0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC722971 2023-03-01 2024-02-29 SC722971 2024-02-29 SC722971 2023-02-28 SC722971 2022-02-12 2023-02-28 SC722971 2023-02-28 SC722971 2022-02-11 SC722971 bus:Director1 2023-03-01 2024-02-29 SC722971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 SC722971 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 SC722971 core:WithinOneYear 2024-02-29 SC722971 core:WithinOneYear 2023-02-28 SC722971 core:ShareCapital 2024-02-29 SC722971 core:ShareCapital 2023-02-28 SC722971 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC722971 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC722971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 SC722971 bus:Director1 2023-02-28 SC722971 bus:Director1 2024-02-29 SC722971 bus:Director1 2023-02-28 SC722971 bus:Director1 2022-02-12 2023-02-28 SC722971 bus:SmallEntities 2023-03-01 2024-02-29 SC722971 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC722971 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC722971 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC722971 bus:FullAccounts 2023-03-01 2024-02-29 SC722971 core:PlantMachinery 2023-03-01 2024-02-29 SC722971 core:PlantMachinery 2023-02-28 SC722971 core:PlantMachinery 2024-02-29
COMPANY REGISTRATION NUMBER: SC722971
Toro Properties Limited
Filleted Unaudited Financial Statements
29 February 2024
Toro Properties Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
44,478
44,579
Current assets
Debtors
5
750
Cash at bank and in hand
81
430
----
----
831
430
Creditors: amounts falling due within one year
6
49,072
46,115
--------
--------
Net current liabilities
48,241
45,685
--------
--------
Total assets less current liabilities
( 3,763)
( 1,106)
-------
-------
Net liabilities
( 3,763)
( 1,106)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 3,863)
( 1,206)
-------
-------
Shareholders deficit
( 3,763)
( 1,106)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Toro Properties Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Anthony Mills
Director
Company registration number: SC722971
Toro Properties Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 108 Stirling Road, Kilsyth, Glasgow, G65 0HY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 March 2023
44,420
190
44,610
Disposals
( 95)
( 95)
--------
----
--------
At 29 February 2024
44,420
95
44,515
--------
----
--------
Depreciation
At 1 March 2023
31
31
Charge for the year
21
21
Disposals
( 15)
( 15)
--------
----
--------
At 29 February 2024
37
37
--------
----
--------
Carrying amount
At 29 February 2024
44,420
58
44,478
--------
----
--------
At 28 February 2023
44,420
159
44,579
--------
----
--------
Included within the above is investment property as follows:
£
--------
At 1 March 2023 and 29 February 2024
44,420
--------
Investment properties are valued by the Director at year-end, with reference to market conditions.
5. Debtors
2024
2023
£
£
Other debtors
750
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other Creditors - Deposits Taken
750
Other creditors
48,322
46,115
--------
--------
49,072
46,115
--------
--------
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
44,420
44,420
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Anthony Mills
( 45,635)
( 2,207)
( 47,842)
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Anthony Mills
( 45,635)
( 45,635)
----
--------
--------