ACCOUNTS - Final Accounts preparation

Registered number: 15291630

TORRIANO PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2025

TORRIANO PROPERTIES LIMITED

REGISTERED NUMBER: 15291630

BALANCE SHEET

AS AT 31 MARCH 2025

		2025
Note		£


Current assets
Stocks	4	3,431,510
Cash at bank and in hand	5	45,199
		3,476,709
Creditors: amounts falling due within one year	6	(3,785,089)
Net current (liabilities)/assets			(308,380)
Total assets less current liabilities			(308,380)

Net (liabilities)/assets			(308,380)

Capital and reserves
Called up share capital	7	100
Profit and loss account		(308,480)
		(308,380)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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 by:

Jeremy Butterworth

Director

Date: 11 November 2025

The notes on pages 3 to 7 form part of these financial statements.

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TORRIANO PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Loss for the period	-	(308,480)	(308,480)
Total comprehensive income for the period	-	(308,480)	(308,480)
Contributions by and distributions to owners
Shares issued during the period	100	-	100
Total transactions with owners	100	-	100
At 31 March 2025	100	(308,480)	(308,380)

The notes on pages 3 to 7 form part of these financial statements.

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TORRIANO PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

Torriano Properties Limited is a private Company, limited by shares, incorporated in England and Wales,
registration number 15291630. The address of the registered office is Chappell Lofts Flat 7, Belmont Street, London, Greater London, England, NW1 8HH.
The company incorporated on 17 November 2023 and this is the first year of trading, therefore there are
no comparatives.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future. The parent company, which is the major creditor, has confirmed that they will continue to make sure funds are needed by the company and will not seek repayment from the amount currently made available that would otherwise place the company in insolvency.
Based on this undertaking, the director believes that the company will have sufficient resources to enable it to continue normal trading operation for a period of at least twelve months from the date of approval of these financial statements, and therefore it is appropriate to prepare the financial statements on a going concern basis.

2.3

Finance costs

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.

2.4

Stocks

Stocks represent properties held for resale and are stated at the lower of cost and net realisable value.
Cost includes the purchase price of land and buildings, together with directly attributable development and improvement costs.
Borrowing costs are recognised as an expense in the period in which they are incurred and are not capitalised as part of the cost of trading properties.

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TORRIANO PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Taxation

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 is determined using tax rates and laws that have been enacted or substantively enacted
by the balance sheet date.

2.6

Cash and cash equivalents

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.

2.7

Creditors

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.

2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The

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TORRIANO PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Employees

The average monthly number of employees, including directors, during the period was 1.

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TORRIANO PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

4.	Stocks
		2025
		£

	Development property	3,431,510
		3,431,510

5.	Cash and cash equivalents
		2025
		£

	Cash at bank and in hand	45,199
		45,199

6.	Creditors: Amounts falling due within one year
		2025
		£

	Loans	2,100,000
	Trade creditors	6,072
	Amounts owed to group undertakings	1,677,017
	Accruals and deferred income	2,000
		3,785,089

The above loan is secured by a legal charge over the company's property.

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TORRIANO PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

7.	Share capital
		2025
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £1.00 each	100

During the year, 100 Ordinary shares were issued for £1 each.

8.	Related party transactions
	During the period, the company entered into transactions with its immediate parent company, Jez Butterworth Ltd. At 31 March 2025, the amount owed to Jez Butterworth Ltd was £1,677,017. The balance represents amounts advanced to the company by its parent and is interest free and repayable on demand. Further details of the company’s controlling party are given in Note 9.

9.	Controlling party

For the period from 17 November 2023 to 30 November 2024, the company was under the control of Mr Jez Butterworth, who was the sole shareholder.
On 1 December 2024, the entire share capital of the company was acquired by Jez Butterworth Ltd, a company wholly owned and controlled by Mr Jez Butterworth.
Accordingly, the immediate parent company is Jez Butterworth Ltd, and the ultimate controlling party throughout the reporting period and at the balance sheet date was Mr Jez Butterworth.

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