Registration number:
Torlyn Energy Consultants Limited
for the Year Ended 31 May 2024
Torlyn Energy Consultants Limited
Contents
Company Information |
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Director's Report |
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Statement of Income and Retained Earnings |
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Balance sheet |
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Notes to the Unaudited Financial Statements |
Torlyn Energy Consultants Limited
Company Information
Director |
C L Clay |
Registered office |
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Accountants |
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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:
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
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Torlyn Energy Consultants Limited
Statement of Income and Retained Earnings
for the Year Ended 31 May 2024
2024 |
2023 |
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Turnover |
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Administrative expenses |
( |
( |
Operating profit |
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Interest payable and similar charges |
( |
( |
(79) |
(89) |
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Profit before tax |
|
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Taxation |
( |
( |
Profit for the financial year |
|
|
Retained earnings brought forward |
200 |
34,600 |
Dividends paid |
( |
( |
Retained earnings carried forward |
2,203 |
200 |
Torlyn Energy Consultants Limited
(Registration number: 08089139)
Balance sheet as at 31 May 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
• |
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• |
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
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Director
Torlyn Energy Consultants Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024
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.
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
Torlyn Energy Consultants Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Tangible fixed assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Disposals |
( |
( |
At 31 May 2024 |
- |
- |
Depreciation |
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At 1 June 2023 |
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Eliminated on disposal |
( |
( |
At 31 May 2024 |
- |
- |
Net Book Value |
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At 31 May 2024 |
- |
- |
Debtors |
2024 |
2023 |
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Trade receivables |
- |
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- |
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Torlyn Energy Consultants Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade payables |
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Corporation tax |
11,971 |
12,547 |
Social security and other taxes |
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Other creditors |
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Accruals |
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Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
45,000 |
84,000 |
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Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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1 |
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1 |
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