Torro Ventures Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 09108319

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		582,675		582,675

			582,675		582,675
CURRENT ASSETS
Debtors	5	11,242,622		9,327,365
Investments	6	8,411		8,411
Cash at bank and in hand		853,353		836,140

		12,104,386		10,171,916
Creditors: Amounts Falling Due Within One Year	7	(2,024,334 )		(24,334 )

NET CURRENT ASSETS (LIABILITIES)			10,080,052		10,147,582

TOTAL ASSETS LESS CURRENT LIABILITIES			10,662,727		10,730,257

NET ASSETS			10,662,727		10,730,257

CAPITAL AND RESERVES
Called up share capital	8		4,482,128		4,482,128
Share premium account			9,371,942		9,371,942
Profit and Loss Account			(3,191,343 )		(3,123,813 )

SHAREHOLDERS' FUNDS			10,662,727		10,730,257

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Torro Ventures Ltd

Balance Sheet (continued)

As At 31 December 2024

For the 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Sergey Ogorodnov

Director

13/03/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Torro Ventures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09108319 . The registered office is 1st Floor 282 Earls Court Road, London, SW5 9AS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.3. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property assets are the development costs. The directors' are of the opinion that the market value of this is greater than the cost price and therefore no amortisation is applied.

2.4. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

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Torro Ventures Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Development Costs	Intellectual Property	Total
	£	£	£
Cost
As at 1 January 2024	539,016	43,659	582,675

As at 31 December 2024	539,016	43,659	582,675

Net Book Value
As at 31 December 2024	539,016	43,659	582,675

As at 1 January 2024	539,016	43,659	582,675

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	8,279	8,285
Amounts owed by group undertakings	11,234,343	9,319,080

	11,242,622	9,327,365

Amounts owed by group undertakings

Loan to Voltaware Services Limited £9,906,496 (Comparative £7,7991,233)
Loan to Voltaware Europe SRL £1,327,845 (Comparative £1,327,845)

Loan to Voltaware Europe SRL - Under Italian law the loan is treated as a future share capital reserve

6. Current Asset Investments

	2024	2023
	£	£
Shares in subsidiaries	8,411	8,411

Shareholdings in subsidiaries

Voltaware Services Ltd £ 100

Voltaware Europe £8,311

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Torro Ventures Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Other creditors	2,001,841	1,841
Taxation and social security	22,493	22,493

	2,024,334	24,334

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	4,482,128	4,482,128

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