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REGISTERED NUMBER: 10665117 (England and Wales)
















Financial Statements

for the Year Ended 31 March 2023

for

Torc Interiors Limited

Torc Interiors Limited (Registered number: 10665117)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


Torc Interiors Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: E J Woodham
R A Stockford





REGISTERED OFFICE: 701 Stonehouse Park
Sperry Way
Stonehouse
Gloucestershire
GL10 3UT





REGISTERED NUMBER: 10665117 (England and Wales)





ACCOUNTANTS: GCSD Accountants Limited
701 Stonehouse Park
Sperry Way
Stonehouse
Gloucestershire
GL10 3UT

Torc Interiors Limited

Report of the Accountants to the Directors of
Torc Interiors Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements and state those matters that we have agreed to state to the Board of Directors, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit. You consider that the Company 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 financial statements of the Company. 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 financial statements.






GCSD Accountants Limited


15 November 2023

Torc Interiors Limited (Registered number: 10665117)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 11,975 23,547
11,975 23,547

CURRENT ASSETS
Debtors 6 2,772 71,264
Cash at bank 6,954 1,604
9,726 72,868
CREDITORS
Amounts falling due within one year 7 32,403 56,163
NET CURRENT (LIABILITIES)/ASSETS (22,677 ) 16,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

(10,702

)

40,252

CREDITORS
Amounts falling due after more than
one year

8

(24,166

)

(34,167

)

PROVISIONS FOR LIABILITIES (2,717 ) (4,474 )
NET (LIABILITIES)/ASSETS (37,585 ) 1,611

Torc Interiors Limited (Registered number: 10665117)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings (37,588 ) 1,608
(37,585 ) 1,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





E J Woodham - Director


Torc Interiors Limited (Registered number: 10665117)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Torc Interiors 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


Torc Interiors Limited (Registered number: 10665117)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The company has experienced a significant downturn in trade since the pandemic and is operating under challenging trading conditions. The directors continue to support the business and actively seek new contracts whilst implementing strategies to reduce expenditure, and consider that the company will be able to continue trading for the next twelve months. The accounts have therefore been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

Torc Interiors Limited (Registered number: 10665117)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 10,000
AMORTISATION
At 1 April 2022
and 31 March 2023 10,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 81,840
Disposals (23,710 )
At 31 March 2023 58,130
DEPRECIATION
At 1 April 2022 58,293
Charge for year 4,071
Eliminated on disposal (16,209 )
At 31 March 2023 46,155
NET BOOK VALUE
At 31 March 2023 11,975
At 31 March 2022 23,547

Torc Interiors Limited (Registered number: 10665117)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 35,255
Other debtors 2,772 36,009
2,772 71,264

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 16,630 28,644
Taxation and social security 2,686 13,580
Other creditors 3,087 3,939
32,403 56,163

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,166 34,167

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 8,750

Torc Interiors Limited (Registered number: 10665117)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
R A Stockford
Balance outstanding at start of year - -
Amounts advanced 754 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 754 -

E J Woodham
Balance outstanding at start of year 31,721 20,769
Amounts advanced 1,844 18,500
Amounts repaid (32,079 ) (7,548 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,486 31,721