Silverfin false 31/03/2022 31/03/2022 01/04/2021 Ruth Demenis 02 September 2022 The principal activity of the Company during the financial year was property investment and management. 01387246 2022-03-31 01387246 2021-03-31 01387246 core:CurrentFinancialInstruments 2022-03-31 01387246 core:CurrentFinancialInstruments 2021-03-31 01387246 core:Non-currentFinancialInstruments 2022-03-31 01387246 core:Non-currentFinancialInstruments 2021-03-31 01387246 core:ShareCapital 2022-03-31 01387246 core:ShareCapital 2021-03-31 01387246 core:OtherCapitalReserve 2022-03-31 01387246 core:OtherCapitalReserve 2021-03-31 01387246 core:RetainedEarningsAccumulatedLosses 2022-03-31 01387246 core:RetainedEarningsAccumulatedLosses 2021-03-31 01387246 core:Vehicles 2021-03-31 01387246 core:FurnitureFittings 2021-03-31 01387246 core:Vehicles 2022-03-31 01387246 core:FurnitureFittings 2022-03-31 01387246 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2022-03-31 01387246 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2021-03-31 01387246 core:MoreThanFiveYears 2022-03-31 01387246 core:MoreThanFiveYears 2021-03-31 01387246 bus:OrdinaryShareClass1 2022-03-31 01387246 2021-04-01 2022-03-31 01387246 bus:FullAccounts 2021-04-01 2022-03-31 01387246 bus:SmallEntities 2021-04-01 2022-03-31 01387246 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01387246 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01387246 bus:Director1 2021-04-01 2022-03-31 01387246 core:Vehicles 2021-04-01 2022-03-31 01387246 core:FurnitureFittings 2021-04-01 2022-03-31 01387246 2020-04-01 2021-03-31 01387246 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 01387246 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 01387246 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01387246 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01387246 (England and Wales)

TORVEAN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

TORVEAN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

TORVEAN LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2022
TORVEAN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2022
DIRECTOR Ruth Demenis
SECRETARY Claire Demenis
REGISTERED OFFICE The Holt
Lower Aisholt
Bridgwater
Somerset
TA5 1AS
United Kingdom
COMPANY NUMBER 01387246 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
TORVEAN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
TORVEAN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 47,699 246
Investment property 4 6,442,324 6,181,000
Investments 5 251,683 251,683
6,741,706 6,432,929
Current assets
Debtors
- due within one year 6 21,461 220,039
- due after more than one year 6 2,383,735 2,470,224
Cash at bank and in hand 104,008 91,538
2,509,204 2,781,801
Creditors
Amounts falling due within one year 7 ( 351,458) ( 542,073)
Net current assets 2,157,746 2,239,728
Total assets less current liabilities 8,899,452 8,672,657
Creditors
Amounts falling due after more than one year 8 ( 1,620,490) ( 1,947,539)
Net assets 7,278,962 6,725,118
Capital and reserves
Called-up share capital 9 11 11
Other reserves 2,627,796 1,319,108
Profit and loss account 4,651,155 5,405,999
Total shareholders' funds 7,278,962 6,725,118

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Torvean Limited (registered number: 01387246) were approved and authorised for issue by the Director on 02 September 2022. They were signed on its behalf by:

Ruth Demenis
Director
TORVEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
TORVEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Torvean Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered company number is 01387246. The address of the Company's registered office is the Holt, Lower Aisholt, Bridgwater, Somerset, TA5 1AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Torvean Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Basis of consolidation

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006. The parent company and group are therefore exempt from preparing consolidated accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value over their expected useful lives as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2021 0 11,258 11,258
Additions 52,035 0 52,035
Disposals 0 ( 11,258) ( 11,258)
At 31 March 2022 52,035 0 52,035
Accumulated depreciation
At 01 April 2021 0 11,012 11,012
Charge for the financial year 4,336 246 4,582
Disposals 0 ( 11,258) ( 11,258)
At 31 March 2022 4,336 0 4,336
Net book value
At 31 March 2022 47,699 0 47,699
At 31 March 2021 0 246 246

4. Investment property

Investment property
£
Valuation
As at 01 April 2021 6,181,000
Additions 2,899,324
Fair value movement 148,000
Disposals (2,786,000)
As at 31 March 2022 6,442,324

The 2022 valuations were made by the director, on an open market value for existing use basis.

5. Fixed asset investments

2022 2021
£ £
Subsidiary undertakings 251,255 251,255
Other investments and loans 428 428
251,683 251,683

6. Debtors

2022 2021
£ £
Debtors: amounts falling due within one year
Trade debtors 11,167 213,361
Amounts owed by director 402 0
Prepayments 9,892 6,678
21,461 220,039
Debtors: amounts falling due after more than one year
Other debtors 2,383,735 2,470,224

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 57,048 137,886
Amounts owed to director 0 402
Other creditors 117,137 253,267
Accruals and deferred income 69,362 4,400
Corporation tax 94,101 110,911
Other taxation and social security 13,810 35,207
351,458 542,073

Bank loans are secured against the assets to which they relate, namely the investment property.

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 698,952 1,103,884
Amounts owed to own subsidiaries 882,172 806,164
Other creditors 39,366 37,491
1,620,490 1,947,539

Bank loans are secured against the assets to which they relate, namely the investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans 261,761 552,338

9. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
11 Ordinary shares of £ 1.00 each 11 11

10. Related party transactions

During the year the director maintained a current account with the company. At the year end the amount owed by the director to the company was £402 (2021: amount owed to the director by the company was £402). The loan is interest free and there are no fixed repayment terms.