0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 695,000 31,000 726,000 726,000 695,000 xbrli:pure xbrli:shares iso4217:GBP 08051572 2023-05-01 2024-04-30 08051572 2024-04-30 08051572 2023-04-30 08051572 2022-05-01 2023-04-30 08051572 2023-04-30 08051572 2022-04-30 08051572 bus:Director1 2023-05-01 2024-04-30 08051572 core:WithinOneYear 2024-04-30 08051572 core:WithinOneYear 2023-04-30 08051572 core:AfterOneYear 2024-04-30 08051572 core:AfterOneYear 2023-04-30 08051572 core:ShareCapital 2024-04-30 08051572 core:ShareCapital 2023-04-30 08051572 core:RetainedEarningsAccumulatedLosses 2024-04-30 08051572 core:RetainedEarningsAccumulatedLosses 2023-04-30 08051572 core:LandBuildings core:ShortLeaseholdAssets 2024-04-30 08051572 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 08051572 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 08051572 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 08051572 bus:SmallEntities 2023-05-01 2024-04-30 08051572 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08051572 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08051572 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08051572 bus:FullAccounts 2023-05-01 2024-04-30 08051572 core:LandBuildings 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 08051572
Torsea Properties Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Torsea Properties Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
726,000
695,000
Current assets
Debtors
6
2,371
3,613
Cash at bank and in hand
2,134
1,126
-------
-------
4,505
4,739
Creditors: amounts falling due within one year
7
5,584
4,298
-------
-------
Net current (liabilities)/assets
( 1,079)
441
---------
---------
Total assets less current liabilities
724,921
695,441
Creditors: amounts falling due after more than one year
8
784,656
808,246
---------
---------
Net liabilities
( 59,735)
( 112,805)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 59,835)
( 112,905)
--------
---------
Shareholders deficit
( 59,735)
( 112,805)
--------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Torsea Properties Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr N D Gittins
Director
Company registration number: 08051572
Torsea Properties Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.
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 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.
Going concern
The directors acknowledge that the company has a deficit at the balance sheet date, however the directors will continue to fund the working capital of the business for the next 12 months and will not demand repayment of their loan. On this basis the directors have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023: nil).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 May 2023
695,000
Revaluations
31,000
---------
At 30 April 2024
726,000
---------
Depreciation
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
726,000
---------
At 30 April 2023
695,000
---------
Land and buildings are investment properties valued by the directors at the open market value totalling £726,000. The historical costs of these investment properties are £762,089 (2023: £762,089).
6. Debtors
2024
2023
£
£
Trade debtors
1,435
Other debtors
2,371
2,178
-------
-------
2,371
3,613
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,020
2,262
Social security and other taxes
579
36
Other creditors
1,985
2,000
-------
-------
5,584
4,298
-------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
784,656
808,246
---------
---------