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Registered number: 12113057
Tor Group International Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
EEE Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12113057
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 100 600
100 600
CURRENT ASSETS
Debtors 5 2,542,819 273,955
Cash at bank and in hand 1,147,852 451,449
3,690,671 725,404
Creditors: Amounts Falling Due Within One Year 6 (209,928 ) (214,912 )
NET CURRENT ASSETS (LIABILITIES) 3,480,743 510,492
TOTAL ASSETS LESS CURRENT LIABILITIES 3,480,843 511,092
Creditors: Amounts Falling Due After More Than One Year 7 (3,452,928 ) (292,447 )
NET ASSETS 27,915 218,645
CAPITAL AND RESERVES
Called up share capital 8 5,000 5,000
Profit and Loss Account 22,915 213,645
SHAREHOLDERS' FUNDS 27,915 218,645
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For the year ending 31 December 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 David Cullen
Director
02/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tor Group International Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12113057 . The registered office is 9 Hadley Road, Enfield, Middlesex, EN2 8JT.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. 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 year 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 asset reflects 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.
2.5. Group accounts not prepared
The company is part of a small group. The company has taken advantage of exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
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4. Investments
Unlisted
£
Cost
As at 1 January 2023 600
Disposals (500 )
As at 31 December 2023 100
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100
As at 1 January 2023 600
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any clss of share captial as as follows: 
TOR OFFSHORE LTD 0% Voting rights and shares - during the year the subdiary was sold to Fahri Yildirim Odabasi
TOR BOREAS LTD 100% Voting rights and shares
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 39,274 -
Prepayments and accrued income 3,637 42,787
Other debtors 229 229
Other Debtor - Insurance 243,427 -
Corporation tax recoverable assets 8,758 -
VAT 781 525
296,106 43,541
Due after more than one year
Amounts owed by subsidiaries 2,246,713 230,414
2,542,819 273,955
Interest will be charged on the amount lent to subsidiary from from the date when the ship is delivered to Tor Group International Ltd, which is expected to be September 2024. The amount including interest is repayable by subsidiary after Note Discharge Date (i.e. after the subsidiary pays off the note holder).  
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 104,325 6,172
Corporation tax - (4,032 )
Other taxes and social security 1,462 -
Payments on account/Cash Advance/Unearned Revenue - 63,756
Accruals and deferred income 104,141 148,516
Amounts owed to subsidiaries - 500
209,928 214,912
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Performance Guarantee (Related Party) 301,405 292,447
GG Maritime Co Loan 3,151,523 -
3,452,928 292,447
Loan Agreement 1: 
The Lender promises to loan €600,000.00 EUR to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 5.00 percent per annum, calculated yearly not in advance, beginning on 1 October 2023. 
Loan Agreement 2: 
The Lender promises to loan $3,350,000.00 USD to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 6.00 percent per annum, calculated yearly not in advance, beginning on 1 June 2024. 
No repayment is expected within the first year and any interest liability will be capitalised
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
9. Post Balance Sheet Events
Due to bad weather conditions the firm made a loss on the transfer of the tugboat but some of this loss (£243k) was claimed back from the insurance companies. The insurance claim has been reflected in the accounts.  
10. Related Party Transactions
The company signed a material contract to purchase the design, drawings and kit of material for construction of a 48 Ton Bollard Pull Tug from Tor Denizcilik Sanayi ve Ticaret AS, a company in which Mr M K Torlak (Director of TOR Group International Ltd.) is a major shareholder. As part of the above transactions Tor Denizcilik Sanayi ve Ticaret AS provided a Performance Guarantee of EURO 330,000 in cash to TOR Group International. 
During the financial period the company purchased (cash basis) goods/services amounting to £573k from Tor Denizcilik Sanayi ve Ticaret AS. These goods/services were purchased on an arms length basis. 
The company has invested via long term loans approx £2.3m in a subsidiary, Tor Boreas Ltd.
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