Registered number
10297082
Torwoodlee Investments Limited
Unaudited Filleted Accounts
31 July 2023
Torwoodlee Investments Limited
Registered number: 10297082
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,003,135 910,272
Current assets
Debtors 4 26,582 18,776
Cash at bank and in hand 138,912 91,420
165,494 110,196
Creditors: amounts falling due within one year 5 (447,899) (436,926)
Net current liabilities (282,405) (326,730)
Total assets less current liabilities 720,730 583,542
Creditors: amounts falling due after more than one year 6 (132,020) (100,397)
Net assets 588,710 483,145
Capital and reserves
Called up share capital 100,100 100,100
Profit and loss account 488,610 383,045
Shareholders' funds 588,710 483,145
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 members have 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.
Michael Dawson
Director
Approved by the board on 18 April 2024
Torwoodlee Investments 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).
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Commercial
property Other
investments investments Total
£ £ £
Fair value
At 1 August 2022 550,000 360,272 910,272
Additions 100,000 102,930 202,930
Revaluation - 20,446 20,446
Disposals - (130,513) (130,513)
At 31 July 2023 650,000 353,135 1,003,135
Historical cost
At 1 August 2022 550,000 334,899
At 31 July 2023 650,000 327,362
Other investments includes listed and unlisted investments. The listed investments are included in these accounts at their market (fair) value on 31st July 2023. The fair values of the investment properties and the unlisted investments are assessed at the end of every accounting period. The director considers that these values have not changed significantly since purchase.
4 Debtors 2023 2022
£ £
Deferred tax asset 26,562 18,756
Other debtors 20 20
26,582 18,776
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 9,756 4,511
Other creditors 438,143 432,415
447,899 436,926
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 132,020 100,397
7 Related party transactions
The company owes Michael Dawson, director and shareholder, and his wife £424,444 (2022 - £415,328) at the year-end. The loans are subject to an annual 8% compound interest rate and are repayable on demand. They are included in other creditors in these accounts.
8 Controlling party
The company is controlled by Michael Dawson, director and shareholder.
9 Other information
Torwoodlee Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
72 Burford Lane
Lymm
Cheshire
WA13 0SJ
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