Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 09108319 Mr Sergey Ogorodnov Mr Boris Dorin Mr Rishabh Jaipuria Mr John Marrow MKL Secretaries Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09108319 2022-12-31 09108319 2023-12-31 09108319 2023-01-01 2023-12-31 09108319 frs-core:CurrentFinancialInstruments 2023-12-31 09108319 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 09108319 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 09108319 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 09108319 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09108319 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09108319 frs-core:SharePremium 2023-12-31 09108319 frs-core:ShareCapital 2023-12-31 09108319 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09108319 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09108319 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09108319 frs-bus:SmallEntities 2023-01-01 2023-12-31 09108319 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09108319 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09108319 frs-bus:Director1 2023-01-01 2023-12-31 09108319 frs-bus:Director2 2023-01-01 2023-12-31 09108319 frs-bus:Director3 2023-01-01 2023-12-31 09108319 frs-bus:Director4 2023-01-01 2023-12-31 09108319 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 09108319 frs-countries:EnglandWales 2023-01-01 2023-12-31 09108319 2021-12-31 09108319 2022-12-31 09108319 2022-01-01 2022-12-31 09108319 frs-core:CurrentFinancialInstruments 2022-12-31 09108319 frs-core:SharePremium 2022-12-31 09108319 frs-core:ShareCapital 2022-12-31 09108319 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 09108319
Torro Ventures Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09108319
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 582,675 582,675
582,675 582,675
CURRENT ASSETS
Debtors 5 9,327,365 7,672,702
Investments 6 8,411 8,411
Cash at bank and in hand 836,140 900,178
10,171,916 8,581,291
Creditors: Amounts Falling Due Within One Year 7 (24,334 ) (63,366 )
NET CURRENT ASSETS (LIABILITIES) 10,147,582 8,517,925
TOTAL ASSETS LESS CURRENT LIABILITIES 10,730,257 9,100,600
NET ASSETS 10,730,257 9,100,600
CAPITAL AND RESERVES
Called up share capital 8 4,482,128 2,732,128
Share premium account 9,371,942 9,371,942
Profit and Loss Account (3,123,813 ) (3,003,470 )
SHAREHOLDERS' FUNDS 10,730,257 9,100,600
Page 1
Page 2
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 John Marrow
Director
19/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Torro Ventures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09108319 . The registered office is 1st Floor 282 Earls Court Road, London, SW5 9AS.
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. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. 
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are the development costs. The directors' are of the opinion that the market value of this is greater than the cost price and therefore no amortisation is applied.
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 5)
3 5
4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 January 2023 539,016 43,659 582,675
As at 31 December 2023 539,016 43,659 582,675
Net Book Value
As at 31 December 2023 539,016 43,659 582,675
As at 1 January 2023 539,016 43,659 582,675
Page 3
Page 4
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 8,285 -
VAT - 755
Amounts owed by group undertakings 9,319,080 7,671,947
9,327,365 7,672,702
Amounts owed by group undertakings
  • Loan to Voltaware Services Limited £7,991,233 (Comparative £6,632,549)
  • Loan to Voltaware Europe SRL £1,327,845 (Comparative £1,039,397)
 Loan to Voltaware Europe SRL - Under Italian law the loan is treated as a future share capital reserve
6. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 8,411 8,411
8,411 8,411
Shareholdings in subsidiaries
Voltaware Services Ltd    £ 100
Voltaware Europe          £8,311
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 1,841 40,873
Taxation and social security 22,493 22,493
24,334 63,366
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4,482,128 2,732,128
Page 4