Company registration number 11609763 (England and Wales)
Torus Construction Group Limited
Unaudited
financial statements
for the year ended 31 October 2023
PAGES FOR FILING WITH REGISTRAR
Torus Construction Group Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Torus Construction Group Limited
Statement of financial position
as at 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,500
53,355
Current assets
Debtors
4
238,511
60,722
Cash at bank and in hand
403,911
297,161
642,422
357,883
Creditors: amounts falling due within one year
5
(268,476)
(166,617)
Net current assets
373,946
191,266
Total assets less current liabilities
437,446
244,621
Creditors: amounts falling due after more than one year
6
(12,630)
(20,630)
Provisions for liabilities
7
(16,022)
(10,137)
Net assets
408,794
213,854
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
407,794
212,854
Total equity
408,794
213,854
Torus Construction Group Limited
Statement of financial position (continued)
as at 31 October 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
S Whitaker
Director
Company Registration No. 11609763
Torus Construction Group Limited
Notes to the financial statements
for the year ended 31 October 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised on the performance of contractual service obligations where a right to consideration is due.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
20% Reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Torus Construction Group Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
6
6
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 November 2022
71,522
Additions
24,490
At 31 October 2023
96,012
Depreciation and impairment
At 1 November 2022
18,167
Depreciation charged in the year
14,345
At 31 October 2023
32,512
Carrying amount
At 31 October 2023
63,500
At 31 October 2022
53,355
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
228,303
34,361
Other debtors
5,881
5,881
Prepayments and accrued income
4,327
20,480
238,511
60,722
Torus Construction Group Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
8,000
8,000
Trade creditors
57,639
20,189
Corporation tax
67,619
24,084
Other taxation and social security
92,986
76,394
Other creditors
40,732
36,450
Accruals and deferred income
1,500
1,500
268,476
166,617
The bank loan is secured.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
12,630
20,630
The bank loan is secured.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
16,022
10,137
8
Parent company
The parent company is Torus UK Holdings Limited and its registered office is 81 Main Street Bingley, Bradford, West Yorkshire, England, BD16 2JA.
9
Company information
Torus Construction Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 81 Main Street, Bingley, Bradford, West Yorkshire, BD16 2JA.