Company Registration number:
Torry Harris Business Solutions (Europe) Ltd
for the Year Ended 31 March 2024
Torry Harris Business Solutions (Europe) Ltd
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Torry Harris Business Solutions (Europe) Ltd
Company Information
Director |
G S B Nagaraj |
Registered office |
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Auditors |
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Torry Harris Business Solutions (Europe) Ltd
Strategic Report for the Year Ended 31 March 2024
The director presents the strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is software development.
Fair review of the business
Like all businesses in the past few years, Torry Harris has endured the challenges of post Covid-19 crisis and other economic turbulence. In the increasingly complex world of IT, with its bewildering array of choices and options, the need for clarity and sound advice based upon skills and experience is fundamental to navigating a safe roadmap for change.
Turnover in the year under review was £31.8 million compared to £32.8 million in the previous period ended 31 March 2023. Turnover reflected the continued demand for the company’s services. Gross margins have changed to 9.85% compared with the prior year at 8.71%, reflecting market conditions during the financial period. Turnover and gross margin represent the company’s key performance indicators.
Principal risks and uncertainties
The key business risks affecting the company are considered to relate to the economic environment, technology obsolescence and the competitive environment.
The turbulent economic environment of the past few years, including the cost of living crisis, has presented challenges for the business. The company must remain agile in managing this risk. The company considers this an opportunity for the changing needs of customers, for example, scalable digital business models, reinventing commerce, optimisation and cost reduction, AI automation, enabling and accelerating digital collaboration.
Competitive environment: The company operates in a highly competitive market against many established providers as well as new providers entering UK market. The company continues to transform itself to remain competitive in the market and we promote our ability to innovate and integrate for our clients. The director considers this to be a unique proposition which sets the company apart from its competition.
Future developments
It is the intention of the director to continue to grow the current operations of the business by pursuing new customer relationships.
Approved by the Board on
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Torry Harris Business Solutions (Europe) Ltd
Director's Report for the Year Ended 31 March 2024
The report and the financial statements for the year ended 31 March 2024.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise of bank balances, trade creditors, trade debtors and group funding. The main purpose of these instruments is to raise funds and to finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company, there is no exposure to price risk.
In respect of bank balances the liquidity risk is managed by maintaining a balance between funds held in different currencies.
Trade debtors are managed by policies concerning the credit offered to customers and regular monitoring of amounts outstanding.
Trade creditors and group funding liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Future Developments
The future developments of the business are included within the strategic report.
Disclosure of information to the auditors
The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware.
Reappointment of auditors
The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the Board on
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Torry Harris Business Solutions (Europe) Ltd
Statement of Director's Responsibilities
The responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable to ensure that the financial statements comply with the Companies Act 2006. also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Torry Harris Business Solutions (Europe) Ltd
Independent Auditor's Report to the Members of Torry Harris Business Solutions (Europe) Ltd
Opinion
We have audited the financial statements of Torry Harris Business Solutions (Europe) Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Torry Harris Business Solutions (Europe) Ltd
Independent Auditor's Report to the Members of Torry Harris Business Solutions (Europe) Ltd
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Torry Harris Business Solutions (Europe) Ltd
Independent Auditor's Report to the Members of Torry Harris Business Solutions (Europe) Ltd
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
Torry Harris Business Solutions (Europe) Ltd
Independent Auditor's Report to the Members of Torry Harris Business Solutions (Europe) Ltd
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Goodwood House
Blackbrook Park Avenue
Somerset
TA1 2PX
Torry Harris Business Solutions (Europe) Ltd
Profit and Loss Account
for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
Administrative expenses |
( |
( |
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Operating profit |
|
|
|
Fair value adjustment in respect of investment properties |
- |
43,000 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
- |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Torry Harris Business Solutions (Europe) Ltd
Statement of Comprehensive Income
for the Year Ended 31 March 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
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Torry Harris Business Solutions (Europe) Ltd
(Registration number: 04307378)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Tangible assets |
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Investment property |
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|
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|
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||
Current assets |
|||
Debtors |
|
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Cash at bank and in hand |
|
|
|
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||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
Called up share capital |
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|
|
Retained earnings |
|
|
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Shareholders' funds |
|
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Approved and authorised by the
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Torry Harris Business Solutions (Europe) Ltd
Statement of Changes in Equity
for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
|
Profit for the year |
- |
|
|
At 31 March 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
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At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
At 31 March 2023 |
1 |
10,948,483 |
10,948,484 |
Torry Harris Business Solutions (Europe) Ltd
Statement of Cash Flows
for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Changes in fair value of investment property |
- |
( |
|
Finance income |
( |
- |
|
Finance costs |
- |
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease in trade and other debtors |
|
|
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Increase in trade and other creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
- |
( |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April 2023 |
|
|
|
Cash and cash equivalents at 31 March 2024 |
8,727,675 |
6,010,577 |
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
These financial statements are presented in Sterling (£).
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Judgements
In preparing these financial statements, the director has had to make the following judgements: |
-Determine whether milestones have been met on contracts and, therefore whether the revenue should be recognised. Significant factors that impact the decision include the terms and nature of the contract and the judgement of the contract manager. |
-Management review trade debtors for evidence of impairment. They consider the credit worthiness of the counterparty, any disputes and the period of time it is likely to take to recover the balance in making this assessement. |
-The most critical esitmates and assumptions for investment properties relate to the determination of carrying value, derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. These factors require judgement and estimate. |
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the 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, this being a specific milestone within an agreed contract.
Should the company have incurred costs with an appropriate entitlement to income but not invoiced, the income is accrued at the year end.
Should income have been invoiced at the year end but the service not complete an appropriate adjustment is made to defer the income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
over three years, straight line |
Investment property
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.
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.
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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.
Financial instruments
Financial assets – trade and other debtors, accrued income, amounts owed by group undertakings are basic financial instruments, and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, bank loans, accrued expenses, amounts owed to group undertakings and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and corporation tax creditors are not included in the financial instruments disclosure definition.
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Turnover |
The analysis of the company's turnover for the year by market is as follows:
2024 |
2023 |
|
Sales, UK |
26,588,430 |
28,134,977 |
Sales, Europe |
4,862,767 |
4,280,168 |
Sales, rest of the world |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange losses/(gains) |
|
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
- |
|
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales and service |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
100,832 |
86,271 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
402,977 |
302,221 |
|
Foreign tax |
|
|
Total current income tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax (decrease)/increase from other short-term timing differences |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of foreign tax rates |
( |
|
Increase/(decrease) in UK and foreign current tax from unrecognised tax loss or credit |
|
( |
Deferred tax expense relating to changes in tax rates or laws |
|
|
Total tax charge |
|
|
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Investment properties |
2024 |
|
At 1 April 2023 |
|
There has been no valuation of investment property by an independent valuer. However, the director has considered the value by reference to other similar properties and has concluded that the property's carrying value is materially consistent with its fair value at the year end.
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Included within other debtors is an amount in relation to withholding tax of £319,979. This amount is considered to be fully recoverable.
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
- |
|
Accrued expenses |
|
|
|
Corporation tax |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 March 2024 |
|
|
|
Deferred tax
Deferred tax assets and liabilities:
2024 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Revaluation of property |
- |
|
Other timing differences |
|
- |
|
|
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Revaluation of property |
- |
|
Other timing differences |
|
- |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Analysis of changes in net debt |
At 1 April 2023 |
Financing cash flows |
At 31 March 2024 |
|
Cash and cash equivalents |
|||
Cash |
6,010,577 |
2,717,098 |
8,727,675 |
|
|
|
|
|
Torry Harris Business Solutions (Europe) Ltd
Notes to the Financial Statements
for the Year Ended 31 March 2024
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is