1 November 2023 v2025.13.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP087378762023-11-012024-10-31087378762024-10-31087378762023-10-3108737876core:WithinOneYear2024-10-3108737876core:WithinOneYear2023-10-3108737876core:ShareCapital2024-10-3108737876core:ShareCapital2023-10-3108737876core:RevaluationReserve2024-10-3108737876core:RetainedEarningsAccumulatedLosses2024-10-3108737876core:RetainedEarningsAccumulatedLosses2023-10-3108737876bus:Director12023-11-012024-10-3108737876bus:RegisteredOffice2023-11-012024-10-3108737876core:NetGoodwill2023-11-012024-10-3108737876core:FurnitureFittings2023-11-012024-10-3108737876core:MotorVehicles2023-11-012024-10-3108737876core:OfficeEquipment2023-11-012024-10-31087378762022-11-012023-10-3108737876core:NetGoodwill2024-10-3108737876core:LandBuildings2023-11-0108737876core:PlantMachinery2023-11-01087378762023-11-0108737876core:PlantMachinery2023-11-012024-10-3108737876core:LandBuildings2023-11-012024-10-3108737876core:LandBuildings2024-10-3108737876core:PlantMachinery2024-10-3108737876core:LandBuildings2023-10-3108737876core:PlantMachinery2023-10-310873787612023-11-012024-10-3108737876countries:EnglandWales2023-11-012024-10-3108737876bus:AuditExemptWithAccountantsReport2023-11-012024-10-3108737876bus:PrivateLimitedCompanyLtd2023-11-012024-10-3108737876bus:SmallEntities2023-11-012024-10-3108737876bus:FullAccounts2023-11-012024-10-31
Company registration number:
08737876
TORCH DIRECT LIMITED
Unaudited Filleted Financial Statements for the year ended
31 October 2024
TORCH DIRECT LIMITED
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of TORCH DIRECT LIMITED
Year ended
31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
TORCH DIRECT LIMITED
for the year ended
31 October 2024
which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
TORCH DIRECT LIMITED
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
TORCH DIRECT LIMITED
and state those matters that I have agreed to state to the Board of Directors of
TORCH DIRECT LIMITED
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
TORCH DIRECT LIMITED
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
TORCH DIRECT LIMITED
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
TORCH DIRECT LIMITED
. You consider that
TORCH DIRECT LIMITED
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of TORCH DIRECT LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
HM Accountancy Services Limited
83-89 Phoenix Street
Sutton-in-Ashfield
Nottinghamshire
NG17 4HL
United Kingdom
Date:
14 February 2025
TORCH DIRECT LIMITED
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Tangible assets 6
150,996
 
140,293
 
Current assets    
Stocks
159,895
 
179,913
 
Debtors 7
4,018
 
7,794
 
Cash at bank and in hand
81,803
 
93,709
 
245,716
 
281,416
 
Creditors: amounts falling due within one year 8
(60,597
)
(69,154
)
Net current assets
185,119
 
212,262
 
Total assets less current liabilities 336,115   352,555  
Provisions for liabilities
(3,270
)
(6,628
)
Net assets
332,845
 
345,927
 
Capital and reserves    
Called up share capital
1
 
1
 
Revaluation reserve
15,000
  -  
Profit and loss account
317,844
 
345,926
 
Shareholders funds
332,845
 
345,927
 
For the year ending
31 October 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
14 February 2025
, and are signed on behalf of the board by:
Mr Martin Keeling
Director
Company registration number:
08737876
TORCH DIRECT LIMITED
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3 Nunn Brook Road
,
Huthwaite
,
Sutton-In-Ashfield
,
Nottinghamshire
,
NG17 2HU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
30% reducing balance
Motor vehicles
25% reducing balance
Office equipment
30% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
5
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2023
and
31 October 2024
10,900
 
Amortisation  
At
1 November 2023
and
31 October 2024
10,900
 
Carrying amount  
At
31 October 2024
-  
At 31 October 2023 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 November 2023
100,000
 
94,592
 
194,592
 
Additions -  
9,831
 
9,831
 
Revaluations
15,000
  -  
15,000
 
At
31 October 2024
115,000
 
104,423
 
219,423
 
Depreciation      
At
1 November 2023
-  
54,299
 
54,299
 
Charge -  
14,128
 
14,128
 
At
31 October 2024
-  
68,427
 
68,427
 
Carrying amount      
At
31 October 2024
115,000
 
35,996
 
150,996
 
At 31 October 2023
100,000
 
40,293
 
140,293
 

7 Debtors

20242023
££
Trade debtors
1,207
 
2,230
 
Other debtors
2,811
 
5,564
 
4,018
 
7,794
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
30,757
 
20,566
 
Taxation and social security
6,298
 
15,353
 
Other creditors
23,542
 
33,235
 
60,597
 
69,154