Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310trueInvestment entity2023-04-01false0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10291317 2023-04-01 2024-03-31 10291317 2022-04-01 2023-03-31 10291317 2024-03-31 10291317 2023-03-31 10291317 c:CompanySecretary1 2023-04-01 2024-03-31 10291317 c:Director1 2023-04-01 2024-03-31 10291317 c:Director2 2023-04-01 2024-03-31 10291317 c:RegisteredOffice 2023-04-01 2024-03-31 10291317 d:PlantMachinery 2023-04-01 2024-03-31 10291317 d:PlantMachinery 2024-03-31 10291317 d:PlantMachinery 2023-03-31 10291317 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10291317 d:CurrentFinancialInstruments 2024-03-31 10291317 d:CurrentFinancialInstruments 2023-03-31 10291317 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10291317 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10291317 d:ShareCapital 2024-03-31 10291317 d:ShareCapital 2023-03-31 10291317 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10291317 d:RetainedEarningsAccumulatedLosses 2024-03-31 10291317 d:RetainedEarningsAccumulatedLosses 2023-03-31 10291317 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10291317 c:OrdinaryShareClass1 2024-03-31 10291317 c:OrdinaryShareClass1 2023-03-31 10291317 c:OrdinaryShareClass2 2023-04-01 2024-03-31 10291317 c:OrdinaryShareClass2 2024-03-31 10291317 c:OrdinaryShareClass2 2023-03-31 10291317 c:OrdinaryShareClass3 2023-04-01 2024-03-31 10291317 c:OrdinaryShareClass3 2024-03-31 10291317 c:OrdinaryShareClass3 2023-03-31 10291317 c:OrdinaryShareClass4 2023-04-01 2024-03-31 10291317 c:OrdinaryShareClass4 2024-03-31 10291317 c:OrdinaryShareClass4 2023-03-31 10291317 c:OrdinaryShareClass5 2023-04-01 2024-03-31 10291317 c:OrdinaryShareClass5 2024-03-31 10291317 c:OrdinaryShareClass5 2023-03-31 10291317 c:FRS102 2023-04-01 2024-03-31 10291317 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10291317 c:FullAccounts 2023-04-01 2024-03-31 10291317 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10291317 2 2023-04-01 2024-03-31 10291317 6 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10291317










TOROCE INVESTMENTS LTD

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
TOROCE INVESTMENTS LTD
 

COMPANY INFORMATION


Directors
Mr S C J Ellis 
Mrs S L Ellis 




Company secretary
Wellco Secretaries Ltd



Registered number
10291317



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ




Accountants
Wellden Turnbull Limited
Chartered Accountants

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
TOROCE INVESTMENTS LTD
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
TOROCE INVESTMENTS LTD
REGISTERED NUMBER: 10291317

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 5 
4
8

Fixed asset investments
 6 
65
65

  
69
73

Current assets
  

Stocks
 7 
3,027
2,390

Debtors: amounts falling due within one year
 8 
846
86

Current asset investments
 9 
21,443
19,809

Cash at bank and in hand
  
1,838
2,365

  
27,154
24,650

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(758)
(17)

Net current assets
  
 
 
26,396
 
 
24,633

Total assets less current liabilities
  
26,465
24,706

  

Net assets
  
26,465
24,706


Capital and reserves
  

Called up share capital 
 12 
1,000
1,000

Profit and loss account
 13 
25,465
23,706

  
26,465
24,706


Page 1

 
TOROCE INVESTMENTS LTD
REGISTERED NUMBER: 10291317

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr S C J Ellis
Director

Date: 16 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Toroce Investments Ltd is a private company, limited by shares, incorporated in England and Wales, registered number 10291317. The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £'000.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 3

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
5
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).


5.


Tangible fixed assets





Plant and machinery

£000



Cost or valuation


At 1 April 2023
19



At 31 March 2024

19



Depreciation


At 1 April 2023
11


Charge for the year on owned assets
4



At 31 March 2024

15



Net book value



At 31 March 2024
4



At 31 March 2023
8


6.


Fixed asset investments





Unlisted investments

£000



Cost or valuation


At 1 April 2023
65



At 31 March 2024
65




Page 6

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Stocks

As restated
2024
2023
£000
£000

Work in progress
3,027
2,390



8.


Debtors

2024
2023
£000
£000


Other debtors
846
86



9.


Current asset investments

As restated
2024
2023
£000
£000

Listed investments
21,443
19,809



10.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Corporation tax
32
-

Other creditors
720
13

Accruals and deferred income
6
4

758
17



11.


Grants

During the year the Company received cash payments from the Rural Payments Agency totalling £3,000 (2023 - £3,000). This amounted is presented in other income.

Page 7

 
TOROCE INVESTMENTS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary A shares of £1.00 each
100
100
150,000 (2023 - 150,000) Ordinary B shares of £1.00 each
150
150
150,000 (2023 - 150,000) Ordinary C shares of £1.00 each
150
150
150,000 (2023 - 150,000) Ordinary D shares of £1.00 each
150
150
150,000 (2023 - 150,000) Ordinary E shares of £1.00 each
150
150
150,000 (2023 - 150,000) Ordinary F shares of £1.00 each
150
150
150,000 (2023 - 150,000) Ordinary G shares of £1.00 each
150
150

1,000

1,000



13.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


14.


Prior year adjustment

In the prior year cash of £940,000 held in the Company investment portfolios was separately presented in cash at bank. The prior year cash at bank has been reduced and current asset investments increased by £940,000 to better reflect the nature of the investment portfolio cash held.
In prior years expenses totalling £208,000 relating to the development of stock were incorrectly expensed. A prior year adjustment has been recorded to increase brought forward retained earnings and stock by this amount.  


15.


Related party transactions

During the year the Company borrowed £986,000 (2023 - £55,000) and made repayments of £279,000 (2023 - £58,000) on an interest free loan from the Directors.
At the balance sheet date £720,000 (2023 - £13,000) was due to Directors of the Company. This amount is interest free, repayable on demand after 30 days prior written notice and is presented in other creditors.


Page 8