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Registration number: 06875391

Tor Financial Planning Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2023

 

Tor Financial Planning Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Tor Financial Planning Limited

Company Information

Directors

Mr JK Hawkes

Mrs KJ Hawkes

Company secretary

Mrs KJ Hawkes

Registered office

4 Cannon Court
High Street
Lymington
Hampshire
SO41 9AQ

Accountants

Pyatt & Pyatt
Chartered Certified Accountants
36 St Thomas Street
Lymington
Hampshire
SO41 9NE

 

Tor Financial Planning Limited

(Registration number: 06875391)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

86

Current assets

 

Debtors

100,000

100,000

Cash at bank and in hand

 

403,559

223,737

 

503,559

323,737

Prepayments and accrued income

 

1,953

-

Creditors: Amounts falling due within one year

(42,979)

(29,132)

Net current assets

 

462,533

294,605

Total assets less current liabilities

 

462,533

294,691

Accruals and deferred income

 

-

(8,776)

Net assets

 

462,533

285,915

Capital and reserves

 

Called up share capital

5

2

2

Retained earnings

462,531

285,913

Shareholders' funds

 

462,533

285,915

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Tor Financial Planning Limited

(Registration number: 06875391)
Abridged Balance Sheet as at 30 April 2023

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

.........................................
Mr JK Hawkes
Director

.........................................
Mrs KJ Hawkes
Director

 
     
 

Tor Financial Planning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Cannon Court
High Street
Lymington
Hampshire
SO41 9AQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tor Financial Planning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line

Computer equipment

25% straight line

Boat

30% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tor Financial Planning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2022

2,127

2,127

At 30 April 2023

2,127

2,127

Depreciation

At 1 May 2022

2,041

2,041

Charge for the year

86

86

At 30 April 2023

2,127

2,127

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

86

86

 

Tor Financial Planning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

6

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £58,000.00) per ordinary share

 

-

 

116,000

         
 

Tor Financial Planning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,520

28,468

Contributions paid to money purchase schemes

-

80,000

30,520

108,468

Loans to related parties

2023

Associates
£

Other related parties
£

Total
£

At start of period

-

100,000

100,000

Advanced

100,000

-

100,000

Repaid

-

(100,000)

(100,000)

At end of period

100,000

-

100,000

2022

Other related parties
£

Total
£

Advanced

100,000

100,000

At end of period

100,000

100,000

Terms of loans to related parties


Loan to an associated company, Tor Pension Management Limited, repaid on 18th July 2023.

 Loan to the directors, interest charged at the official rate of 2%, repaid on 8th December 2022.