Storm Asset Management Ltd - Period Ending 2017-05-31

Registration number: 08515930

Storm Asset Management Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Blue Spire Limited
Chartered Accountants
Fifth Floor
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

Storm Asset Management Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Storm Asset Management Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Storm Asset Management Ltd for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Storm Asset Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Storm Asset Management Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storm Asset Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Storm Asset Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Storm Asset Management Ltd. You consider that Storm Asset Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Storm Asset Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Fifth Floor
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

14 February 2017

Page 1

Storm Asset Management Ltd
(Registration number: 08515930)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			164,450			367,602
Current assets
Debtors					386,188			-
Cash at bank and in hand					81			160,730
					386,269			160,730
Creditors: Amounts falling due within one year					(284,933)			(383,165)
Net current assets/(liabilities)					101,336			(222,435)
Net assets					265,786			145,167
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					265,686			145,067
Shareholders' funds					265,786			145,167

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 14 February 2017 and signed on its behalf by:

.........................................
Mr J J P Richardson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Storm Asset Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts receivable from the sale of properties and rents receivable

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Investment properties	Not depreciated

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		367,602			367,602
Disposals		(203,152)			(203,152)
At 31 May 2016		164,450			164,450
Depreciation
At 31 May 2016		-			-
Net book value
At 31 May 2016		164,450			164,450
At 31 May 2015		367,602			367,602

Page 3

Storm Asset Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary £1 of £1 each		100			100			100			100

Page 4