REGISTERED NUMBER: 13783398 (England and Wales)

TORRINGTON TOWN MILL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J S Gilbrook

J J Gilbrook

REGISTERED OFFICE:

12 Fratton Road

Portsmouth

Hampshire

PO1 5BX

REGISTERED NUMBER:

13783398 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

4

43,500

46,000

Property, plant and equipment

5

2,358,524

2,363,963

2,402,024

2,409,963

CURRENT ASSETS

Debtors

6

5,562

51,544

Cash at bank and in hand

2,172

7,096

7,734

58,640

CREDITORS

Amounts falling due within one year

7

3,052,555

2,911,194

NET CURRENT LIABILITIES

(3,044,821

)

(2,852,554

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(642,797

)

(442,591

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(642,897

)

(442,691

)

SHAREHOLDERS' FUNDS

(642,797

)

(442,591

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

J S Gilbrook - Director

1.	STATUTORY INFORMATION

Torrington Town Mill Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over the period of the lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade 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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

property

Goodwill

rights

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

50,000

1,000

51,000

AMORTISATION

At 1 January 2024

5,000

-

5,000

Amortisation for year

2,500

-

2,500

At 31 December 2024

7,500

-

7,500

NET BOOK VALUE

At 31 December 2024

42,500

1,000

43,500

At 31 December 2023

45,000

1,000

46,000

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2024

2,186,350

105,399

1,162

123,846

2,416,757

Additions

-

11,130

4,108

3,849

19,087

At 31 December 2024

2,186,350

116,529

5,270

127,695

2,435,844

DEPRECIATION

At 1 January 2024

-

10,540

418

41,836

52,794

Charge for year

-

6,383

971

17,172

24,526

At 31 December 2024

-

16,923

1,389

59,008

77,320

NET BOOK VALUE

At 31 December 2024

2,186,350

99,606

3,881

68,687

2,358,524

At 31 December 2023

2,186,350

94,859

744

82,010

2,363,963

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

5,562

5,741

Other debtors

-

2,268

VAT

-

41,735

Prepayments and accrued income

-

1,800

5,562

51,544

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

621,018

637,444

Trade creditors

6,425

14,319

Amounts owed to associates

1,833,675

1,712,550

Social security and other taxes

6,010

1,095

VAT

21,905

-

Other creditors

588

4,581

Directors' current accounts

558,144

536,001

Accruals and deferred income

2,790

3,204

Accrued expenses

2,000

2,000

3,052,555

2,911,194

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

621,018

637,444

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(442,691

)

Deficit for the year

(200,206

)

At 31 December 2024

(642,897

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Canabeb Limited by virtue of its 50% shareholding. Canabeb Limited is under the sole control and ownership of Jonathan and Jacqueline Gilbrook.