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Registered number: 06211969









STORWELL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
STORWELL LIMITED
REGISTERED NUMBER: 06211969

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,260,005
1,285,946

  
1,260,005
1,285,946

Current assets
  

Stocks
 5 
4,824
6,026

Debtors: amounts falling due within one year
 6 
11,446
10,170

Cash at bank and in hand
  
245,768
165,021

  
262,038
181,217

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
 7 
(453,076)
(441,647)

Net current liabilities
  
 
 
(191,038)
 
 
(260,430)

Total assets less current liabilities
  
1,068,967
1,025,516

  

Net assets
  
1,068,967
1,025,516


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,068,867
1,025,416

  
1,068,967
1,025,516


Page 1

 
STORWELL LIMITED
REGISTERED NUMBER: 06211969
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.

A L Wilson
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
STORWELL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Storwell Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London NW3 5JS and its principal place of business is 20 Penton Place, Alberta Estate, London SE17 3JT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors consider that the company will continue to be a going concern for the foreseeable future and accordingly these accounts are prepared on the going concern basis.

 
2.3

Currency

The company's functional and presentational currency is GBP.

 
2.4

Revenue

Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business and is shown net of VAT. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer which is usually on the despatch of the goods. Revenue from the provision of storage services is recognised when the service has been provided.

 
2.5

Taxation

Tax is recognised in the statement of income and retained earnings.
The current 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 United Kingdom.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
STORWELL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
per annum straight line
Plant and machinery
-
25%
per annum on the reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a unit cost basis.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

Creditors

Short term creditors are measured at the transaction price. 

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Page 4

 
STORWELL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
1,381,239
6,389
1,387,628



At 30 April 2024

1,381,239
6,389
1,387,628



Depreciation


At 1 May 2023
96,948
4,734
101,682


Charge for the year on owned assets
25,527
414
25,941



At 30 April 2024

122,475
5,148
127,623



Net book value



At 30 April 2024
1,258,764
1,241
1,260,005



At 30 April 2023
1,284,291
1,655
1,285,946


5.


Stocks

2024
2023
£
£

Finished products
4,824
6,026

4,824
6,026


Page 5

 
STORWELL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
9,553
7,996

Prepayments
1,893
2,174

11,446
10,170



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
28,385
24,300

Other creditors
413,897
407,172

Accruals and deferred income
10,794
10,175

453,076
441,647



8.


Related party transactions

At the balance sheet date the sum of £392,300 (2023: £391,727) was owed to Ian Wilson Events Limited, a company in which Mr I Wilson and Mrs A Wilson are directors and controlling shareholders. 
At the balance sheet date the sum of £97 was owed to the directors (2023: £97).
All of the above amounts are interest free and repayable on demand.

 
Page 6