2 2 Torra Scotia Sports Ltd SC254496 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is continues to be retailing specialist sports equipment and products Digita Accounts Production Advanced 6.30.9574.0 true SC254496 2023-10-01 2024-09-30 SC254496 2024-09-30 SC254496 bus:OrdinaryShareClass1 2024-09-30 SC254496 core:CurrentFinancialInstruments 2024-09-30 SC254496 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC254496 core:Non-currentFinancialInstruments 2024-09-30 SC254496 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC254496 core:Goodwill 2024-09-30 SC254496 core:FurnitureFittingsToolsEquipment 2024-09-30 SC254496 bus:SmallEntities 2023-10-01 2024-09-30 SC254496 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC254496 bus:FilletedAccounts 2023-10-01 2024-09-30 SC254496 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC254496 bus:RegisteredOffice 2023-10-01 2024-09-30 SC254496 bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 SC254496 bus:Director1 2023-10-01 2024-09-30 SC254496 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC254496 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC254496 bus:Agent1 2023-10-01 2024-09-30 SC254496 core:Goodwill 2023-10-01 2024-09-30 SC254496 core:NetGoodwill 2023-10-01 2024-09-30 SC254496 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 SC254496 countries:Scotland 2023-10-01 2024-09-30 SC254496 2023-09-30 SC254496 core:Goodwill 2023-09-30 SC254496 core:FurnitureFittingsToolsEquipment 2023-09-30 SC254496 2022-10-01 2023-09-30 SC254496 2023-09-30 SC254496 bus:OrdinaryShareClass1 2023-09-30 SC254496 core:CurrentFinancialInstruments 2023-09-30 SC254496 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC254496 core:Non-currentFinancialInstruments 2023-09-30 SC254496 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC254496 core:Goodwill 2023-09-30 SC254496 core:FurnitureFittingsToolsEquipment 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC254496

image-name

Torra Scotia Sports Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Torra Scotia Sports Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Torra Scotia Sports Ltd

Company Information

Directors

Alexander Marshall Dodds

Margaret Campbell Dodds

Registered office

21 East Bridge Street
Falkirk
FK1 1YB

Bankers

Clydesdale Bank plc
6 George Place
Bathgate
EH48 1NP

Accountants

RGA Scotland Limited Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Torra Scotia Sports Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Torra Scotia Sports Ltd for the year ended 30 September 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Torra Scotia Sports Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Torra Scotia Sports Ltd and state those matters that we have agreed to state to the Board of Directors of Torra Scotia Sports Ltd, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Torra Scotia Sports Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Torra Scotia Sports Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Torra Scotia Sports Ltd. You consider that Torra Scotia Sports Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Torra Scotia Sports Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

image-name

....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

16 January 2025

 

Torra Scotia Sports Ltd

(Registration number: SC254496)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,911

3,577

Tangible assets

6

900

900

 

3,811

4,477

Current assets

 

Stocks

7

24,548

24,498

Cash at bank and in hand

 

4,101

3,082

 

28,649

27,580

Creditors: Amounts falling due within one year

8

(26,637)

(27,042)

Net current assets

 

2,012

538

Total assets less current liabilities

 

5,823

5,015

Creditors: Amounts falling due after more than one year

8

(3,667)

(7,667)

Provisions for liabilities

(171)

-

Net assets/(liabilities)

 

1,985

(2,652)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,885

(2,752)

Shareholders' funds/(deficit)

 

1,985

(2,652)

For the financial year ending 30 September 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Alexander Marshall Dodds
Director

 

Torra Scotia Sports Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
21 East Bridge Street
Falkirk
FK1 1YB

These financial statements were authorised for issue by the Board on 16 January 2025.

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.

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.

 

Torra Scotia Sports Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures, fittings, equipment

no depreciation considered necessary

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6% amortisation straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Torra Scotia Sports Ltd

Notes to the Financial Statements for the Year Ended 30 September 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Amortisation expense

666

-

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

11,125

11,125

At 30 September 2024

11,125

11,125

Amortisation

At 1 October 2023

7,548

7,548

Amortisation charge

666

666

At 30 September 2024

8,214

8,214

Carrying amount

At 30 September 2024

2,911

2,911

At 30 September 2023

3,577

3,577

 

Torra Scotia Sports Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

13,370

13,370

At 30 September 2024

13,370

13,370

Depreciation

At 1 October 2023

12,470

12,470

At 30 September 2024

12,470

12,470

Carrying amount

At 30 September 2024

900

900

At 30 September 2023

900

900

7

Stocks

2024
£

2023
£

Stock for sale and business use

24,548

24,498

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,079

5,388

Trade creditors

 

5,042

3,415

Taxation and social security

 

4,700

2,948

Accruals and deferred income

 

4,816

15,291

 

26,637

27,042

 

Torra Scotia Sports Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,667

7,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

4,000

Director current account

8,079

1,388

12,079

5,388