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Registered number: 01579250
Tormage Limited
Financial statements
For the year ended 31 December 2024
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Tormage Limited
Registered number:01579250
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Balance sheet
As at 31 December 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 24 September 2025.
The notes on pages 3 to 11 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2024
Statement of changes in equity
For the year ended 31 December 2023
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The notes on pages 3 to 11 form part of these financial statements.
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Notes to the financial statements
For the year ended 31 December 2024
Tormage Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Pontlands Park, West Hanningfield Road, Great Baddow, Chelmsford, Essex, CM2 8HR.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company previously applied the exemption available on transition to FRS 102 whereby freehold property previously revalued under the previously extant UK GAAP is no longer revalued. The value of this property as at the date of transition has now been treated as its deemed cost.
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 stated otherwise.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of accommodation
Revenue from a contract to provide accommodation services is recognised when the performance obligation of the right to use accommodation for any given number of nights/days has been met. This is considered to be when the customer is given the right to use the accommodation, and so revenue is recognised for each night/day as it takes place, at the room rate for that night/day.
Sale of food and beverage
Revenue from the sale of goods, including food and beverages, is recognised when each of the following conditions are satisfied:
• The company has transferred the significant risks and rewards of ownership to the buyer;
• The company retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• The amount of revenue can be measured reliably;
• It is probable that the company will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
The performance obligation is satisfied when the goods, including food and beverages, are delivered to the customer and so revenue is recognised at this point at the price for the items purchased. Payment is made either on the same day or at the end of a stay.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Freehold land and buildings are not depreciated on the basis that they maintain their current value and they are reviewed anually for any evidence of impairment. Depreciation on other fixed assets is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided at the following rate:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including the directors, during the year was as follows:
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Notes to the financial statements
For the year ended 31 December 2024
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Notes to the financial statements
For the year ended 31 December 2024
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Raw materials and consumables
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Amounts owed by related parties
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Prepayments and accrued income
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Cash and cash equivalents
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Notes to the financial statements
For the year ended 31 December 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The bank loans are secured by a charge over the freehold property owned by the company. The bank loans are repayable by monthly installments at the rates of 2.6% above Barclays base rate; 2.5% fixed rate; 3.25% above Barclays base rate; and 2.75% above The Bank of England base rate.
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Notes to the financial statements
For the year ended 31 December 2024
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged for/(released during) the year
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Revaluation of freehold property
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The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £20,234 (2023 - £17,311). Contributions totalling £3,271 (2023 - £3,139) were payable to the fund at the balance sheet date and are included in creditors.
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Notes to the financial statements
For the year ended 31 December 2024
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Related party transactions
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During the year the company received management charges of £30,000 (2023 - £Nil) from Dunsvalley Associates Limited, a related party company and received management charges of £15,600 (2023 - £15,600) from Sedum Limited, a further related party company. The company was charged £Nil (2023 - £28,000) for consultancy services provided by R Bartella, a related party by virtue of his shareholdings in other associated companies.
At the balance sheet date the company was due £5,227 (2023 - £11,110) from Dunsvalley Associates Limited.
At the balance sheet date the company owed Ralis Services SA, a further related party company, £90,000 (2023 - £90,000); and owed £12,792 (2023 - £14,605 debtor) to R Bartella.
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The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 24 September 2025 by Laura Main (Senior statutory auditor) on behalf of Clay Ratnage Strevens & Hills.
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