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Registration number: 08089139

Torlyn Energy Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Torlyn Energy Consultants Limited

Contents

Company Information

1

Director's Report

2

Statement of Income and Retained Earnings

3

Balance sheet

4

Notes to the Unaudited Financial Statements

5 to 8

 

Torlyn Energy Consultants Limited

Company Information

Director

C L Clay

Registered office

79a High Street
Teddington
England
TW11 8HG

Accountants

Shaw Gibbs Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

Torlyn Energy Consultants Limited

Director's Report for the Year Ended 31 May 2024

The director presents his report and the financial statements for the year ended 31 May 2024.

Principal activity

The principal activity of the company is consulting on petroleum engineering.

Director of the company

The director who held office during the year and up to the date of approval of this report was as follows:

C L Clay

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the annual financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 11 March 2025
 

.........................................
C L Clay
Director

 

Torlyn Energy Consultants Limited

Statement of Income and Retained Earnings
for the Year Ended 31 May 2024

2024
£

2023
£

Turnover

124,489

129,375

Administrative expenses

(65,436)

(67,139)

Operating profit

59,053

62,236

Interest payable and similar charges

(79)

(89)

(79)

(89)

Profit before tax

58,974

62,147

Taxation

(11,971)

(12,547)

Profit for the financial year

47,003

49,600

Retained earnings brought forward

200

34,600

Dividends paid

(45,000)

(84,000)

Retained earnings carried forward

2,203

200

 

Torlyn Energy Consultants Limited

(Registration number: 08089139)
Balance sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

6

-

26,190

Cash at bank and in hand

 

27,238

22,428

 

27,238

48,618

Creditors: Amounts falling due within one year

7

(25,033)

(48,416)

Net assets

 

2,205

202

Equity

 

Called up share capital

9

2

2

Retained earnings

2,203

200

Shareholders' funds

 

2,205

202

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Torlyn Energy Consultants Limited were approved and authorised for issue by the director on 11 March 2025
 

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

C L Clay
Director

 

Torlyn Energy Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

1

General information

Torlyn Energy Consultants Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services and the reimbursement of related expenditure incurred in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises consultancy income as the service is provided and reimbursed expenditure as it is received. This income is recognised only when these amounts can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Torlyn Energy Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises charges for corporation tax and deferred tax.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprises cash held at bank.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company makes employer's pension contributions from time to time into the director's personal defined contribution pension scheme. Fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when the company incurs contractual obligations to make the contributions.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Torlyn Energy Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

11,971

12,547

5

Tangible fixed assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

449

449

Disposals

(449)

(449)

At 31 May 2024

-

-

Depreciation

At 1 June 2023

449

449

Eliminated on disposal

(449)

(449)

At 31 May 2024

-

-

Net Book Value

At 31 May 2024

-

-

6

Debtors

2024
£

2023
£

Trade receivables

-

26,190

-

26,190

 

Torlyn Energy Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade payables

2,352

2,280

Corporation tax

11,971

12,547

Social security and other taxes

4,341

24,615

Other creditors

4,599

7,284

Accruals

1,770

1,690

25,033

48,416

8

Dividends

2024

2023

£

£

Interim dividend of £45,000.00 (2023 - £84,000.00) per ordinary "A" share

45,000

84,000

 

 

9

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' shares of £1 each

1

1

1

1

Ordinary 'B' shares of £1 each

1

1

1

1

2

2

2

2