Stormway Enterprises Limited - Accounts to registrar (filleted) - small 23.1.2

Stormway Enterprises Limited - Accounts to registrar (filleted) - small 23.1.2

STORMWAY ENTERPRISES LIMITED - Company Information

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REGISTERED NUMBER: 03610687 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2022

for

Stormway Enterprises Limited
Stormway Enterprises Limited (Registered number: 03610687)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stormway Enterprises Limited

Company Information
for the Year Ended 30 September 2022







DIRECTORS: Mrs Kate Mary Hill
Mrs Emily Claire Olympitis





REGISTERED OFFICE: 1st Floor
314 Regents Park Road
Finchley
London
N3 2LT





REGISTERED NUMBER: 03610687 (England and Wales)





ACCOUNTANTS: Wolfson Associates Limited
1st Floor
314 Regents Park Road
Finchley
London
N3 2LT
Page 1
Stormway Enterprises Limited (Registered number: 03610687)

Balance Sheet
30 September 2022

30.9.22 30.9.21
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,750,000 2,750,000

CURRENT ASSETS
Debtors 5 92,465 199,990
Cash at bank 33,047 117,600
125,512 317,590
CREDITORS
Amounts falling due within one year 6 900,179 1,022,577
NET CURRENT LIABILITIES (774,667 ) (704,987 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,975,333
2,045,013

CAPITAL AND RESERVES
Called up share capital 220 220
Retained earnings 1,975,113 2,044,793
SHAREHOLDERS' FUNDS 1,975,333 2,045,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2023 and were signed on its behalf by:





Mrs Kate Mary Hill - Director


The notes form part of these financial statements

Page 2
Stormway Enterprises Limited (Registered number: 03610687)

Notes to the Financial Statements
for the Year Ended 30 September 2022

1. STATUTORY INFORMATION

Stormway Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the year the company made a profit before tax of £300,513 (2021: £354,108). At the balance sheet date the company's current liabilities exceeded its current assets by £774,667 (2021: £704,987). This causes a fundamental concern as to the going concern assumption. This position is due to the subsidiaries' loans of £807,140 (2021: 913,292) and directors' loans of £5,175 (2021: £354) which will not be withdrawn until the company is in a position to repay.

The directors have agreed to support the company with regards to the remaining shortfall for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Page 3 continued...
Stormway Enterprises Limited (Registered number: 03610687)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments are valued at cost and tested for impairment if there is an indication it may be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 23 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2021
and 30 September 2022 2,750,000
NET BOOK VALUE
At 30 September 2022 2,750,000
At 30 September 2021 2,750,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Trade debtors - 132,000
Other debtors 92,238 66,038
Tax - 286
Prepayments and accrued income 227 1,666
92,465 199,990

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Trade creditors 958 1,399
Tax 157 24,548
Social security and other taxes 15,088 11,021
VAT 35,203 46,335
Other creditors 809,406 915,919
Directors' current accounts 5,176 354
Accruals and deferred income 34,191 23,001
900,179 1,022,577

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1st October 2021, the directors loan account for Mrs K Hill and Mrs E Olympitis had credit balances of £Nil and £354 respectively. During the year, the directors Mrs K Hill and Mrs E Olympitis respectively paid company expenses of £Nil and £4,821. As a result, at the year end the company owed £Nil and £5,175 to Mrs K Hill and Mrs E Olympitis respectively.

Page 4 continued...
Stormway Enterprises Limited (Registered number: 03610687)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

8. RELATED PARTY DISCLOSURES

During the year the company sold services in the sum of £704,000 (2021: £660,000) to Todhunter Earle Limited a subsidiary of the company. The company received dividends of £275,000 (2021: £200,000) from Todhunter Earle Limited. Other creditors include £807,140 (2021: £913,292) due to Todhunter Earle Limited.

The company received dividends of £25,000 (2021: £25,000) from The Emily Todhunter Collection Limited. Other debtors includes £92,238 [2021 : £66,038] owed from The Emily Todhunter Collection Limited, a subsidiary of the company.

All transactions were carried out on terms which the directors consider to be normal commercial terms.

9. ULTIMATE CONTROLLING PARTY

The controlling party of the company are the directors, Mrs K M Hill and Mrs E C Olympitis, by virtue of their controlling interest in the issued share capital.

10. DIVIDENDS PAID TO DIRECTORS

During the year the directors Mrs K M Hill and Mrs E C Olympitis, received £185,000 [2021 : £100,000] and £185,000 [2021 : £100,000] respectively by way of dividend in their capacity as shareholders.

Page 5