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Company No: 02497771 (England and Wales)

TORBAY BLINDS LIMITED

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

TORBAY BLINDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

TORBAY BLINDS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
TORBAY BLINDS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 76,849 86,951
76,849 86,951
Current assets
Stocks 270,329 365,037
Debtors 4 54,253 104,763
Cash at bank and in hand 28,670 51,462
353,252 521,262
Creditors: amounts falling due within one year 5 ( 130,184) ( 166,259)
Net current assets 223,068 355,003
Total assets less current liabilities 299,917 441,954
Creditors: amounts falling due after more than one year 6 ( 16,696) ( 26,760)
Provision for liabilities 0 ( 18,805)
Net assets 283,221 396,389
Capital and reserves
Called-up share capital 7 90 90
Capital redemption reserve 10 10
Profit and loss account 283,121 396,289
Total shareholders' funds 283,221 396,389

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Torbay Blinds Limited (registered number: 02497771) were approved and authorised for issue by the Director on 15 April 2024. They were signed on its behalf by:

M Hall
Director
TORBAY BLINDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
TORBAY BLINDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Torbay Blinds 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 Unit C2 Broomhill Way, Broomhill Industrial Estate, TQ2 7QL, Torquay, United Kingdom and its registered company number is 02497771.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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 or valuation, 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 or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Vehicles 5 years straight line
Fixtures and fittings 10 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 18

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 November 2022 279,474 93,377 57,227 430,078
Additions 0 5,995 45 6,040
Disposals 0 ( 18,500) 0 ( 18,500)
At 31 October 2023 279,474 80,872 57,272 417,618
Accumulated depreciation
At 01 November 2022 221,409 75,107 46,611 343,127
Charge for the financial year 8,129 5,998 2,015 16,142
Disposals 0 ( 18,500) 0 ( 18,500)
At 31 October 2023 229,538 62,605 48,626 340,769
Net book value
At 31 October 2023 49,936 18,267 8,646 76,849
At 31 October 2022 58,065 18,270 10,616 86,951

4. Debtors

2023 2022
£ £
Trade debtors 24,676 82,061
Amounts owed by directors 18,845 16,639
Prepayments 8,862 5,371
Other debtors 1,870 692
54,253 104,763

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 58,150 89,396
Other loans 9,824 9,584
Accruals 3,599 11,568
Taxation and social security 40,632 37,794
Other creditors 17,979 17,917
130,184 166,259

No security is given in respect of other loans.

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

2023 2022
£ £
Other loans 16,696 26,760

No security is given in respect of other loans.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
40 B ordinary shares of £ 1.00 each 40 40
42 Ordinary shares of £ 1.00 each 42 42
2 C ordinary shares of £ 1.00 each 2 2
2 D ordinary shares of £ 1.00 each 2 2
2 E ordinary shares of £ 1.00 each 2 2
2 F ordinary shares of £ 1.00 each 2 2
90 90

8. Financial commitments

Commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,799 1,680

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by a director 18,845 16,639
Amounts owed to shareholders (7,066) (7,452)

Interest has been charged at 2% (2022: 2%) on directors' loan accounts where the overdrawn amount exceeds £10,000 at a point in the accounting period. There are no fixed dates for repayment.

Dividends paid to directors during the year totalled £20,000 (2022: £25,000).