Company Registration No. 11780589 (England and Wales)
Stornaway Productions Ltd
Unaudited accounts
for the year ended 31 January 2025
Stornaway Productions Ltd
Unaudited accounts
Contents
Stornaway Productions Ltd
Company Information
for the year ended 31 January 2025
Directors
R K B Howe
K Howe
Company Number
11780589 (England and Wales)
Registered Office
Studio 3B
36 King Street
Bristol
BS1 4DZ
Accountants
Hewitt Accountancy Ltd
40 Harcourt Road
Redland
Bristol
BS6 7RE
Stornaway Productions Ltd
Statement of financial position
as at 31 January 2025
Intangible assets
197,287
245,469
Cash at bank and in hand
44,758
130,968
Creditors: amounts falling due within one year
(395,174)
(395,174)
Net current liabilities
(340,228)
(251,254)
Net liabilities
(141,943)
(3,149)
Called up share capital
20
20
Share premium
595,376
595,376
Profit and loss account
(737,339)
(598,545)
Shareholders' funds
(141,943)
(3,149)
For the year ending 31 January 2025 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by
K Howe
Director
Company Registration No. 11780589
Stornaway Productions Ltd
Notes to the Accounts
for the year ended 31 January 2025
Stornaway Productions Ltd is a private company, limited by shares, registered in England and Wales, registration number 11780589. The registered office is Studio 3B, 36 King Street, Bristol, BS1 4DZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company was loss-making in the financial year due to continued investment in R&D and software building. When considering forecast revenues the directors considers the company to have sufficient funds to meet its foreseeable commitments and the financial statements have therefore been prepared on a going concern basis.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised on invoicing the client.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. Revenue derived from contracts that are greater than one year is recognised when the contracts are billed.
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Stornaway Productions Ltd
Notes to the Accounts
for the year ended 31 January 2025
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight-line over 3 years
Computer equipment
Straight-line over 3 years
Separately acquired trademarks and licences are shown at historical cost less accumulated amortisation.
The company develops its own software which has been capitalised as intangible assets.
Development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure the expenditure reliably during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried as cost less any accumulated amortisation and accumulated impairment losses.
Amortisation begins when the assets are available for use.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Patents - straight-line over 10 years
Development costs - straight-line over 5 years
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Stornaway Productions Ltd
Notes to the Accounts
for the year ended 31 January 2025
Compound financial instruments
Compound financial instruments consist of convertible loans that can be converted to share capital at the option of the holder.
If the conditions of the loan mean that the number of ordinary shares to be delivered on conversion is not fixed, the compound financial instrument is recognised as a financial liability.
The liability component of a compound financial instrument is initially recognised at the fair value of a similar liability that does not have an equity conversion option.
The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method, and interest expense included within interest payable and similar charges. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
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Intangible fixed assets
Other
At 1 February 2024
407,690
At 31 January 2025
443,183
At 1 February 2024
162,221
Charge for the year
83,675
At 31 January 2025
245,896
At 31 January 2025
197,287
At 31 January 2024
245,469
Stornaway Productions Ltd
Notes to the Accounts
for the year ended 31 January 2025
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2024
1,109
8,614
9,723
At 31 January 2025
1,109
8,614
9,723
At 1 February 2024
886
6,201
7,087
Charge for the year
205
1,433
1,638
At 31 January 2025
1,091
7,634
8,725
At 31 January 2025
18
980
998
At 31 January 2024
223
2,413
2,636
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
4,279
10,026
Loans from directors
381,136
376,700
8
Transactions with related parties
In the opinion of the directors, there are no transactions with related parties that have not been concluded under normal market conditions.
9
Average number of employees
During the year the average number of employees was 7 (2024: 7).