1.
General Information
Storm Building Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06656157
. The registered office is 379 Richmond Road, Richmond, Twickenham, London, TW1 2EF.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. The revenue is recognised in stages, based on costs incurred, for projects that last a considerable period of time (more than one month). This is adjusted for through accrued income and accruals. There are various contracts in progress at the end of the reporting period in various stages of completion.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
Impairment of fixed assets
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 forpossible reversal at each reporting date.
For the purposes of impairment testing, 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 largely independent ofthe cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.4.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6.
Provisions and Contingencies
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of apast event, it is probable that the entity will be required to transfer economic benefits insettlement and the amount of the obligation can be estimated reliably. Provisions are recognisedas a liability in the statement of financial position and the amount of the provision as anexpense.
Provisions are initially measured at the best estimate of the amount required to settle theobligation at the reporting date and subsequently reviewed at each reporting date and adjustedto 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 unlessthe provision was originally recognised as part of the cost of an asset. When a provision ismeasured at the present value of the amount expected to be required to settle the obligation, theunwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.7.
Critical accounting estimates and judgments
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Critical judgements are those management
has made when applying its material accounting policies, whereas critical estimates are assumptions and estimates made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The estimates, judgements and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making estimates and
judgements about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates and judgements. The estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and judgements are recognised in the period in which the estimate or judgement is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Material estimates and judgements are made in particular
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.8.
Work in Progress
In order to determine the profit and loss that the Company is able to recognise on its construction contracts in a specific period, the Company has to estimate the outcome of both the total costs to complete the contract as well as the final contract value. The Company has to allocate total costs of the construction contracts between the amount incurred on the contract to the end of the reporting period and the proportion to complete in a future period. The assessment of the total costs to be incurred and final contract value requires a degree of estimation. Contract modifications are recognised when the Company considers they have been approved (which also includes consideration of whether enforceable rights exist in the contract). The estimation of final contract value includes the assessment of the recovery of variations, claims and compensation events (contract modifications). The estimate
made is constrained in accordance with FRS 102 so that it is highly probable not to result in a significant reversal of revenue in the future. Where the change in scope results in an increase to the work to be performed that is distinct and reflects the stand-alone selling price of the distinct good/service, it is treated as a separate contract. This is
assessed on a contract specific basis. The Company recognises recoveries of claims from clients as revenue where clear entitlement has been established which can require judgement, such as through dispute resolution processes. This includes the recovery of costs (such as delays to the contract programme) to the extent it is highly probable not to result in a significant reversal
of revenue in the future. The estimation of costs to complete is based on all available relevant information such as procured packages and management experience and includes estimation of final accounts and any potential maintenance and defect
liabilities. Recoveries resulting from actual or potential claims against subcontractors are accounted for in
accordance with FRS 102 and are recognised only when they meet the virtually certain threshold.
Management has established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis, including any necessary contract provisions. As with most large, complex construction projects, there is an element of estimation uncertainty over costs to complete and final account settlements. This is, however, reduced by the experience
of the management team and the controls that we have in place. The settlement of these final accounts may give rise to an over or under-recognition of profit or loss and associated cash flows, which could be material.
The value of work in progress carried forward at 31st March 2025 was £2,941,507.
The Company has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Company’s assumptions applied as at 31 March 2025 and could require a material adjustment to the carrying amounts of these assets and liabilities in the
next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across the Company’s portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. It is unclear whether the outstanding uncertainties will be resolved within the next 12 months.
3.
Turnover
All turnover is attributable to UK sales.
4.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | - | 7,498 | |
| Depreciation of tangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2024: 15)
8.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other interest receivable | 42,581 | 36,328 | |
9.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
10.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 928,886 | 1,155,315 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Total tax charge for the period | 233,064 | 296,384 | |||
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
11.
Tangible Assets
11.
Tangible Assets - continued
| Land & Property | ||||
|---|---|---|---|---|
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
|
( |
|
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
|
( |
|
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost or Valuation | ||
| As at 1 April 2024 |
|
|
| Additions |
|
|
| Disposals |
|
( |
| As at 31 March 2025 |
|
|
| Depreciation | ||
| As at 1 April 2024 |
|
|
| Provided during the period |
|
|
| Disposals |
|
( |
| As at 31 March 2025 |
|
|
| Net Book Value | ||
| As at 31 March 2025 |
|
|
| As at 1 April 2024 |
|
|
The cost of the property has been carried at fair value. The property was last revalued on 7 October 2019. This valuation was undertaken by Jeremy Levy of Martin Campbell Commercial Property Consultants, a local independent professionally qualified valuer with knowledge of the local market. It was valued on the basis that the property has permission and is converted for use as a retail shop on the ground floor with a self contained 2 bedroom flat above.
The property is currently in the process of being refinanced. At the time of signing the accounts the assessed value is not known but an Agreement in Principle has been issued based on a value of £800,000. A fresh revaluation will be undertaken in the year ending 31 March 2026
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
...CONTINUED
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
|
Long leasehold property
|
2025
|
2024
|
|
|
£
|
£
|
||
|
Aggregate cost
|
624,244
|
624,244
|
|
|
Aggregate depreciation
|
59,927
|
49,480
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
||
|
Carrying value
|
564,317
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
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</svg>){kind=small}
|
574,764
|
12.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 3,236,344 | 1,703,343 | |
|
|
|
||
13.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other creditors | 2,801,925 | 1,920,101 | |
| Corporation tax |
|
|
|
| Taxation and social security | 513,022 | 612,286 | |
|
|
|
||
14.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
15.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
|
|
The bank loans above include a Barclays loan of £317,712 of which £12,056 is under 1 year and £305,656 is over 1 year. This loan is secured by a fixed and floating charge on the leasehold property.
There is also an unsecured loan of £177,844, included in loans under 1 year.
Interest is payable on the secured loan at base rate + 3%. It is repayable by monthly instalments up to 20/9/2039.
...CONTINUED
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
The unsecured loan bears fixed interest at 5.11% per annum and is repayable by 10 monthly instalments of £31,152.30 ending in September 2025.
The company has complied with all loan covenants as at the balance sheet date.
No amounts were in default at the reporting date.
Liquidity Risk Disclosure
The company manages its liquidity risk by maintaining sufficient cash balances and committed bank facilities to meet liabilities as they fall due.
16.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 53,286 | 48,632 | |
18.
Pension Commitments
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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £25,638 (2024: £13,434).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
19.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Chris Flannery |
|
|
|
- |
|
The above loan is unsecured, interest free and repayable on demand.
20.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
After the balance sheet date, the directors have proposed no final dividend. No dividend has therefore been recognised as a liability at 31 March 2025.
Storm Building Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
21.
Related Party Disclosures
The company was under the control of Mrs C McGuire, Mr M McGuire and Mr C Flannery throughout the current and previous year.
At the year end, included within other creditors are amounts owed to the company from Mr C Flannery £219,163 (2024: £116,868). This loan was repaid within 9 months following the year end.
22.
Contract Income
Income received from contracts in the year ended 31 March 2025 was £13.48m (2024 £13.45m).