Registered number
01547962
Torres Engineering & Pumps Limited
Filleted Accounts
31 March 2024
Torres Engineering & Pumps Limited
Registered number: 01547962
Balance Sheet
as at 31 March 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 6,682 306,395
Current assets
Stocks 24,944 20,026
Debtors 4 688,257 670,521
Cash at bank and in hand 1,307,007 1,455,967
2,020,208 2,146,514
Creditors: amounts falling due within one year 5 (546,605) (583,649)
Net current assets 1,473,603 1,562,865
Net assets 1,480,285 1,869,260
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,479,285 1,868,260
Shareholders' funds 1,480,285 1,869,260
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K L Torres
Director
Approved by the board on 25 October 2024
Torres Engineering & Pumps Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% of cost
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 April 2023 654,860 272,700 12,200 939,760
Disposals (654,860) - - (654,860)
At 31 March 2024 - 272,700 12,200 284,900
Depreciation
At 1 April 2023 357,374 266,686 9,305 633,365
Charge for the year - 1,503 724 2,227
On disposals (357,374) - - (357,374)
At 31 March 2024 - 268,189 10,029 278,218
Net book value
At 31 March 2024 - 4,511 2,171 6,682
At 31 March 2023 297,486 6,014 2,895 306,395
On 11 January 2024 the land and buildings were hived up to the ultimate parent company, Torres Pumps Holdings Limited, by way of dividend in specie.
4 Debtors 2024 2023
Trade debtors 114,178 180,948
Amounts owed by group undertakings and undertakings in which the company has a participating interest 510,338 -
Deferred tax asset 11,313 768
Other debtors 52,428 488,805
688,257 670,521
Amounts due after more than one year included above 11,313 768
5 Creditors: amounts falling due within one year 2024 2023
Trade creditors 106,357 135,606
Amounts owed to group undertakings and undertakings in which the company has a participating interest 40,000 -
Taxation and social security costs 28,243 10,165
Other creditors 372,005 437,878
546,605 583,649
6 Related party transactions
At the end of the financial year the company was owed £510,338 (2023 - £444,055) from Allpumps Limited, a group undertaking. All transactions between the companies during the year have been carried out under normal market conditions. During the year dividends of £338,486 (2023 - £NIL) were paid to the 100% parent company, Torres Pumps Holdings Limited, and the amount owed to Torres Pumps Holdings Limited at the financial year end was £40,000 (2023 - £NIL).
7 Controlling party
The company is a 100% subsidiary of Torres Pumps Holdings Limited and the director, K L Torres, is the controlling party.
8 Other information
Torres Engineering & Pumps Limited is a private company limited by shares and incorporated in England. Its registered office is:
448 Brightside Lane
Newall
Sheffield
South Yorkshire
S9 2SP
On the 5th June 2023 the entire share capital of the company was acquired by Torres Pumps Holdings Limited. The registered office of Torres Pumps Holdings Limited is the same as this company.
Torres Engineering & Pumps Limited 01547962 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 K L Torres No description of principal activity 01547962 2022-04-01 2023-03-31 01547962 core:WithinOneYear 2023-03-31 01547962 core:ShareCapital 2023-03-31 01547962 core:RetainedEarningsAccumulatedLosses 2023-03-31 01547962 core:AfterOneYear 2023-03-31 01547962 2023-04-01 2024-03-31 01547962 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01547962 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01547962 bus:Director40 2023-04-01 2024-03-31 01547962 1 2023-04-01 2024-03-31 01547962 2 2023-04-01 2024-03-31 01547962 core:LandBuildings 2023-04-01 2024-03-31 01547962 core:PlantMachinery 2023-04-01 2024-03-31 01547962 core:Vehicles 2023-04-01 2024-03-31 01547962 countries:England 2023-04-01 2024-03-31 01547962 bus:FRS102 2023-04-01 2024-03-31 01547962 bus:FilletedAccounts 2023-04-01 2024-03-31 01547962 2024-03-31 01547962 core:WithinOneYear 2024-03-31 01547962 core:ShareCapital 2024-03-31 01547962 core:RetainedEarningsAccumulatedLosses 2024-03-31 01547962 core:LandBuildings 2024-03-31 01547962 core:PlantMachinery 2024-03-31 01547962 core:Vehicles 2024-03-31 01547962 core:AfterOneYear 2024-03-31 01547962 2023-03-31 01547962 core:LandBuildings 2023-03-31 01547962 core:PlantMachinery 2023-03-31 01547962 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure