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Registered number: 07004913
Torque Sense Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07004913
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,000 3,500
Tangible Assets 5 108,443 88,428
111,443 91,928
CURRENT ASSETS
Stocks 6 5,000 5,000
Debtors 7 118,101 79,804
Cash at bank and in hand 191,213 135,464
314,314 220,268
Creditors: Amounts Falling Due Within One Year 8 (55,689 ) (27,962 )
NET CURRENT ASSETS (LIABILITIES) 258,625 192,306
TOTAL ASSETS LESS CURRENT LIABILITIES 370,068 284,234
Creditors: Amounts Falling Due After More Than One Year 9 (20,261 ) (26,293 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (22,647 ) (14,226 )
NET ASSETS 327,160 243,715
CAPITAL AND RESERVES
Called up share capital 12 3 3
Profit and Loss Account 327,157 243,712
SHAREHOLDERS' FUNDS 327,160 243,715
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For the year ending 31 August 2023 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jethro Bowen
Director
18/03/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Torque Sense Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07004913 . The registered office is 20 Woodview, Cimla , Neath , SA11 3BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the
company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 
Goodwill is amortised over its useful life, on a 20 year straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 20% per annum
Plant & Machinery 25% per annum
Motor Vehicles 25% per annum
Computer Equipment 33.3% per annum
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value.
2.9. Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary
course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.10. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.
2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2022 10,000
As at 31 August 2023 10,000
Amortisation
As at 1 September 2022 6,500
Provided during the period 500
As at 31 August 2023 7,000
Net Book Value
As at 31 August 2023 3,000
As at 1 September 2022 3,500
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2022 14,119 18,849 97,667 2,745 133,380
Additions 15,212 - 49,245 1,587 66,044
Disposals - - (27,247 ) - (27,247 )
As at 31 August 2023 29,331 18,849 119,665 4,332 172,177
Depreciation
As at 1 September 2022 565 17,428 24,235 2,724 44,952
Provided during the period 5,866 1,310 24,817 412 32,405
Disposals - - (13,623 ) - (13,623 )
As at 31 August 2023 6,431 18,738 35,429 3,136 63,734
Net Book Value
As at 31 August 2023 22,900 111 84,236 1,196 108,443
As at 1 September 2022 13,554 1,421 73,432 21 88,428
6. Stocks
2023 2022
£ £
Stock 5,000 5,000
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 47,750 53,404
Other debtors 151 -
Amounts owed by group undertakings 70,200 26,400
118,101 79,804
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,033 5,449
Trade creditors 5,229 11,374
Corporation tax 26,733 4,562
VAT 8,535 3,350
Other creditors 8,485 2,776
Directors' loan accounts 674 451
55,689 27,962
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 20,261 26,293
20,261 26,293
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,033 5,449
Later than one year and not later than five years 20,261 26,293
26,294 31,742
26,294 31,742
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 22,647 14,226
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 3 3
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13. Related Party Transactions
During the year, total dividends of £16,552 (2022: £5,750) were paid to the directors.
Amounts due from related company pertain to Bowen’s Lettings Ltd (company number 11491949), a company under the common control of the directors Mr & Mrs Bowen.
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