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COMPANY REGISTRATION NUMBER: 09791965
TOSCA CAPITAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
TOSCA CAPITAL LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TOSCA CAPITAL LTD
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr H Salin
Registered office
15 Onslow Gardens
London
SW7 3AW
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
TOSCA CAPITAL LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
(restated)
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,935
2,801
Investments
6
3,400,000
3,400,000
------------
------------
3,401,935
3,402,801
CURRENT ASSETS
Debtors
7
7,447
33,343
Cash at bank and in hand
239,545
9,791
---------
--------
246,992
43,134
CREDITORS: amounts falling due within one year
8
( 63,482)
( 99,147)
---------
--------
NET CURRENT ASSETS/(LIABILITIES)
183,510
( 56,013)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,585,445
3,346,788
------------
------------
NET ASSETS
3,585,445
3,346,788
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Other reserves
3,089,480
3,089,480
Profit and loss account
495,865
257,208
------------
------------
SHAREHOLDERS FUNDS
3,585,445
3,346,788
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TOSCA CAPITAL LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:
Mr H Salin
Director
Company registration number: 09791965
TOSCA CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Onslow Gardens, London, SW7 3AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Furniture
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022 (as restated) and 31 March 2023
2,404
5,390
7,794
-------
-------
-------
Depreciation
At 1 April 2022
1,529
3,464
4,993
Charge for the year
250
616
866
-------
-------
-------
At 31 March 2023
1,779
4,080
5,859
-------
-------
-------
Carrying amount
At 31 March 2023
625
1,310
1,935
-------
-------
-------
At 31 March 2022
875
1,926
2,801
-------
-------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 as restated and 31 March 2023
3,400,000
------------
Impairment
At 1 April 2022 as restated and 31 March 2023
------------
Carrying amount
At 31 March 2023
3,400,000
------------
At 31 March 2022
3,400,000
------------
7. Debtors
2023
2022
(restated)
£
£
Amounts owed by group undertakings
7,447
33,343
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Amounts owed to group undertakings
49,482
10,000
Corporation tax
19,159
Other creditors
14,000
69,988
--------
--------
63,482
99,147
--------
--------
9. Related party transactions
The company has taken advantage of the exemption allowed under the Financial Reporting Standard 102 not to disclose related party transactions between wholly owned members of the same group of companies.