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Storamove Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

Registration number: 05923008

 

Storamove Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Storamove Ltd

(Registration number: 05923008)
Statement of financial position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

105,852

48,466

Current assets

 

Stocks

5

3,489

770

Debtors

6

50,014

21,352

Cash at bank and in hand

 

145,646

164,690

 

199,149

186,812

Creditors: Amounts falling due within one year

7

(65,265)

(80,289)

Net current assets

 

133,884

106,523

Total assets less current liabilities

 

239,736

154,989

Creditors: Amounts falling due after more than one year

7

(37,275)

-

Net assets

 

202,461

154,989

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

202,361

154,889

Shareholders' funds

 

202,461

154,989

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Storamove Ltd

(Registration number: 05923008)
Statement of financial position as at 30 September 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 26 November 2024
 

.........................................
Mr F R Palmer
Director

 

Storamove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is not recognised in respect of all timing differences that have originated but not reversed at the balance sheet date as these are considered immaterial.

 

Storamove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Hardstanding

10% on cost

Plant and Machinery

25% on reducing balance

Fixtures and Fittings

25% on reducing balance

Motor Vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Storamove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Tangible assets

Hardstanding
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

21,250

26,651

73,937

28,495

150,333

Additions

-

-

-

113,900

113,900

Disposals

-

-

-

(28,495)

(28,495)

At 30 September 2024

21,250

26,651

73,937

113,900

235,738

Depreciation

At 1 October 2023

17,000

11,981

64,204

8,682

101,867

Charge for the year

2,125

3,668

2,433

28,475

36,701

Eliminated on disposal

-

-

-

(8,682)

(8,682)

At 30 September 2024

19,125

15,649

66,637

28,475

129,886

Carrying amount

At 30 September 2024

2,125

11,002

7,300

85,425

105,852

At 30 September 2023

4,250

14,670

9,733

19,813

48,466

 

Storamove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

3,489

770

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,598

1,146

Prepayments

20,000

20,000

Other debtors

25,416

206

 

50,014

21,352

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,300

-

Trade creditors

 

30,888

64,092

Taxation and social security

 

10,777

9,367

Accruals and deferred income

 

2,300

6,830

 

65,265

80,289

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

37,275

-

 

Storamove Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

37,275

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

21,300

-

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Within one year

80,000

80,000

80,000

80,000