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REGISTERED NUMBER: 09496001 (England and Wales)















PROJECT TORQUE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PROJECT TORQUE LTD (REGISTERED NUMBER: 09496001)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Report of the Accountants 2

Statement of Financial Position 3 to 4

Notes to the Financial Statements 5 to 6


PROJECT TORQUE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr Shahzad Ayaz



REGISTERED OFFICE: 4 Highlands Court
Cranmore Avenue
Solihull
West Midlands
B90 4LE



BUSINESS ADDRESS: 93 Widney Lane
Solihull
England
West Midlands
B91 3LJ



REGISTERED NUMBER: 09496001 (England and Wales)



ACCOUNTANTS: Shareef
Chartered Accountants
4 Highlands Court
Cranmore Avenue
Solihull
West Midlands
B90 4LE



BANKERS: Lloyds
1 Legg Street
Chelmsford
Essex
CM1 1JS

PROJECT TORQUE LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
PROJECT TORQUE LTD


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Shareef
Chartered Accountants
4 Highlands Court
Cranmore Avenue
Solihull
West Midlands
B90 4LE


24 December 2024

PROJECT TORQUE LTD (REGISTERED NUMBER: 09496001)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,212 1,765

CURRENT ASSETS
Stocks 415,367 452,267
Debtors 5 700 -
Cash at bank 4,563 52,185
420,630 504,452
CREDITORS
Amounts falling due within one year 6 391,088 448,799
NET CURRENT ASSETS 29,542 55,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,754

57,418

CREDITORS
Amounts falling due after more than one year 7 32,760 35,605
NET (LIABILITIES)/ASSETS (1,006 ) 21,813

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,007 ) 21,812
SHAREHOLDERS' FUNDS (1,006 ) 21,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROJECT TORQUE LTD (REGISTERED NUMBER: 09496001)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 December 2024 and were signed by:





Mr Shahzad Ayaz - Director


PROJECT TORQUE LTD (REGISTERED NUMBER: 09496001)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Project Torque Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

PROJECT TORQUE LTD (REGISTERED NUMBER: 09496001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 3,184
Additions 1,000
At 31 March 2024 4,184
DEPRECIATION
At 1 April 2023 1,419
Charge for year 553
At 31 March 2024 1,972
NET BOOK VALUE
At 31 March 2024 2,212
At 31 March 2023 1,765

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 700 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,476 7,104
Trade creditors 300 -
Taxation and social security 1,657 3,802
Other creditors 383,655 437,893
391,088 448,799

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 32,760 35,605

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,857 7,189