Company registration number 11879734 (England and Wales)
TORQUE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
TORQUE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr M J Gratton
Mr T J Longden
Company number
11879734
Registered office
Unit 1
The Drum Business Park
Heathfield
Devon
England
TQ12 6RY
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
TORQUE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TORQUE PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,145,208
1,140,591
Current assets
Debtors
4
3,943
3,437
Cash at bank and in hand
100
3,844
4,043
7,281
Creditors: amounts falling due within one year
5
(925,928)
(920,137)
Net current liabilities
(921,885)
(912,856)
Total assets less current liabilities
223,323
227,735
Creditors: amounts falling due after more than one year
6
(209,050)
(221,751)
Provisions for liabilities
(1,154)
Net assets
13,119
5,984
Capital and reserves
Called up share capital
100
100
Retained earnings
13,019
5,884
Total equity
13,119
5,984
TORQUE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr M J Gratton
Mr T J Longden
Director
Director
Company Registration No. 11879734
TORQUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Torque Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, The Drum Business Park, Heathfield, Devon, England, TQ12 6RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net rent received.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TORQUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 August 2023
1,140,592
Additions
4,616
At 31 July 2024
1,145,208
Investment property was valued by the directors on an open market basis on 31 July 2024. The value was deemed to be equal to the historical cost.
TORQUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,943
3,437
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,262
8,795
Taxation and social security
17,587
12,153
Other creditors
898,079
899,189
925,928
920,137
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
209,050
221,751
7
Related party transactions
Included in other creditors are amounts loaned from an associated company under common control of the directors of £876,396. The loan is interest free and there are no fixed terms of repayment.
Included in other creditors are amounts loaned from close family members of the directors of £19,800. The loans are interest free and there are no fixed terms of repayment.