Storetech Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03509775 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2022

FOR

STORETECH LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A D Howarth

K Pilkington

SECRETARY:

Ms M C Rudland

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

London

W1B 5DF

REGISTERED NUMBER:

03509775 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

-

14,288

Investments

6

-

-

-

14,288

CURRENT ASSETS

Inventories

7

10,820

21,669

Debtors

8

1,439,827

1,452,082

Cash at bank

578,340

167,441

2,028,987

1,641,192

CREDITORS

Amounts falling due within one year

9

307,381

362,220

NET CURRENT ASSETS

1,721,606

1,278,972

TOTAL ASSETS LESS CURRENT LIABILITIES

1,721,606

1,293,260

CAPITAL AND RESERVES

Called up share capital

10

850

850

Retained earnings

11

1,720,756

1,292,410

SHAREHOLDERS' FUNDS

1,721,606

1,293,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2022 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:

A D Howarth - Director

1.	STATUTORY INFORMATION

Storetech 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

Plant & Machinery

- 20% 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.

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.

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 3 (2021 - 4 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Website

Fixtures

development

and

Plant &

Computer

costs

fittings

Machinery

equipment

Totals

£

£

£

£

£

COST

At 31 December 2021

and 30 December 2022

10,050

19,670

35,720

65,941

131,381

DEPRECIATION

At 31 December 2021

10,050

19,670

21,432

65,941

117,093

Charge for year

-

-

14,288

-

14,288

At 30 December 2022

10,050

19,670

35,720

65,941

131,381

NET BOOK VALUE

At 30 December 2022

-

-

-

-

-

At 30 December 2021

-

-

14,288

-

14,288

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 31 December 2021

and 30 December 2022

5

PROVISIONS

At 31 December 2021

and 30 December 2022

5

NET BOOK VALUE

At 30 December 2022

-

At 30 December 2021

-

7.	INVENTORIES

2022

2021

£

£

Stocks

10,820

21,669

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

87,231

114,926

Amounts owed by related undertaking

700,005

700,005

Other debtors

54,628

54,628

Loan to shareholder

166,459

22,716

Directors' current accounts

210,287

59,807

Prepayments and accrued income

221,217

500,000

1,439,827

1,452,082

Amounts owed by the related undertaking is unsecured, interest free and repayable on demand and this loan has been fully cleared since the year end.

Amounts owed by director and the loan to shareholder are unsecured and repayable on demand and this loan has been cleared since the year end.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

12,769

31,767

Amounts owed to related undertaking

99,189

127,359

Tax

74,425

54,543

Social security and other taxes

42,358

79,439

Other creditors

966

1,469

Accruals and deferred income

77,674

67,643

307,381

362,220

Amounts due to related undertaking are unsecured, interest free and repayable on demand.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Class of Shares

Nominal Value:

2022

2021

£

£

8,500

Ordinary

£0.10

850

850

11.

RESERVES

Retained

earnings

£

At 31 December 2021

1,292,410

Profit for the year

428,346

At 30 December 2022

1,720,756

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2022 and 30 December 2021:

2022

2021

£

£

A D Howarth

Balance outstanding at start of year

59,807

65,740

Amounts advanced

150,480

47,617

Amounts repaid

-

(53,550

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

210,287

59,807

13.	RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £99,189 was owed to Easy R&D Limited, a company 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 £220,000 (2021: £500,000) as management fee.

At the balance sheet date the company was owed £700,005 by Immy Pops Ltd, in relation to a loan. Immy Pops Ltd is a company of which A Howarth is a controlling shareholder. The loan is unsecured and interest free, and there is no fixed date for repayment.

At the balance sheet date the company was owed £166,459 by a shareholder. The loan is unsecured and and there is no fixed date for repayment. Since the year end this loan has cleared in full.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is A D Howarth.