Storacall Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02578478 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

STORACALL TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Bensley

L A Bensley

P Heeren

SECRETARY:

L A Bensley

REGISTERED OFFICE:

Avaland House

110 London Road

Hemel Hempstead

Hertfordshire

HP3 9SD

REGISTERED NUMBER:

02578478 (England and Wales)

ACCOUNTANTS:

David Lindon & Co

Chartered Accountants

Avaland House

110 London Road

Hemel Hempstead

Hertfordshire

HP3 9SD

FIXED ASSETS

Tangible assets

4

546,739

182,860

Investments

5

13,872

73,540

560,611

256,400

CURRENT ASSETS

Stocks

6

31,700

21,708

Debtors

7

1,186,352

1,391,811

Cash at bank

163,853

533,341

1,381,905

1,946,860

CREDITORS

Amounts falling due within one year

8

1,425,139

1,398,526

NET CURRENT (LIABILITIES)/ASSETS

(43,234

)

548,334

TOTAL ASSETS LESS CURRENT LIABILITIES

517,377

804,734

PROVISIONS FOR LIABILITIES

28,623

31,483

NET ASSETS

488,754

773,251

CAPITAL AND RESERVES

Called up share capital

9

25,000

25,000

Capital redemption reserve

629

252

Retained earnings

463,125

747,999

SHAREHOLDERS' FUNDS

488,754

773,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 17 December 2019 and were signed on its behalf by:

P Bensley - Director

1.	STATUTORY INFORMATION

STORACALL TECHNOLOGY 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on reducing balance

Motor vehicles

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2018 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2018

355,293

-

355,293

Additions

470,343

45,290

515,633

At 31 March 2019

825,636

45,290

870,926

DEPRECIATION

At 1 April 2018

172,433

-

172,433

Charge for year

147,025

4,729

151,754

At 31 March 2019

319,458

4,729

324,187

NET BOOK VALUE

At 31 March 2019

506,178

40,561

546,739

At 31 March 2018

182,860

-

182,860

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2018

73,540

Disposals

(59,668

)

At 31 March 2019

13,872

NET BOOK VALUE

At 31 March 2019

13,872

At 31 March 2018

73,540

The value of fixed asset investments has been written down to current market value following the

underlying investment fund entering into liquidation.

6.

STOCKS

2019

2018

£

£

Stocks

31,700

21,708

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

826,241

1,203,380

Other debtors

100

-

Tax

79,588

16,716

Prepayments and accrued income

280,423

171,715

1,186,352

1,391,811

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

326,571

253,476

Social security and other taxes

41,312

26,211

VAT

4,261

127,213

Other creditors

20,188

4,623

Hardware fund

3,769

4,531

Directors' current accounts

116,102

70,837

Accruals and deferred income

912,936

911,635

1,425,139

1,398,526

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

25,000

Ordinary

£1

25,000

25,000

10.	ULTIMATE CONTROLLING PARTY

The controlling party is P Bensley.

11.	SHARE-BASED PAYMENT TRANSACTIONS

(a) The only share-based payments that existed during the period were options over ordinary shares.

The options currently in existence were those granted in August 2017.

Options were issued to a number of individuals under an HMRC approved EMI share option scheme.

These options were exercisable after 3 years or on a takeover if sooner.

Options were also issued to one individual on an unapproved share scheme. These vested immediately

and were exercised in the year.

(b) Further details of the share options are as follows:-

Year to March

2019

2018

Number

Weighted average exercise price (GBP

)

Number

Weighted average exercise price (GBP

)

Outstanding at start of year

1,700

10.57

-

-

Granted

-

-

10,183

2.74

Forfeited

(100

)

10.57

(150

)

10.57

Exercised

-

-

8,333

1.00

Expired during the period

-

-

-

-

Outstanding at end of year

1,600

10.57

1,700

10.57

Exercisable at end of year

-

-

-

-

The option pricing model used to estimate the fair value of options issued under the EMI scheme is

the Black Scholes model. This was selected as it is a well established option pricing methodology and

the terms of the options did not require a more complex model.

Due to the fact that the unapproved option vested immediately, it is felt that the Black Scholes model

would not be appropriate. The methodology adopted was to value the option based on the difference

between market value at grant date and the exercise price. It is clear that this represents the value

received by the employee in that instance.

Determination of Expected Volatility

There is no historical data with regard to the volatility of the price of shares in the Company.

Therefore, as the most recent share valuations were based on an earnings basis, the underlying

historical earnings of the Company should represent the best guide to movements in share price.

These have therefore been used as an indication of volatility, with the changes in earnings, and as

such, share value, assumed to take place on a liner basis between each accounting year.

2018

2018

£

£

Profit and loss account

Share-based employee compensation

377

228,013

Balance sheet

Share payment reserve (closing balance)

629

252