REGISTERED NUMBER: 09062385 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

TORBAY STEEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D R Langler

REGISTERED OFFICE:

Unit 2b

Miglo Industrial Estate

Yalberton Road

Paignton

Devon

TQ4 7QW

REGISTERED NUMBER:

09062385 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

BANKERS:

Natwest Plc

15 Victoria Street

Paignton

Devon

TQ4 5DE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

32,896

31,575

32,896

31,575

CURRENT ASSETS

Debtors

6

9,058

17,313

Cash at bank

16,813

45,181

25,871

62,494

CREDITORS

Amounts falling due within one year

7

37,308

58,744

NET CURRENT (LIABILITIES)/ASSETS

(11,437

)

3,750

TOTAL ASSETS LESS CURRENT LIABILITIES

21,459

35,325

CREDITORS

Amounts falling due after more than one year

8

(4,717

)

(14,389

)

PROVISIONS FOR LIABILITIES

(6,250

)

(5,999

)

NET ASSETS

10,492

14,937

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

10,491

14,936

SHAREHOLDERS' FUNDS

10,492

14,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

Mr D R Langler - Director

1.	STATUTORY INFORMATION

Torbay Steel 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

11,000

AMORTISATION

At 1 September 2024

and 31 August 2025

11,000

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2024

6,697

49,787

2,847

59,331

Additions

535

12,995

-

13,530

Disposals

-

(11,793

)

-

(11,793

)

At 31 August 2025

7,232

50,989

2,847

61,068

DEPRECIATION

At 1 September 2024

5,308

20,426

2,022

27,756

Charge for year

385

10,373

585

11,343

Eliminated on disposal

-

(10,927

)

-

(10,927

)

At 31 August 2025

5,693

19,872

2,607

28,172

NET BOOK VALUE

At 31 August 2025

1,539

31,117

240

32,896

At 31 August 2024

1,389

29,361

825

31,575

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,707

15,219

Tax

1,294

-

VAT

1,751

-

Prepayments

1,306

2,094

9,058

17,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

9,300

8,700

Trade creditors

12,834

16,613

Tax

-

7,238

Social security and other taxes

465

421

VAT

-

2,575

Directors' current accounts

13,034

21,467

Accrued expenses

1,675

1,730

37,308

58,744

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

4,717

14,389

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2025 and 31 August 2024:

2025

2024

£

£

Mr D R Langler

Balance outstanding at start of year

(21,467

)

6,084

Amounts advanced

25,375

32,732

Amounts repaid

(16,942

)

(60,283

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(13,034

)

(21,467

)

Loans are unsecured, interest free and repayable on demand.

10.	GOVERNMENT GUARANTEED LOAN

The bank loan of £14,017 (2024: £23,089) is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to February 2027.