Storetech Limited - Accounts to registrar (filleted) - small 18.2
Storetech Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| STORETECH LIMITED |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| STORETECH LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 4th Floor |
| Venture House |
| 27-29 Glasshouse Street |
| London |
| W1B 5DF |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| STATEMENT OF FINANCIAL POSITION |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Inventories | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 December 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Storetech Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover and revenue recognition |
| Revenue is the total amount receivable, excluding value added tax, for goods and services provided in the ordinary course of business. |
| Revenue is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue is shown net of Value Added Tax. |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows; |
| Fixtures and fittings | - 25% on reducing balance |
| Website development costs | - 20% on cost |
| Computer equipment | - 50% on cost |
| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Inventories are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items. Inventories are recognised as an expense in the period in which the related revenue is generated. |
| Cost is determined on an average cost basis. Cost includes the purchase price and other directly attributable costs to bring the inventory to its present location and condition. |
| At the end of each period, inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| The financial statements are presented in sterling which is also the functional currency of the company. |
| Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period. |
| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. |
| Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
| All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
| Financial instruments |
| The company has adopted section 11 of FRS 102 in respect of its basic financial instruments. |
| Basic financial assets |
| Trade and other debtors, amounts owed by related undertakings, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| Basic financial liabilities |
| Trade and other creditors, directors' current accounts and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
| Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Website | Fixtures |
| development | and | Computer |
| costs | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| PROVISIONS |
| At 1 January 2019 |
| and 31 December 2019 | 5 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Storetech Solutions Inc ceased to trade since 2009 and subsequently is a dormant entity. |
| 7. | INVENTORIES |
| 2019 | 2018 |
| £ | £ |
| Stocks |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by related undertaking | - | 15,552 |
| Other debtors |
| Loan to shareholder | 67,520 | - |
| Directors' current accounts | 122,540 | 257,367 |
| Prepayments and accrued income |
| Amounts owed by the related undertaking are unsecured, interest free and repayable on demand. |
| Amounts owed by directors are unsecured, interest free and repayable on demand. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to related undertaking | 99,687 | - |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Amounts due to related undertaking are unsecured, interest free and repayable on demand. |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 10. | FINANCIAL INSTRUMENTS |
| The company has the following financial instruments: |
| 2019 | 2018 |
| £ | £ |
| - Trade debtors | 64,864 | 90,484 |
| - Amounts owed by related undertakings | - | 15,552 |
| - Loans to shareholder | 67,520 | - |
| - Other debtors | 55,168 | 59,070 |
| - Director's current accounts | 122,540 | 257,367 |
| 310,092 | 422,473 |
| Financial liabilities measured at amortised cost |
| - Trade creditors | 32,248 | 22,423 |
| - Other creditors | 677 | 3,351 |
| - Directors' current accounts | - | - |
| - Accruals | 4,125 | 3,825 |
| - Amounts owed to related undertakings | 99,687 | - |
| 136,737 | 29,599 |
| 11. | CALLED UP SHARE CAPITAL |
Authorised Number: |
Class of Shares |
Nominal Value: |
2019 |
2018 |
| £ | £ |
| 10,000 | Ordinary | £0.10 | 1,000 | 1,000 |
Allotted and issued: |
Class of Shares |
Nominal Value: |
2019 |
2018 |
| £ | £ |
| 8,500 | Ordinary | £0.10 | 850 | 850 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2019 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2019 |
| STORETECH LIMITED (REGISTERED NUMBER: 03509775) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2019 and 31 December 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 14. | RELATED PARTY DISCLOSURES |
| At the balance sheet date an amount of £99,687 was owed to Easy R&D Limited, in which A Howarth is a controlling shareholder. This amount has no fixed repayment date, is unsecured and interest free. |
| During the year the company charged Easy R&D Limited £90,000 (2018: £60,000) as management fee and at the year end the amount outstanding in respect of the above is £nil. |
| During the year the director K Pilkington charged the company £20,453 (2018: £22,784) by way of consulting fees. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The controlling party is A D Howarth. |