TORGERSENS LIMITED

Company Registration Number:
05708815 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

TORGERSENS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Additional notes
Balance sheet notes

TORGERSENS LIMITED

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 396,555 405,942
Tangible assets: 4 15,445 21,024
Total fixed assets: 412,000 426,966
Current assets
Debtors: 5 295,314 261,962
Cash at bank and in hand: 38,007 25,689
Total current assets: 333,321 287,651
Creditors: amounts falling due within one year: 6 ( 276,834 ) ( 231,702 )
Net current assets (liabilities): 56,487 55,949
Total assets less current liabilities: 468,487 482,915
Creditors: amounts falling due after more than one year: 7 ( 69,887 ) ( 95,131 )
Provision for liabilities: ( 3,017 ) ( 4,053 )
Total net assets (liabilities): 395,583 383,731
Capital and reserves
Called up share capital: 4 4
Profit and loss account: 395,579 383,727
Total Shareholders' funds: 395,583 383,731

The notes form part of these financial statements

TORGERSENS LIMITED

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 February 2024
and signed on behalf of the board by:

Name: P N Newbold
Status: Director

The notes form part of these financial statements

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long term contracts and contracts for ongoing accountancy services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

    Tangible fixed assets depreciation policy

    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:Fixtures and equipment 10 to 25 percent straight line

    Intangible fixed assets amortisation policy

    Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Goodwill - 5% straight lineIf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

    Other accounting policies

    Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.Income taxThe 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.Intangible assetsIntangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.Tangible assetsTangible 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.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.Impairment of fixed assetsA 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.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.Financial instrumentsFinancial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 15 14

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2022 193,979 369,812 563,791
Additions
Disposals
Revaluations
Transfers
At 31 March 2023 193,979 369,812 563,791
Amortisation
At 1 April 2022 157,849 0 157,849
Charge for year 9,387 9,387
On disposals
Other adjustments
At 31 March 2023 167,236 0 167,236
Net book value
At 31 March 2023 26,743 369,812 396,555
At 31 March 2022 36,130 369,812 405,942

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2022 68,461 68,461
Additions 749 749
Disposals ( 2,201 ) ( 2,201 )
Revaluations
Transfers
At 31 March 2023 67,009 67,009
Depreciation
At 1 April 2022 47,437 47,437
Charge for year 6,328 6,328
On disposals ( 2,201 ) ( 2,201 )
Other adjustments
At 31 March 2023 51,564 51,564
Net book value
At 31 March 2023 15,445 15,445
At 31 March 2022 21,024 21,024

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Debtors

2023 2022
£ £
Trade debtors 248,630 220,184
Other debtors 46,684 41,778
Total 295,314 261,962

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 26,891 31,663
Taxation and social security 87,891 78,861
Other creditors 162,052 121,178
Total 276,834 231,702

TORGERSENS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 69,887 95,131
Total 69,887 95,131