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Company Registration number: 04307378

Torry Harris Business Solutions (Europe) Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Torry Harris Business Solutions (Europe) Ltd

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 24

 

Torry Harris Business Solutions (Europe) Ltd

Company Information

Director

G S B Nagaraj

Registered office

Orion House
4-5 Axis
First Floor
Bradley Stoke
BS32 4JT

Auditors

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

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 23 September 2024 and signed on its behalf by:


G S B Nagaraj
Director

   
 

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:

G S B Nagaraj

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 23 September 2024 and signed on its behalf by:


G S B Nagaraj
Director

   
 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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:

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

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:

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;

we identified the laws and regulations applicable to the company through discussions with directors and other management;

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;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

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:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

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:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

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.





Christopher Walford ACA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

23 September 2024

 

Torry Harris Business Solutions (Europe) Ltd

Profit and Loss Account
for the Year Ended 31 March 2024

Note

2024
 £

2023
 £

Turnover

3

31,834,353

32,812,140

Cost of sales

 

(28,711,477)

(29,955,424)

Gross profit

 

3,122,876

2,856,716

Administrative expenses

 

(1,531,158)

(1,216,109)

Operating profit

4

1,591,718

1,640,607

Fair value adjustment in respect of investment properties

 

-

43,000

Other interest receivable and similar income

5

33,886

-

Interest payable and similar charges

6

-

(615)

Profit before tax

 

1,625,604

1,682,992

Taxation

10

(409,769)

(326,019)

Profit for the financial year

 

1,215,835

1,356,973

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

1,215,835

1,356,973

Total comprehensive income for the year

1,215,835

1,356,973

 

Torry Harris Business Solutions (Europe) Ltd

(Registration number: 04307378)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

21,480

37,066

Investment property

12

398,157

398,157

 

419,637

435,223

Current assets

 

Debtors

13

9,725,759

10,413,364

Cash at bank and in hand

 

8,727,675

6,010,577

 

18,453,434

16,423,941

Creditors: Amounts falling due within one year

15

(6,693,540)

(5,891,783)

Net current assets

 

11,759,894

10,532,158

Total assets less current liabilities

 

12,179,531

10,967,381

Provisions for liabilities

16

(15,212)

(18,897)

Net assets

 

12,164,319

10,948,484

Capital and reserves

 

Called up share capital

1

1

Retained earnings

12,164,318

10,948,483

Shareholders' funds

 

12,164,319

10,948,484

Approved and authorised by the director on 23 September 2024
 


G S B Nagaraj
Director

   
 

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

1

10,948,483

10,948,484

Profit for the year

-

1,215,835

1,215,835

At 31 March 2024

1

12,164,318

12,164,319

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1

9,591,510

9,591,511

Profit for the year

-

1,356,973

1,356,973

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

 

1,215,835

1,356,973

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

15,586

21,614

Changes in fair value of investment property

12

-

(43,000)

Finance income

5

(33,886)

-

Finance costs

6

-

615

Income tax expense

10

409,769

326,019

 

1,607,304

1,662,221

Working capital adjustments

 

Decrease in trade and other debtors

13

687,605

514,732

Increase in trade and other creditors

15

709,874

1,200,500

Cash generated from operations

 

3,004,783

3,377,453

Income taxes paid

10

(321,571)

(280,052)

Net cash flow from operating activities

 

2,683,212

3,097,401

Cash flows from investing activities

 

Interest received

5

33,886

-

Acquisitions of tangible assets

-

(46,763)

Net cash flows from investing activities

 

33,886

(46,763)

Cash flows from financing activities

 

Interest paid

6

-

(615)

Net increase in cash and cash equivalents

 

2,717,098

3,050,023

Cash and cash equivalents at 1 April 2023

 

6,010,577

2,960,554

Cash and cash equivalents at 31 March 2024

14

8,727,675

6,010,577

 

Torry Harris Business Solutions (Europe) Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Orion House
4-5 Axis
First Floor
Bradley Stoke
BS32 4JT
England

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 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

Transactions in foreign currencies are initially translated into the functional currency using the monthly average exchange rate for the month that the transaction falls in. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows:

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

3

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

383,156

396,995

31,834,353

32,812,140

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

15,586

21,614

Foreign exchange losses/(gains)

99,721

(83,721)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

33,886

-

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

-

615

 

Torry Harris Business Solutions (Europe) Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

5,224,597

5,628,532

Social security costs

500,737

545,366

Pension costs, defined contribution scheme

55,917

51,178

Other employee expense

30,331

32,580

5,811,582

6,257,656

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

3

3

Sales and service

79

93

82

96

8

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

97,200

84,950

Contributions paid to money purchase schemes

3,632

1,321

100,832

86,271

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

21,350

18,900


 

 

Torry Harris Business Solutions (Europe) Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

408,063

306,009

UK corporation tax adjustment to prior periods

(5,086)

(3,788)

402,977

302,221

Foreign tax

10,477

5,386

Total current income tax

413,454

307,607

Deferred taxation

Arising from origination and reversal of timing differences

(3,685)

18,412

Tax expense in the income statement

409,769

326,019

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 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,625,604

1,682,992

Corporation tax at standard rate

406,401

319,768

Tax increase/(decrease) from effect of capital allowances and depreciation

3,897

(2,666)

Tax (decrease)/increase from other short-term timing differences

(122)

1,257

Effect of expense not deductible in determining taxable profit (tax loss)

1,299

1,743

Effect of foreign tax rates

(10,477)

5,286

Increase/(decrease) in UK and foreign current tax from unrecognised tax loss or credit

5,086

(3,788)

Deferred tax expense relating to changes in tax rates or laws

3,685

4,419

Total tax charge

409,769

326,019

 

Torry Harris Business Solutions (Europe) Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

11

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

178,565

178,565

At 31 March 2024

178,565

178,565

Depreciation

At 1 April 2023

141,499

141,499

Charge for the year

15,586

15,586

At 31 March 2024

157,085

157,085

Carrying amount

At 31 March 2024

21,480

21,480

At 31 March 2023

37,066

37,066

12

Investment properties

2024
 £

At 1 April 2023

398,157

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.

13

Debtors

2024
 £

2023
 £

Trade debtors

8,916,021

10,110,465

Other debtors

446,316

42,009

Prepayments

42,001

49,653

Accrued income

321,421

211,237

9,725,759

10,413,364

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

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

53

259

Cash at bank

8,727,622

6,010,318

8,727,675

6,010,577

15

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

16,281

98,468

Amounts owed to group undertakings

 

3,826,491

3,616,622

Social security and other taxes

 

1,111,742

1,183,065

Outstanding defined contribution pension costs

 

11,574

18,221

Other creditors

 

12,920

-

Accrued expenses

 

1,435,729

788,487

Corporation tax

10

278,803

186,920

 

6,693,540

5,891,783

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

18,897

18,897

Increase (decrease) in existing provisions

(3,685)

(3,685)

At 31 March 2024

15,212

15,212

Deferred tax

Deferred tax assets and liabilities:

2024

Asset
£

Liability
£

Accelerated capital allowances

-

5,370

Revaluation of property

-

10,750

Other timing differences

908

-

908

16,120

 

Torry Harris Business Solutions (Europe) Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

2023

Asset
£

Liability
£

Accelerated capital allowances

-

9,267

Revaluation of property

-

10,750

Other timing differences

1,120

-

1,120

20,017

17

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Orindary Shares of £1 each

1

1

1

1

         

18

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

17,000

10,415

Later than one year and not later than five years

30,667

-

47,667

10,415

The amount of non-cancellable operating lease payments recognised as an expense during the year was £27,839 (2023 - £28,004).

19

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

 

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

20

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 £55,917 (2023 - £51,178).

Contributions totalling £11,574 (2023 - £18,221) were payable to the scheme at the end of the year and are included in creditors.

21

Parent and ultimate parent undertaking

No consolidated group accounts are prepared which include the results of the company.

 The company's immediate parent is Torry Harris Business Solutions (Pvt) Limited, incorporated in India.

 The ultimate parent is Torry Harris Business Solutions Inc, incorporated in United States of America.