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REGISTERED NUMBER: 10786533 (England and Wales)










STORY INDUSTRIES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






STORY INDUSTRIES LTD (REGISTERED NUMBER: 10786533)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 4


STORY INDUSTRIES LTD (REGISTERED NUMBER: 10786533)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 2,501 67,032
Cash at bank 7,980 20,877
10,481 87,909
CREDITORS
Amounts falling due within one year 5 10,480 4,041
NET CURRENT ASSETS 1 83,868
TOTAL ASSETS LESS CURRENT LIABILITIES 1 83,868

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings - 83,867
SHAREHOLDERS' FUNDS 1 83,868

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th February 2025 and were signed by:





N Story - Director


STORY INDUSTRIES LTD (REGISTERED NUMBER: 10786533)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024


1. STATUTORY INFORMATION

Story Industries Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10786533

Registered office: Unit E, Swinton Bridge Industrial Estate
Whitelee Road, Swinton
Mexborough
South Yorkshire
S64 8BH

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

During the year the company transferred the debt to Nicky Story Holdings Limited, its parent company. In the prior year the company transferred investment property to Nicky Story Holdings Limited, its parent company and then ceased operating. Accordingly as required by Accounting Standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses.

Basic financial assets classed as receivable within one year are not amortised. Basic financial liabilities (other than those classified as payable within one year) are initially measured at present
value of future cash flows and subsequently at amortised cost using the effective interest method.
Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.


STORY INDUSTRIES LTD (REGISTERED NUMBER: 10786533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 64,593
Other debtors 2,501 2,439
2,501 67,032

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 10,001 -
Taxation and social security - 2,811
Other creditors 479 1,230
10,480 4,041

6. SECURED DEBTS

The ultimate parent undertaking, Nicky Story Holdings Limited, held a loan of £2,205,291 at 31st August 2024 (2023: £2,476,339) of which the security is in the form of a fixed and floating charge over the assets of all group undertakings.

STORY INDUSTRIES LTD (REGISTERED NUMBER: 10786533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to note 2 to the financial statements which explains that the company has ceased trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

Christopher Darwin FCA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

The audit report included an emphasis of matter statement as detailed below:

"Emphasis of matter

We draw attention to note 2 to the financial statements which explains that the company has ceased trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter."

9. RELATED PARTY DISCLOSURES

At 31st August 2024 there was a balance owing to Story Industries Limited from a company in which Nicky Story is a director of totalling £2,439 (2023: £2,439).

10. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Nicky Story Holdings Limited and the controlling party is Nicky Story.