Registered number: 08421339) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings | 45,741 | - |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 130,955 | 130,613 |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |