Company Registration No. 10534029 (England and Wales)
STORME LONDON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
STORME LONDON LIMITED
COMPANY INFORMATION
Directors
Mr R Simmonds
Mr P Fernandez Blanco
(Appointed 1 February 2020)
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 - 4
STORME LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,884,616
925,183
Current assets
Debtors
4
159,619
69,061
Cash at bank and in hand
159,849
1,266,241
319,468
1,335,302
Creditors: amounts falling due within one year
5
(178,806)
(2,865)
Net current assets
140,662
1,332,437
Total assets less current liabilities
2,025,278
2,257,620
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
(1,750,656)
(1,518,314)
Total equity
2,025,278
2,257,620
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 2020 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 1 September 2021 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 2020
- 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
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 2020
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 1 (2019 - 1
).
3
Tangible fixed assets
Freehold land and buildings
Assets under construction
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2020
932,912
13,248
4,076
950,236
Additions
980,786
150
980,936
At 31 December 2020
932,912
980,786
13,248
4,226
1,931,172
Depreciation and impairment
At 1 January 2020
18,659
3,676
2,718
25,053
Depreciation charged in the year
18,659
1,436
1,408
21,503
At 31 December 2020
37,318
5,112
4,126
46,556
Carrying amount
At 31 December 2020
895,594
980,786
8,136
100
1,884,616
At 31 December 2019
914,253
9,572
1,358
925,183
STORME LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
3,383
40
Other debtors
156,236
69,021
159,619
69,061
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
174,936
452
Other creditors
3,870
2,413
178,806
2,865
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
3,589,482 Ordinary of 10p each
385,948
385,948