BrightAccountsProduction v1.0.0 v1.0.0 2022-12-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is dealing in motor vehicles. 29 November 2024 NI642428 2023-11-30 NI642428 2022-11-30 NI642428 2021-11-30 NI642428 2022-12-01 2023-11-30 NI642428 2021-12-01 2022-11-30 NI642428 uk-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI642428 uk-curr:PoundSterling 2022-12-01 2023-11-30 NI642428 uk-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI642428 uk-bus:FullAccounts 2022-12-01 2023-11-30 NI642428 uk-bus:Director1 2022-12-01 2023-11-30 NI642428 uk-bus:Director2 2022-12-01 2023-11-30 NI642428 uk-bus:RegisteredOffice 2022-12-01 2023-11-30 NI642428 uk-bus:Agent1 2022-12-01 2023-11-30 NI642428 uk-core:ShareCapital 2023-11-30 NI642428 uk-core:ShareCapital 2022-11-30 NI642428 uk-core:RetainedEarningsAccumulatedLosses 2023-11-30 NI642428 uk-core:RetainedEarningsAccumulatedLosses 2022-11-30 NI642428 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-11-30 NI642428 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-11-30 NI642428 uk-bus:FRS102 2022-12-01 2023-11-30 NI642428 uk-core:PlantMachinery 2022-12-01 2023-11-30 NI642428 uk-core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 NI642428 uk-core:MotorVehicles 2022-12-01 2023-11-30 NI642428 uk-core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 NI642428 uk-core:CurrentFinancialInstruments 2023-11-30 NI642428 uk-core:CurrentFinancialInstruments 2022-11-30 NI642428 uk-core:WithinOneYear 2023-11-30 NI642428 uk-core:WithinOneYear 2022-11-30 NI642428 uk-core:WithinOneYear 2023-11-30 NI642428 uk-core:WithinOneYear 2022-11-30 NI642428 uk-core:EmployeeBenefits 2022-11-30 NI642428 uk-core:EmployeeBenefits 2022-12-01 2023-11-30 NI642428 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-11-30 NI642428 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-11-30 NI642428 uk-core:OtherDeferredTax 2023-11-30 NI642428 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-11-30 NI642428 uk-core:EmployeeBenefits 2023-11-30 NI642428 2022-12-01 2023-11-30 NI642428 uk-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI642428
 
 
Storm Motors (NI) Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023
Storm Motors (NI) Ltd
Directors and Other Information

 
Directors Mr. Richard Robinson
Mr. Robbie Peter Toan
 
 
Company Registration Number NI642428
 
 
Registered Office and Business Address 6 Cookstown Road
Moneymore
Magherafelt
Co. Londonderry
BT45 7QF
Northern Ireland
 
 
Accountants HCA Chartered Accountants Ltd
Chartered Accountants
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers Barclays Bank
  1 Churchill Place
  London
  E14  5HP
  United Kingdom



Storm Motors (NI) Ltd
Company Registration Number: NI642428
Balance Sheet
as at 30 November 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 - 41,982
───────── ─────────
 
Current Assets
Stocks 5 - 333,696
Debtors 6 105,012 178,384
Cash and cash equivalents 40,256 190,227
───────── ─────────
145,268 702,307
───────── ─────────
Creditors: amounts falling due within one year 7 (139,698) (703,740)
───────── ─────────
Net Current Assets/(Liabilities) 5,570 (1,433)
───────── ─────────
Total Assets less Current Liabilities 5,570 40,549
 
Provisions for liabilities 9 - (10,227)
───────── ─────────
Net Assets 5,570 30,322
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 5,470 30,222
───────── ─────────
Equity attributable to owners of the company 5,570 30,322
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 29 November 2024 and signed on its behalf by
           
           
________________________________          
Mr. Robbie Peter Toan          
Director          
           



Storm Motors (NI) Ltd
Notes to the Financial Statements
for the financial year ended 30 November 2023

   
1. General Information
 
Storm Motors (NI) Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 6 Cookstown Road, Moneymore, Magherafelt, Co. Londonderry, BT45 7QF, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
As explained in note  to the financial statements, the directors do not consider the going concern basis to be appropriate and these financial statements have therefore not been prepared on that basis. The financial statements have been prepared in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax (calculated in accordance with the margin VAT scheme for used cars).
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 25% Straight line
  Fixtures, fittings and equipment - 10% Straight line
  Capitalised repairs - 10% Straight line
  Office equipment - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
the company and the party are subject to common control;
the party is an associate of the company or forms part of a joint venture with the company;
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Break up basis
The company ceased to trade during the accounting period. The financial statements have therefore been prepared on a basis other than going concern, and all assets have been restated to realisable value on a break-up basis.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 9, (2022 - 9).
 
  2023 2022
  Number Number
 
Directors 2 2
Staff 7 7
  ───────── ─────────
  9 9
  ═════════ ═════════
             
4. Tangible assets
  Plant and Fixtures, Capitalised Office Total
  machinery fittings and repairs equipment  
    equipment      
  £ £ £ £ £
Cost
At 1 December 2022 16,381 37,530 21,271 17,465 92,647
  ───────── ───────── ───────── ───────── ─────────
 
At 30 November 2023 16,381 37,530 21,271 17,465 92,647
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 December 2022 13,383 16,066 6,154 15,062 50,665
Charge for the financial year 2,998 21,464 15,117 2,403 41,982
  ───────── ───────── ───────── ───────── ─────────
At 30 November 2023 16,381 37,530 21,271 17,465 92,647
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 November 2023 - - - - -
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 November 2022 2,998 21,464 15,117 2,403 41,982
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Consumables - 333,696
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown. The company has ceased trading and held no remaining stock at the reporting date.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 17,989 19,032
Other debtors 81,284 81,284
Directors' current accounts (Note 12) 4,839 -
Taxation and social security costs (Note 8) 900 -
Prepayments and accrued income - 78,068
  ───────── ─────────
  105,012 178,384
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 2 2
Bank loan 25,417 -
Stocking loans - 490,738
Trade creditors - 125,704
Amounts owed to connected parties (Note 11) 75,190 18,465
Taxation and social security costs (Note 8) 1,483 45,138
Directors' current accounts - 572
Other creditors 3,000 1,573
Accruals 34,606 21,548
  ───────── ─────────
  139,698 703,740
  ═════════ ═════════
       
8. Taxation and social security 2023 2022
  £ £
 
Debtors:
VAT 900 -
  ═════════ ═════════
Creditors:
VAT - 38,200
Corporation tax 1,483 -
PAYE / NI - 6,938
  ───────── ─────────
  1,483 45,138
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 10,227 10,227 (4,833)
Charged to profit and loss (10,227) (10,227) 15,060
  ───────── ───────── ─────────
At financial year end - - 10,227
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
           
11. Related party transactions
 
The following amounts are due to other connected parties:
      2023 2022
      £ £
 
Storm Cars Ltd     75,190 18,465
      ═════════ ═════════
 
The companies are connected through common directors. Storm Cars Ltd acquires motor vehicles and receives services from the company in the ordinary course of business.
 
In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
   
12. Directors' advances, credits and guarantees
 
During the year, the director was advanced £5,411.  At the year end the amount owed by the director to the company was £4,839 (2022:- owed £572 from the company).
   
13. Controlling interest
 
Robbie Toan has a controlling interest in Storm Motors (NI) Ltd.
   
14. Post-Balance Sheet Events
 
The company has ceased trading and has no plans to resume trading activities.