Stormway Enterprises Limited - Accounts to registrar - small 17.2

Stormway Enterprises Limited - Accounts to registrar - small 17.2

STORMWAY ENTERPRISES LIMITED - Company Information

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REGISTERED NUMBER: 03610687 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2016

for

Stormway Enterprises Limited

Stormway Enterprises Limited (Registered number: 03610687)






Contents of the Financial Statements
for the Year Ended 30 September 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stormway Enterprises Limited

Company Information
for the Year Ended 30 September 2016







DIRECTORS: K M Hill
E C 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 2016

30.9.16 30.9.15
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,750,000 2,750,000

CURRENT ASSETS
Debtors 5 154,908 217,421
Cash at bank 47,516 120,282
202,424 337,703
CREDITORS
Amounts falling due within one year 6 1,554,975 1,619,639
NET CURRENT LIABILITIES (1,352,551 ) (1,281,936 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,397,449
1,468,064

CAPITAL AND RESERVES
Called up share capital 160 160
Retained earnings 1,397,289 1,467,904
SHAREHOLDERS' FUNDS 1,397,449 1,468,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 September 2017 and were signed on
its behalf by:





K M 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 2016

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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 £65,481 (2015: £245,933). At the balance
sheet date the company's current liabilities exceeded its current assets by £1,352,551 (2015:
£1,281,936). This causes a fundamental concern as to the going concern assumption. This position is
due to the subsidiaries' loans of £826,023 (2015: £725,532) and directors' loans of £591,570 (2015:
£747,145) 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.

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

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 profit or loss 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

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

Notes to the Financial Statements - continued
for the Year Ended 30 September 2016

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2015
and 30 September 2016 2,750,000
NET BOOK VALUE
At 30 September 2016 2,750,000
At 30 September 2015 2,750,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.16 30.9.15
£    £   
Trade debtors 30,000 -
Other debtors 68,158 27,421
Prepayments and accrued income 56,750 190,000
154,908 217,421

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.16 30.9.15
£    £   
Trade creditors 4,064 13
Tax 8,096 32,309
Social security and other taxes 11,794 12,017
VAT 64,356 45,644
Other creditors 826,023 725,532
Directors' current accounts 591,570 747,145
Accruals and deferred income 49,072 56,979
1,554,975 1,619,639

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1st October 2015, the directors loan account's for Mrs K Hill and Mrs E Olympitis had credit
balances of £174,331 and £572,814 respectively. During the year, the directors Mrs K Hill and Mrs E
Olympitis respectively withdrew £9,290 and £146,285 from the company. As a result, at the year end
the company owed £165,041 to Mrs K Hill and £426,529 to Mrs E Olympitis.

8. RELATED PARTY DISCLOSURES

During the year the company sold services in the sum of £588,500 (2015: £710,000) to Todhunter
Earle Limited a subsidiary of the company . The company received dividends of £Nil (2015: £101,000)
from Todhunter Earle Limited. Other creditors include £826,023 (2015: £725,533) due to Todhunter
Earle Limited.

During the year the company sold services in the sum of £Nil (2015: £40,000) to The Emily Todhunter
Collection Limited, a subsidiary of the company. The company received dividends of £25,000 (2015:
£Nil) from The Emily Todhunter Collection Limited. Other debtors include £68,158 (2015: £27,421)
from The Emily Todhunter Collection Limited.

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

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

Notes to the Financial Statements - continued
for the Year Ended 30 September 2016

9. 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.

10. DIVIDENDS PAID TO DIRECTORS

During the year the directors Mrs K M Hill and Mrs E C Olympitis, received £80,000 and £48,000
respectively by way of dividend in their capacity as shareholders.

Page 5