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Company registration number: 11550401
Storey Cheshire Limited
Unaudited filleted financial statements
30 September 2024
Storey Cheshire Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Storey Cheshire Limited
Directors and other information
Directors I Storey
A Storey
Company number 11550401
Registered office 57 Church Street
Davenham
Northwich
Cheshire
CW9 8NF
Business address 57 Church Street
Davenham
Northwich
Cheshire
CW9 8NF
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
Storey Cheshire Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Storey Cheshire Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storey Cheshire Limited for the year ended 30 September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Storey Cheshire Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Storey Cheshire Limited and state those matters that we have agreed to state to the board of directors of Storey Cheshire Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storey Cheshire Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Storey Cheshire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Storey Cheshire Limited. You consider that Storey Cheshire Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Storey Cheshire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancashire
PR1 1LD
Storey Cheshire Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 40,530 27,894
_______ _______
40,530 27,894
Current assets
Debtors 6 174,431 72,644
Cash at bank and in hand 130,687 261,959
_______ _______
305,118 334,603
Creditors: amounts falling due
within one year 7 ( 162,860) ( 65,131)
_______ _______
Net current assets 142,258 269,472
_______ _______
Total assets less current liabilities 182,788 297,366
Provisions for liabilities ( 10,133) ( 6,974)
_______ _______
Net assets 172,655 290,392
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 172,555 290,292
_______ _______
Shareholders funds 172,655 290,392
_______ _______
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 June 2025 , and are signed on behalf of the board by:
I Storey
Director
Company registration number: 11550401
Storey Cheshire Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Storey Cheshire Limited, 57 Church Street, Davenham, Northwich, Cheshire, CW9 8NF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of consideration received for services provided by the company net of any discounts and applicable Value Added Tax.
Revenue is recognised as and when there is a legal obligation for the revenue to be received which is usually on completion of the sale of any marketed properties.
Any other income is recognised as and when the service has been completed and there is a legal obligation for the amount to be paid.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 10% reducing balance (33.3% straight line on computer equipment)
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2023 30,701 11,952 42,653
Additions 12,766 12,750 25,516
Disposals ( 182) ( 10,073) ( 10,255)
_______ _______ _______
At 30 September 2024 43,285 14,629 57,914
_______ _______ _______
Depreciation
At 1 October 2023 9,167 5,591 14,758
Charge for the year 4,814 3,234 8,048
Disposals ( 6) ( 5,416) ( 5,422)
_______ _______ _______
At 30 September 2024 13,975 3,409 17,384
_______ _______ _______
Carrying amount
At 30 September 2024 29,310 11,220 40,530
_______ _______ _______
At 30 September 2023 21,534 6,361 27,895
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 174,431 72,644
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 24,600 2,681
Amounts owed to group undertakings 19,257 -
Social security and other taxes 118,085 61,740
Other creditors 918 710
_______ _______
162,860 65,131
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
I Storey 21,529 177,852 ( 174,984) 24,397
A Storey 21,529 177,852 ( 174,984) 24,397
_______ _______ _______ _______
43,058 355,704 ( 349,968) 48,794
_______ _______ _______ _______
These loans are interest free and repayable on demand
9. Related party transactions
At commencement of the period the company had a debit balance of £2,468 advanced to a company controlled by the directors. During the period further advances of £10,670 were made to the company so that at the reporting date there was a debit balance of £13,137.
At commencement of the period the company had a debit balance of £3,000 advanced to a company in which the director had a one third ownership stake. Further loans of £107,500 were made to the company in the reporting period.
At commencement of the period the company had a debit balance advanced to it's parent company of £23,618. In the year through dividends declared and transfers made this has reversed to be a credit balance at the reporting date of £19,257.
All of the loans outlined above are interest free and repayable on demand.