Silverfin false 31/03/2023 01/04/2022 31/03/2023 Ruth Maria Demenis 07 November 2023 The principal activity of the Company during the financial year was property investment and management. 01387246 2023-03-31 01387246 2022-03-31 01387246 core:CurrentFinancialInstruments 2023-03-31 01387246 core:CurrentFinancialInstruments 2022-03-31 01387246 core:Non-currentFinancialInstruments 2023-03-31 01387246 core:Non-currentFinancialInstruments 2022-03-31 01387246 core:ShareCapital 2023-03-31 01387246 core:ShareCapital 2022-03-31 01387246 core:OtherCapitalReserve 2023-03-31 01387246 core:OtherCapitalReserve 2022-03-31 01387246 core:RetainedEarningsAccumulatedLosses 2023-03-31 01387246 core:RetainedEarningsAccumulatedLosses 2022-03-31 01387246 core:Vehicles 2022-03-31 01387246 core:Vehicles 2023-03-31 01387246 core:CurrentFinancialInstruments core:Secured 2023-03-31 01387246 core:CurrentFinancialInstruments 1 2023-03-31 01387246 core:CurrentFinancialInstruments 1 2022-03-31 01387246 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2023-03-31 01387246 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2022-03-31 01387246 core:MoreThanFiveYears 2023-03-31 01387246 core:MoreThanFiveYears 2022-03-31 01387246 bus:OrdinaryShareClass1 2023-03-31 01387246 2022-04-01 2023-03-31 01387246 bus:FullAccounts 2022-04-01 2023-03-31 01387246 bus:SmallEntities 2022-04-01 2023-03-31 01387246 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01387246 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01387246 bus:Director1 2022-04-01 2023-03-31 01387246 core:Vehicles 2022-04-01 2023-03-31 01387246 2021-04-01 2022-03-31 01387246 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 01387246 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 01387246 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01387246 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01387246 (England and Wales)

TORVEAN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

TORVEAN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

TORVEAN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
TORVEAN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 35,774 47,699
Investment property 4 6,469,824 6,442,324
Investments 5 251,683 251,683
6,757,281 6,741,706
Current assets
Debtors
- due within one year 6 133,555 21,461
- due after more than one year 6 2,476,671 2,383,735
Cash at bank and in hand 160,242 104,008
2,770,468 2,509,204
Creditors: amounts falling due within one year 7 ( 352,709) ( 351,458)
Net current assets 2,417,759 2,157,746
Total assets less current liabilities 9,175,040 8,899,452
Creditors: amounts falling due after more than one year 8 ( 1,571,313) ( 1,620,490)
Net assets 7,603,727 7,278,962
Capital and reserves
Called-up share capital 9 11 11
Other reserves 2,627,796 2,627,796
Profit and loss account 4,975,920 4,651,155
Total shareholders' funds 7,603,727 7,278,962

For the financial 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 financial statements of Torvean Limited (registered number: 01387246) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

Ruth Maria Demenis
Director
TORVEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
TORVEAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Torvean Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Holt, Lower Aisholt, Bridgwater, TA5 1AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006. The parent company and group are therefore exempt from preparing consolidated accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value over their expected useful lives as follows:

Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 April 2022 52,035 52,035
At 31 March 2023 52,035 52,035
Accumulated depreciation
At 01 April 2022 4,336 4,336
Charge for the financial year 11,925 11,925
At 31 March 2023 16,261 16,261
Net book value
At 31 March 2023 35,774 35,774
At 31 March 2022 47,699 47,699

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 6,442,324
Additions 27,500
As at 31 March 2023 6,469,824

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 3,665,204 3,665,204

The 2023 valuations were made by the directors on an open market value for existing use basis.

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 251,255 251,255
Other investments and loans 428 428
251,683 251,683

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 123,217 11,167
Amounts owed by director 0 402
Prepayments 10,338 9,892
133,555 21,461
Debtors: amounts falling due after more than one year
Other debtors 2,476,671 2,383,735

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 57,048 57,048
Accruals and deferred income 4,941 69,362
Corporation tax 90,277 94,101
Deferred tax liability 50,165 0
Other taxation and social security 26,641 13,810
Other creditors 123,637 117,137
352,709 351,458

Bank loans are secured against the assets to which they relate, namely the investment property.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 571,149 698,952
Amounts owed to own subsidiaries 958,830 882,172
Other creditors 41,334 39,366
1,571,313 1,620,490

Bank loans are secured against the assets to which they relate, namely the investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 345,225 261,761

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11 Ordinary shares of £ 1.00 each 11 11

10. Related party transactions

During the year the director maintained a current account with the company. At the year end the amount owed by the director to the company was £nil (2022: amount owed by the director to the company was £402). The loan is interest free and there are no fixed repayment terms.