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Registration number: 07983280

Torch Farm and Equine Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Torch Farm and Equine Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Torch Farm and Equine Limited

(Registration number: 07983280)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

28,689

Tangible assets

5

1,249,084

1,100,573

Other financial assets

6

20,102

20,102

 

1,269,186

1,149,364

Current assets

 

Stocks

299,991

257,136

Debtors

1,273,316

2,754,266

Cash at bank and in hand

 

243,998

999,377

 

1,817,305

4,010,779

Creditors: Amounts falling due within one year

7

(1,008,786)

(1,549,295)

Net current assets

 

808,519

2,461,484

Total assets less current liabilities

 

2,077,705

3,610,848

Creditors: Amounts falling due after more than one year

8

(1,330,744)

(918,398)

Provisions for liabilities

(211,891)

(164,842)

Net assets

 

535,070

2,527,608

Capital and reserves

 

Called up share capital

1,410

1,410

Share premium reserve

31,001

31,001

Profit and loss account

502,659

2,495,197

Total equity

 

535,070

2,527,608

 

Torch Farm and Equine Limited

(Registration number: 07983280)
Abridged Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

Mr NP Roper

Director

Mr PJ Jarvis

Director

Mrs J R Rodliff

Director

Miss R Cavill

Director

 

Torch Farm and Equine Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Charter Court
Roundswell Business Park
Barnstaple
Devon
EX31 3FG

These financial statements were authorised for issue by the Board on 19 May 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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 represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Long leasehold improvements

Over term of lease

Long leasehold improvements

20% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

 

Torch Farm and Equine Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

20% straight line

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 82 (2023 - 82).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

1,644,698

At 31 December 2024

1,644,698

Amortisation

At 1 January 2024

1,616,008

Amortisation charge

28,690

At 31 December 2024

1,644,698

Carrying amount

At 31 December 2024

-

At 31 December 2023

28,689

 

Torch Farm and Equine Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2024

1,964,202

Additions

360,763

Disposals

(96,640)

At 31 December 2024

2,228,325

Depreciation

At 1 January 2024

863,632

Charge for the year

195,343

Eliminated on disposal

(79,734)

At 31 December 2024

979,241

Carrying amount

At 31 December 2024

1,249,084

At 31 December 2023

1,100,573

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

20,102

20,102

At 31 December 2024

20,102

20,102

Carrying amount

At 31 December 2024

20,102

20,102

7

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £136,658 (2023 - £152,944).

8

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £285,744 (2023 - £418,398).

 

Torch Farm and Equine Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

9

Related party transactions

Advances to directors and shareholders


Mr MA Blake

During the period Mr MA Blake went overdrawn on their loan account. The maximum overdrawn balance during the year was £428,718 (2023 - £54,386). At the year end the amount outstanding from Mr MA Blake was £8,510 (2023 - £54,209). Interest has been charged at the commercial rate.


Mr PJ Jarvis

During the period Mr PJ Jarvis went overdrawn on their loan account. The maximum overdrawn balance during the year was £73,744 (2023 - £29,107). At the year end the amount outstanding from Mr PJ Jarvis was £37,101 (2023 - £20,215). Interest has been charged at the commercial rate.


Miss R Cavill

During the period Miss R Cavill went overdrawn on their loan account. The maximum overdrawn balance during the year was £15,064 (2023 - £Nil). At the year end the amount outstanding from Miss R Cavill was £Nil (2023 - £Nil). Interest has been charged at the commercial rate.

Summary of transactions with parent


Included within other debtors is a loan to Torch Farm & Equine Holdings Limited for £212,984 (2023 - £1,712,984) which is the parent of Torch Farm and Equine Limited.

 

Summary of transactions with associates


Included within other debtors is a loan to Total Hoof Care Limited for £30,989 (2023 - £30,990) which is an associate of Torch Farm and Equine Limited.

 

Summary of transactions with other related parties


At the reporting date, the company had outstanding balances owed to limited companies owned by directors and/or shareholders of the company. In aggregate, the amount owed to these was £1,014,625 (2023 - £Nil). All transactions with related parties are conducted at arm's length and on normal commercial terms. No security has been provided for this balance.