Company Registration No. 03736140 (England and Wales)
Stormspell Limited
Unaudited accounts
for the year ended 31 March 2024
Stormspell Limited
Unaudited accounts
Contents
Stormspell Limited
Company Information
for the year ended 31 March 2024
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
Stormspell Limited
Statement of financial position
as at 31 March 2024
Tangible assets
261,516
365,531
Inventories
325,000
380,000
Debtors
2,860,528
3,542,075
Cash at bank and in hand
2,404,746
657,498
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
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
Stormspell Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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.
Stormspell Limited
Notes to the Accounts
for the year ended 31 March 2024
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 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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
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
Disposals
-
(74,259)
-
(74,259)
At 31 March 2024
106,292
574,625
31,122
712,039
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
At 31 March 2024
32,172
217,816
11,528
261,516
At 31 March 2023
42,897
313,359
9,275
365,531
Stormspell Limited
Notes to the Accounts
for the year ended 31 March 2024
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
7
Creditors: amounts falling due within one year
2024
2023
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
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).