Storeforce Ltd - Accounts

Storeforce Ltd - Accounts

STOREFORCE LTD - Company Information

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Registered Number: 07350900
England and Wales

 

 

 

STOREFORCE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

Storeforce Ltd
Contents Page
For the year ended 31 December 2021
Directors Timothy John Barton
Andrew Blatherwick
Michael Hardy
Daniel John Howe
David Roy Christopher Loat
Christopher Andrew Noble
Registered Number 07350900
Registered Office 7 Bell Yard
London
WC2A 2JR
Accountants Worth Knowing Accountants Ltd
S14, 22-25 Portman Close

London
W1H 6BS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2021.
Principal activities
Principal activity of the company during the financial year was of other professional, scientific and technical activities not elsewhere classified.
Directors
The directors who served the company throughout the year were as follows:
Timothy John Barton
Andrew Blatherwick
Michael Hardy
Daniel John Howe
David Roy Christopher Loat
Christopher Andrew Noble
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Michael Hardy
Director

Date approved: 15 September 2022
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 December 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Worth Knowing Accountants Ltd
31 December 2021



....................................................
Worth Knowing Accountants Ltd
S14, 22-25 Portman Close

London
W1H 6BS
15 September 2022
3
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 3 18,476    18,992 
18,476    18,992 
Current assets      
Debtors 4 249,983    316,199 
Cash at bank and in hand 558,051    622,238 
808,034    938,437 
Creditors: amount falling due within one year 5 (281,433)   (345,371)
Net current assets 526,601    593,066 
 
Total assets less current liabilities 545,077    612,058 
Creditors: amount falling due after more than one year 6 (174,167)   (220,000)
Provisions for liabilities 7 (5,835)   (5,738)
Net assets 365,075    386,320 
 

Capital and reserves 		     
Called up share capital 105    100 
Profit and loss account 364,970    386,220 
Shareholder's funds 365,075    386,320 
 


For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 15 September 2022 and were signed on its behalf by:


--------------------------------
Michael Hardy
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2020 100  215,347  215,447 
Profit for the year 170,873  170,873 
Total comprehensive income for the year -  170,873  170,873 
Total investments by and distributions to owners -  -  - 
At 31 December 2020 100  386,220  386,320 
At 01 January 2021 105  386,220  386,325 
Profit for the year 82,200  82,200 
Total comprehensive income for the year -  82,200  82,200 
Dividends (103,450) (103,450)
Total investments by and distributions to owners -  (103,450) (103,450)
At 31 December 2021 105  364,970  365,075 
5
General Information
Storeforce Ltd is a private company, limited by shares, registered in England and Wales, registration number 07350900, registration address 7 Bell Yard, London, WC2A 2JR

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 13 (2020 : 13).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Fixtures and Fittings   Total
  £   £   £
At 01 January 2021 24,257    20,094    44,351 
Additions 5,643    -    5,643 
Disposals -    -    - 
At 31 December 2021 29,900    20,094    49,994 
Depreciation
At 01 January 2021 15,177    10,181    25,358 
Charge for year 3,681    2,479    6,160 
On disposals -    -    - 
At 31 December 2021 18,858    12,660    31,518 
Net book values
Closing balance as at 31 December 2021 11,042    7,434    18,476 
Opening balance as at 01 January 2021 9,080    9,912    18,992 


4.

Debtors: amounts falling due within one year

2021
£		   2020
£
Trade Debtors 226,211    299,803 
Prepayments & Accrued Income 11,459    0 
Other Debtors 12,313    16,396 
249,983    316,199 

5.

Creditors: amount falling due within one year

2021
£		   2020
£
Trade Creditors 204,645    234,265 
Intercompany account 4,844    0 
Corporation Tax 19,238    40,320 
PAYE & Social Security 21,500    23,388 
Accrued Expenses 750    750 
Other Creditors 1,515    27,676 
Credit card control account 2,144    295 
Directors' Current Accounts 5,594    179 
VAT 21,203    18,498 
281,433    345,371 

6.

Creditors: amount falling due after more than one year

2021
£		   2020
£
Bank Loans & Overdrafts 174,167    220,000 
174,167    220,000 

7.

Provisions for liabilities

2021
£		   2020
£
Deferred Tax 3,511    3,609 
Pension Provisions 2,324    2,129 
5,835    5,738 

6