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Company Registration No. 03736140 (England and Wales)
Stormspell Limited Unaudited accounts for the year ended 31 March 2024
Stormspell Limited Unaudited accounts Contents
Page
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Stormspell Limited Company Information for the year ended 31 March 2024
Director
Eileen Hill
Company Number
03736140 (England and Wales)
Registered Office
Stormspell House Russel Road Southport PR9 7SB United Kingdom
Accountants
STS Accounts Limited 702 Merlin Business Park Ringtail Road Burscough Lancashire L40 8JY
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Stormspell Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
261,516 
365,531 
Current assets
Inventories
325,000 
380,000 
Debtors
2,860,528 
3,542,075 
Cash at bank and in hand
2,404,746 
657,498 
5,590,274 
4,579,573 
Creditors: amounts falling due within one year
(2,454,021)
(2,402,462)
Net current assets
3,136,253 
2,177,111 
Total assets less current liabilities
3,397,769 
2,542,642 
Provisions for liabilities
Deferred tax
(29,711)
(29,711)
Net assets
3,368,058 
2,512,931 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
3,367,958 
2,512,831 
Shareholders' funds
3,368,058 
2,512,931 
For the year ending 31 March 2024 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 October 2024 and were signed on its behalf by
Eileen Hill Director Company Registration No. 03736140
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Stormspell Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Stormspell Limited is a private company, limited by shares, registered in England and Wales, registration number 03736140. The registered office is Stormspell House, Russel Road, Southport, PR9 7SB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
reducing balance 25%
Motor vehicles
reducing balance 25%
Computer equipment
reducing balance 25%
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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. 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.
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Stormspell Limited Notes to the Accounts for the year ended 31 March 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
500 
At 31 March 2024
500 
Amortisation
At 1 April 2023
500 
At 31 March 2024
500 
Net book value
At 31 March 2024
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
106,292 
648,884 
25,025 
780,201 
Additions
- 
- 
6,097 
6,097 
Disposals
- 
(74,259)
- 
(74,259)
At 31 March 2024
106,292 
574,625 
31,122 
712,039 
Depreciation
At 1 April 2023
63,395 
335,525 
15,750 
414,670 
Charge for the year
10,725 
72,606 
3,844 
87,175 
On disposals
- 
(51,322)
- 
(51,322)
At 31 March 2024
74,120 
356,809 
19,594 
450,523 
Net book value
At 31 March 2024
32,172 
217,816 
11,528 
261,516 
At 31 March 2023
42,897 
313,359 
9,275 
365,531 
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Stormspell Limited Notes to the Accounts for the year ended 31 March 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
855,866 
537,413 
Amounts due from group undertakings etc.
2,000,000 
3,000,000 
Accrued income and prepayments
4,662 
4,662 
2,860,528 
3,542,075 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
69,443 
25,108 
Obligations under finance leases and hire purchase contracts
15,477 
15,477 
Trade creditors
779,552 
1,230,795 
Taxes and social security
500,996 
235,677 
Other creditors
992,472 
797,406 
Loans from directors
90,981 
90,980 
Accruals
5,100 
7,019 
2,454,021 
2,402,462 
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).
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