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REGISTERED NUMBER: 03509775 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2023

FOR

STORETECH LIMITED

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


STORETECH LIMITED

COMPANY INFORMATION
for the year ended 30 December 2023







DIRECTORS: A D Howarth
K Pilkington





SECRETARY: Ms M C Rudland





REGISTERED OFFICE: c/o Thorne Lancaster Parker
5th Floor, Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: 03509775 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

STATEMENT OF FINANCIAL POSITION
30 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 472 -
Investments 6 - -
472 -

CURRENT ASSETS
Inventories 7 25,889 10,820
Debtors 8 1,425,100 1,439,827
Cash at bank 701,487 578,340
2,152,476 2,028,987
CREDITORS
Amounts falling due within one year 9 (400,174 ) (307,381 )
NET CURRENT ASSETS 1,752,302 1,721,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,752,774

1,721,606

CAPITAL AND RESERVES
Called up share capital 10 850 850
Retained earnings 11 1,751,924 1,720,756
SHAREHOLDERS' FUNDS 1,752,774 1,721,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

STATEMENT OF FINANCIAL POSITION - continued
30 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





A D Howarth - Director


STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 December 2023


1. STATUTORY INFORMATION

Storetech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Revenue is the total amount receivable, excluding value added tax, for goods and services provided in the ordinary course of business.

Revenue is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is shown net of Value Added Tax.

Property, plant and equipment
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

Fixtures and fittings - 25% on reducing balance
Website development costs - 20% on cost
Computer equipment - 50% on cost
Plant & Machinery - 20% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 December 2023


3. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items. Inventories are recognised as an expense in the period in which the related revenue is generated.

Cost is determined on an average cost basis. Cost includes the purchase price and other directly attributable costs to bring the inventory to its present location and condition.

At the end of each period, inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
The financial statements are presented in sterling which is also the functional currency of the company.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 December 2023


3. ACCOUNTING POLICIES - continued

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.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Financial instruments
The company has adopted section 11 of FRS 102 in respect of its basic financial instruments.

Basic financial assets

Trade and other debtors, amounts owed by related undertakings, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities

Trade and other creditors, directors' current accounts and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 December 2023


5. PROPERTY, PLANT AND EQUIPMENT
Website Fixtures
development and Plant & Computer
costs fittings Machinery equipment Totals
£    £    £    £    £   
COST
At 31 December 2022 10,050 19,670 35,720 65,941 131,381
Additions - - - 944 944
At 30 December 2023 10,050 19,670 35,720 66,885 132,325
DEPRECIATION
At 31 December 2022 10,050 19,670 35,720 65,941 131,381
Charge for year - - - 472 472
At 30 December 2023 10,050 19,670 35,720 66,413 131,853
NET BOOK VALUE
At 30 December 2023 - - - 472 472
At 30 December 2022 - - - - -

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 31 December 2022
and 30 December 2023 5
PROVISIONS
At 31 December 2022
and 30 December 2023 5
NET BOOK VALUE
At 30 December 2023 -
At 30 December 2022 -

7. INVENTORIES
2023 2022
£    £   
Stocks 25,889 10,820

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 December 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 259,224 87,231
Amounts owed by related undertaking 700,005 700,005
Other debtors 23,185 54,628
Loan to shareholder 123,219 166,459
Directors' current accounts 169,467 210,287
Prepayments and accrued income 150,000 221,217
1,425,100 1,439,827

Amounts owed by the related undertaking is unsecured, interest free and repayable on demand and this loan has been fully cleared since the year end.

Amounts owed by director and the loan to shareholder are unsecured and repayable on demand and this loan has been cleared since the year end.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 26,148 12,769
Amounts owed to related undertaking 149,153 99,189
Tax 77,771 74,425
Social security and other taxes 42,722 42,358
Other creditors 760 966
Accruals and deferred income 103,620 77,674
400,174 307,381

Amounts due to related undertaking are unsecured, interest free and repayable on demand.

10. CALLED UP SHARE CAPITAL


Allotted and issued:
Class of
Shares
Nominal
Value:

2023

2022
£    £   
8,500 Ordinary £0.10 850 850





11. RESERVES
Retained
earnings
£   

At 31 December 2022 1,720,756
Profit for the year 379,668
Dividends (348,500 )
At 30 December 2023 1,751,924

STORETECH LIMITED (REGISTERED NUMBER: 03509775)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 December 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2023 and 30 December 2022:

2023 2022
£    £   
A D Howarth
Balance outstanding at start of year 210,287 59,807
Amounts advanced 136,915 150,480
Amounts repaid (177,735 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 169,467 210,287

13. RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £149,153 was owed to Easy R&D Limited, a company in which A Howarth is a controlling shareholder. This amount has no fixed repayment date, is unsecured and interest free. During the year the company charged Easy R&D Limited £150,000 (2022: £220,000) as management fee.

At the balance sheet date the company was owed £700,005 by Immy Pops Ltd, in relation to a loan. Immy Pops Ltd is a company of which A Howarth is a controlling shareholder. The loan is unsecured and interest free, and there is no fixed date for repayment.

At the balance sheet date the company was owed £123,219 by a shareholder. The loan is unsecured and and there is no fixed date for repayment. Since the year end this loan has cleared in full.

14. ULTIMATE CONTROLLING PARTY

The controlling party is A D Howarth.