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Registration number: 09691961

Torran Technologies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Torran Technologies Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Torran Technologies Limited

Company Information

Directors

C E McKeon

J E P Smith

T W Smith

E J M Korchmaros

Registered office

The Estate Office
Campden House Estate
Chipping
Campden
GL55 6UP

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Torran Technologies Limited

(Registration number: 09691961)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,335,198

5,508,480

Current assets

 

Debtors

5

335,302

461,512

Cash at bank and in hand

 

1,221,281

1,005,622

 

1,556,583

1,467,134

Creditors: Amounts falling due within one year

6

(380,909)

(4,560,084)

Net current assets/(liabilities)

 

1,175,674

(3,092,950)

Total assets less current liabilities

 

6,510,872

2,415,530

Creditors: Amounts falling due after more than one year

6

(3,800,000)

-

Provisions for liabilities

(563,681)

(557,845)

Net assets

 

2,147,191

1,857,685

Capital and reserves

 

Called up share capital

7

8,000

8,000

Share premium reserve

998,000

998,000

Retained earnings

1,141,191

851,685

Shareholders' funds

 

2,147,191

1,857,685

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2024 and signed on its behalf by:
 

 

Torran Technologies Limited

(Registration number: 09691961)
Statement of Financial Position as at 31 March 2024

.........................................
T W Smith
Director

 

Torran Technologies Limited

Notes to the Unaudited 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.

The address of its registered office is:
The Estate Office
Campden House Estate
Chipping
Campden
GL55 6UP

These financial statements were authorised for issue by the Board on 8 November 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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.

 

Torran Technologies Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

40 years staight line

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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Torran Technologies Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Torran Technologies Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

6,437,853

42,566

6,480,419

At 31 March 2024

6,437,853

42,566

6,480,419

Depreciation

At 1 April 2023

961,298

10,641

971,939

Charge for the year

165,301

7,981

173,282

At 31 March 2024

1,126,599

18,622

1,145,221

Carrying amount

At 31 March 2024

5,311,254

23,944

5,335,198

At 31 March 2023

5,476,555

31,925

5,508,480

5

Debtors

Current

2024
£

2023
£

Trade debtors

324,160

450,891

Prepayments

11,142

10,621

 

335,302

461,512

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

2,651,485

Trade creditors

 

14,989

259,747

Taxation and social security

 

143,933

133,562

Accruals and deferred income

 

221,987

425,666

Other creditors

 

-

1,089,624

 

380,909

4,560,084

 

Torran Technologies Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

3,800,000

-

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

6,000

6,000

6,000

6,000

A Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

 

8,000

8,000

8,000

8,000

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,800,000

-

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

2,651,485

 

Torran Technologies Limited

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

Bank borrowings

Loan 1 is denominated in £ with a nominal interest rate of 4.7%, and the final instalment is due on 25 September 2023. The carrying amount at year end is £Nil (2023 - £2,000,000).

Loan 2 is denominated in £ with a nominal interest rate of 3.802%, and the final instalment is due on 25 September 2023. The carrying amount at year end is £Nil (2023 - £651,485).

Bank loan is denominated in £ with a nominal interest rate of 7.25%%, and the final instalment is due on 28 February 2029. The carrying amount at year end is £3,800,000 (2023 - £Nil).

The bank loans are secured by a bond and floating charge over the company and a £3,500,000 guarantee from the Hon P R Smith 1971 Settlement Trust supported by a standard security over the property at Coulin Estate.

9

Related party transactions

Summary of transactions with other related parties

The Hon P R Smith 1971 Settlement, a Trust the directors and shareholders are connected with
 

Income and receivables from related parties

2024

Other related parties
£

Receipt of services

30,700

Amounts receivable from related party

36,840

2023

Other related parties
£

Receipt of services

9,930

Amounts receivable from related party

18,443

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

9,075

Leases

237,398

246,473

Amounts payable to related party

232,287

 

Torran Technologies Limited

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

2023

Other related parties
£

Rendering of services

8,250

Leases

439,691

447,941

Amounts payable to related party

679,803