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Registered number: 04206846
Blue Storm Media Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
B&SW Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04206846
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 40,000 40,000
Tangible Assets 5 661 827
40,661 40,827
CURRENT ASSETS
Debtors 6 10,983 12,652
Cash at bank and in hand - 42
10,983 12,694
Creditors: Amounts Falling Due Within One Year 7 (221,782 ) (202,119 )
NET CURRENT ASSETS (LIABILITIES) (210,799 ) (189,425 )
TOTAL ASSETS LESS CURRENT LIABILITIES (170,138 ) (148,598 )
NET LIABILITIES (170,138 ) (148,598 )
CAPITAL AND RESERVES
Called up share capital 8 190,158 190,158
Share premium account 343,033 343,033
Profit and Loss Account (703,329 ) (681,789 )
SHAREHOLDERS' FUNDS (170,138) (148,598)
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For the year ending 30 April 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gareth Llewelyn
Director
29/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Blue Storm Media Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04206846 . The registered office is Toad Hall Cattawade Street, Cattawade, Manningtree, CO11 1RG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was 2. 1 (2023: 1)
1 1
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4. Intangible Assets
Development Costs
£
Cost
As at 1 May 2023 40,000
As at 30 April 2024 40,000
Net Book Value
As at 30 April 2024 40,000
As at 1 May 2023 40,000
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 May 2023 4,074
As at 30 April 2024 4,074
Depreciation
As at 1 May 2023 3,247
Provided during the period 166
As at 30 April 2024 3,413
Net Book Value
As at 30 April 2024 661
As at 1 May 2023 827
6. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets 9,802 9,802
VAT - 1,669
Amounts owed by subsidiaries 1,200 1,200
Amounts owed by other participating interests (19) (19)
10,983 12,652
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,739 2,322
Bank loans and overdrafts 37,820 37,567
Accruals and deferred income 2,095 1,935
Directors' loan accounts 176,128 160,295
221,782 202,119
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 190,158 190,158
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