Company Registration No. 10534029 (England and Wales)
STORME LONDON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
STORME LONDON LIMITED
COMPANY INFORMATION
Directors
Mr R Simmonds
Mr P Fernandez Blanco
Company number
10534029
Registered office
1350-1360 Montpellier Court
Brockworth
Gloucester
GL3 4AH
Accountants
Aspen Waite South West
21 Bampton Street
Tiverton
Devon
EX16 6AA
STORME LONDON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STORME LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,060,565
1,884,616
Current assets
Debtors
4
165,937
159,619
Cash at bank and in hand
104,857
159,849
270,794
319,468
Creditors: amounts falling due within one year
5
(650,041)
(178,806)
Net current (liabilities)/assets
(379,247)
140,662
Total assets less current liabilities
1,681,318
2,025,278
Capital and reserves
Called up share capital
6
385,948
385,948
Share premium account
3,389,986
3,389,986
Profit and loss reserves
(2,094,616)
(1,750,656)
Total equity
1,681,318
2,025,278
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 13 August 2022 and are signed on its behalf by:
Mr P Fernandez Blanco
Director
Company Registration No. 10534029
STORME LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
StorMe London Limited is a
private
company
limited by shares
incorporated in
England and Wales within the United Kingdom
.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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.
1.2
Going concern
Following the global impact of 'Covid-19', a
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of
storage
services is recognised by reference
entering of contract.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
50 Years straight line
Plant and equipment
25% Reducing balance
Fixtures and fittings
15% Reducing balance
Computer equipment
3 Years straight line
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
STORME LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 1
).
STORME LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2021
932,911
980,787
13,248
4,226
1,931,172
Additions
(24,462)
213,572
5,861
1,613
769
197,353
At 31 December 2021
908,449
1,194,359
5,861
14,861
4,995
2,128,525
Depreciation and impairment
At 1 January 2021
37,318
5,112
4,126
46,556
Depreciation charged in the year
18,170
1,465
1,462
307
21,404
At 31 December 2021
55,488
1,465
6,574
4,433
67,960
Carrying amount
At 31 December 2021
852,961
1,194,359
4,396
8,287
562
2,060,565
At 31 December 2020
895,594
980,786
8,136
100
1,884,616
STORME LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
8,427
3,383
Other debtors
157,510
156,236
165,937
159,619
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
583,506
Trade creditors
46,619
174,936
Other taxation and social security
957
Other creditors
18,959
3,870
650,041
178,806
The short-term loans are secured by fixed charges over freehold land.
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
3,589,482 Ordinary of 10p each
385,948
385,948