Stormway Enterprises Limited - Accounts to registrar (filleted) - small 18.1

Stormway Enterprises Limited - Accounts to registrar (filleted) - small 18.1

STORMWAY ENTERPRISES LIMITED - Company Information

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REGISTERED NUMBER: 03610687 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2017

for

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






Contents of the Financial Statements
for the Year Ended 30 September 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stormway Enterprises Limited

Company Information
for the Year Ended 30 September 2017







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 2017

30.9.17 30.9.16
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,750,000 2,750,000

CURRENT ASSETS
Debtors 5 78,441 154,908
Cash at bank 28,455 47,516
106,896 202,424
CREDITORS
Amounts falling due within one year 6 1,556,582 1,554,975
NET CURRENT LIABILITIES (1,449,686 ) (1,352,551 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,300,314
1,397,449

CAPITAL AND RESERVES
Called up share capital 220 160
Retained earnings 1,300,094 1,397,289
SHAREHOLDERS' FUNDS 1,300,314 1,397,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 21 June 2018 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 2017

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 £98,529 (2016: profit before tax £65,481). At
the balance sheet date the company's current liabilities exceeded its current assets by £1,449,686
(2016: £1,352,551). This causes a fundamental concern as to the going concern assumption. This
position is due to the subsidiaries' loans of £1,086,825 (2016: £826,023) and directors' loans of
£367,251 (2016: £591,570) 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.

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 2017

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 18 (2016 - 19 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2016
and 30 September 2017 2,750,000
NET BOOK VALUE
At 30 September 2017 2,750,000
At 30 September 2016 2,750,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.17 30.9.16
£    £   
Trade debtors 7,500 30,000
Other debtors 68,158 68,158
Tax 2,600 -
Prepayments and accrued income 183 56,750
78,441 154,908

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.17 30.9.16
£    £   
Trade creditors 506 4,064
Tax - 8,096
Social security and other taxes 16,345 11,794
VAT 35,206 64,356
Other creditors 1,087,008 826,023
Directors' current accounts 367,251 591,570
Accruals and deferred income 50,266 49,072
1,556,582 1,554,975

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1st October 2016, the directors loan account's for Mrs K Hill and Mrs E Olympitis had credit
balances of £165,041and £426,529 respectively. During the year, the directors Mrs K Hill and Mrs E
Olympitis respectively withdrew £95,925 and £128,394 from the company. As a result, at the year end
the company owed £69,116 to Mrs K Hill and £298,135 to Mrs E Olympitis.

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

Notes to the Financial Statements - continued
for the Year Ended 30 September 2017

8. RELATED PARTY DISCLOSURES

During the year the company sold services in the sum of £647,250 (2016: £588,500) to Todhunter
Earle Limited a subsidiary of the company . The company received dividends of £110,000 (2016: £Nil)
from Todhunter Earle Limited. Other creditors include £1,086,325 (2016: £826,023) due to Todhunter
Earle Limited.

During the year the company sold services in the sum of £Nil (2016: £Nil) to The Emily Todhunter
Collection Limited, a subsidiary of the company. The company received dividends of £Nil (2016:
£25,000) from The Emily Todhunter Collection Limited. Other debtors include £68,158 (2016: £68,158)
from The Emily Todhunter Collection Limited.

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 £90,000 and £108,000
respectively by way of dividend in their capacity as shareholders.

Page 5