Stormway Enterprises Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03610687 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2015

for

Stormway Enterprises Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

K M Hill

E C Olympitis

SECRETARY:

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

FIXED ASSETS

Investments

2

2,750,000

CURRENT ASSETS

Debtors

217,421

145,784

Cash at bank

120,282

23,207

337,703

168,991

CREDITORS

Amounts falling due within one year

1,609,713

1,512,209

NET CURRENT LIABILITIES

(1,272,010

)

(1,343,218

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,477,990

1,406,782

CAPITAL AND RESERVES

Called up share capital

3

160

2

Profit and loss account

1,477,830

1,406,780

SHAREHOLDERS' FUNDS

1,477,990

1,406,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 June 2016 and were signed on its
behalf by:

K M Hill - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

During the year the company made a profit before tax of £255,859 (2014: £805,700). At the balance

sheet date the company's current liabilities exceeded its current assets by £1,272,010 (2014:

£1,343,218).This causes a fundamental concern as to the going concern assumption. This position is

due to the subsidiaries' loans of £725,532 (2014: £465,071) and directors' loans of £747,145 (2014:

£970,666) 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.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Stormway Enterprises Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company

has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account in the period to which they

relate.

Fixed asset investments

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

appropriate.

2.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 October 2014

and 30 September 2015

2,750,000

NET BOOK VALUE

At 30 September 2015

2,750,000

At 30 September 2014

2,750,000

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Todhunter Earle Limited

Nature of business: Interior Design

%

Class of shares:

holding

Ordinary

100.00

30.9.15

30.9.14

£

Aggregate capital and reserves

451,661

384,761

Profit for the year

167,900

397,337

The Emily Todhunter Collection Limited

Nature of business: Design and manufacture of all home furnishing

%

Class of shares:

holding

Ordinary

100.00

30.9.15

30.9.14

£

Aggregate capital and reserves

128,149

61,992

Profit for the year

66,157

79,642

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

60

'A' Ordinary

£1

60

1

(30.9.14 - 1 )

40

'B' Ordinary

£1

40

1

(30.9.14 - 1 )

60

C

£1

60

-

160

2

The following shares were issued during the year for cash at par :

59 'A' Ordinary shares of £1

39 'B' Ordinary shares of £1

60 C shares of £1

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1st October 2014, the directors loan account's for Mrs K Hill and Mrs E Olympitis had credit

balances of £220,594 and £750,071 respectively. During the year, the company repaid £46,263 and

£177,257 to Mrs K Hill and Mrs E Olympitis respectively. As a result, at the year end the company

owed £174,331 to Mrs K Hill and £572,814 to Mrs E Olympitis.

5.	RELATED PARTY DISCLOSURES

During the year the company sold services in the sum of £710,000 (2014: £546,554) to Todhunter

Earle Limited a subsidiary of the company . The company received dividends of £101,000 (2014:

£500,000) from Todhunter Earle Limited. Other creditors include £725,533 (2014: £465,071) due to

Todhunter Earle Limited.

During the year the company sold services in the sum of £40,000 (2014: £40,000) to The Emily

Todhunter Collection Limited, a subsidiary of the company. The company received dividends of £Nil

(2014: £200,000) from The Emily Todhunter Collection Limited. Other debtors include £27,421 (2014:

£27,421) from The Emily Todhunter Collection Limited.

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

6.	ULTIMATE CONTROLLING PARTY

There is no controlling party of the company with both directors owning 50% of the issued share capital

and unable to exert significantly more influence than the other.