Torksey Limited 3063604 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 3063604 2022-04-01 2023-03-31 3063604 2023-03-31 3063604 core:RetainedEarningsAccumulatedLosses 2023-03-31 3063604 core:RevaluationReserve 2023-03-31 3063604 core:ShareCapital 2023-03-31 3063604 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-31 3063604 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 3063604 bus:SmallEntities 2022-04-01 2023-03-31 3063604 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 3063604 bus:FullAccounts 2022-04-01 2023-03-31 3063604 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 3063604 bus:RegisteredOffice 2022-04-01 2023-03-31 3063604 bus:Director1 2022-04-01 2023-03-31 3063604 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 3063604 countries:AllCountries 2022-04-01 2023-03-31 3063604 2021-04-01 2022-03-31 3063604 2022-03-31 3063604 core:RetainedEarningsAccumulatedLosses 2022-03-31 3063604 core:RevaluationReserve 2022-03-31 3063604 core:ShareCapital 2022-03-31 3063604 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 3063604

Torksey Limited



Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Torksey Limited

 

(Registration number: 3063604)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

5

6,325

11,665

Investments in joint property syndicates

4

3,687,999

2,993,449

 

3,694,324

3,005,114

Current assets

 

Debtors

6

114,860

114,855

Cash at bank and in hand

 

43,515

383,628

 

158,375

498,483

Creditors: Amounts falling due within one year

7

(2,555,991)

(2,506,030)

Net current liabilities

 

(2,397,616)

(2,007,547)

Total assets less current liabilities

 

1,296,708

997,567

Provisions for liabilities

-

(1,865)

Net assets

 

1,296,708

995,702

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

197,217

202,557

Profit and loss account

779,073

472,727

Non-distributable reserve

 

320,416

320,416

Total equity

 

1,296,708

995,702

 

Torksey Limited

 

(Registration number: 3063604)
Balance Sheet as at 31 March 2023

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr A S Berkeley
Director

 

Torksey Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2nd Floor Parkgates
Bury New Road
Manchester
M25 0TL
United Kingdom

These financial statements were authorised for issue by the Board on 17 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investment in Joint Property Syndicates

Investments in syndicates are accounted for under the equity accounting method.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 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.

 

Torksey Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Torksey Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investments in joint property syndicates

£

Capital as at 1 April 2022

2,993,446

Additions

841,297

Surplus/Deficit

354,344

Repayments

(501,088)

At 31 March 2023

3,687,999

 

Torksey Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

11,665

11,665

Fair value adjustments

(5,340)

(5,340)

At 31 March 2023

6,325

6,325

Impairment

Carrying amount

At 31 March 2023

6,325

6,325

6

Debtors

Current

2023
£

2022
£

Other debtors

114,860

114,855

 

114,860

114,855

 

Torksey Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

4,956

2,376

Other creditors

2,462,996

2,462,996

Corporation tax liability

88,039

40,658

2,555,991

2,506,030