Registered number
11454850
Torque Motors (Shropshire) Limited
Filleted Accounts
31 July 2023
Torque Motors (Shropshire) Limited
Registered number: 11454850
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 45,994 59,857
Current assets
Stocks 501,600 501,600
Debtors 4 22,425 11,911
Cash at bank and in hand 51,089 56,180
575,114 569,691
Creditors: amounts falling due within one year 5 (34,561) (48,641)
Net current assets 540,553 521,050
Total assets less current liabilities 586,547 580,907
Creditors: amounts falling due after more than one year 6 (407,275) (376,751)
Net assets 179,272 204,156
Capital and reserves
Called up share capital 100 100
Profit and loss account 179,172 204,056
Shareholder's funds 179,272 204,156
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Adam Edwards
Director
Approved by the board on 9 February 2024
Torque Motors (Shropshire) Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is not provided in the year of acquistion but is provided on all other tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Office equipment over 5 years
Fixtures and fittings 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 3,163 13,813 57,970 74,946
At 31 July 2023 3,163 13,813 57,970 74,946
Depreciation
At 1 August 2022 1,101 5,292 8,696 15,089
Charge for the year 633 1,636 11,594 13,863
At 31 July 2023 1,734 6,928 20,290 28,952
Net book value
At 31 July 2023 1,429 6,885 37,680 45,994
At 31 July 2022 2,062 8,521 49,274 59,857
4 Debtors 2023 2022
£ £
Other debtors 22,425 11,911
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,800 10,980
Obligations under finance lease and hire purchase contracts 11,328 11,328
Trade creditors 5,534 2,685
Taxation and social security costs 6,899 23,648
34,561 48,641
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,240 26,969
Obligations under finance lease and hire purchase contracts 34,014 42,141
Other creditors 355,021 307,641
407,275 376,751
7 Other information
Torque Motors (Shropshire) Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o P1 Accounting Services
C11 Tweedale Industrial Estate
Telford
Shropshire
TF7 4JR
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