Company registration number 13398949 (England and Wales)
STORM INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
STORM INVESTMENT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
STORM INVESTMENT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,400
1,400
Current assets
Debtors
5
2,550,860
1,797,700
Cash at bank and in hand
1,093,197
104,332
3,644,057
1,902,032
Creditors: amounts falling due within one year
6
(2,018,900)
(1,920,885)
Net current assets/(liabilities)
1,625,157
(18,853)
Total assets less current liabilities
1,626,557
(17,453)
Creditors: amounts falling due after more than one year
7
(2,352,964)
Net liabilities
(726,407)
(17,453)
Capital and reserves
Called up share capital
8
2,015
2,015
Profit and loss reserves
(728,422)
(19,468)
Total equity
(726,407)
(17,453)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr S Forman
Director
Company registration number 13398949 (England and Wales)
STORM INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Storm Investment Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Portland Place, London, W1B 1PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends entirely on the continuing support of the Company's investors and creditors.
The directors believe that the Company's investors and creditors will continue to support the Company and that it is therefore appropriate for the financial statements to be prepared on the going concern basis.
The financial statements do not include adjustments that would result if the support were not made available.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
STORM INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
STORM INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,400
1,400
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,550,860
1,797,700
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,018,900
1,920,885
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,352,964
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 1p each
191,500
191,500
1,915
1,915
B ordinary shares of 1p each
10,000
10,000
100
100
201,500
201,500
2,015
2,015
STORM INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Called up share capital
(Continued)
- 5 -
The A ordinary shares carry full voting rights (whether on a poll, show of hands, written resolution or otherwise). The A ordinary shares are entitled to participate in distributions on a variable basis in line with the performance of the company (including for dividends, capital distributions and on winding up). The A ordinary shares do not confer any redemption rights.
The B ordinary shares carry full voting rights (whether on a poll, show of hands, written resolution or otherwise). The B ordinary shares are entitled to participate in distributions in line with the performance of the company and prior returns to other shareholders (including for dividends, capital distributions and on winding up). The B ordinary shares do not confer any redemption rights.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty related to going concern
In forming our opinion, we have considered the adequacy of the disclosures made in Note 1.2 of the financial statements concerning the Company's investors’ and creditors' continued support of the Company.
In view of the significance of the fact that the preparation of the financial statements on the going concern basis assumes the continued support of the Company's investors and creditors, we consider that these disclosures should be brought to your attention. Our opinion is not qualified in this respect.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Senior Statutory Auditor:
Paul Faber FCA
Statutory Auditor:
Landau Morley LLP
Date of audit report:
25 February 2025
10
Financial commitments, guarantees and contingent liabilities
Storm Investment Holdings Limited has provided a cost overrun and interest shortfall guarantee granted in favour of Fortwell Capital Limited in its role as security agent to the secured loan provided to Baltic Investment Holdings Limited.
11
Related party transactions
Included in other debtors are non-interest bearing loans of £3,206,415 (2023: £1,797,600) shown net of a provision of £655,655 (2023: £Nil) due from Lime Investment Holdings Limited, a company with common directors, which are due to be repaid by 31 December 2030, although these are repayable on demand. Storm Investment Holdings Limited holds 14% of the ordinary share capital of Lime Investment Holdings as at 31 May 2024.
Included in other creditors are non-interest bearing loans of £1,913,085 (2023: £1,913,085) due to the shareholders, which are due to be repaid by 31 March 2030, although these are repayable on demand.