Company registration number 09581236 (England and Wales)
TORNIG LTD
Unaudited financial statements
For the year ended 31 March 2026
Pages for filing with registrar
TORNIG LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
TORNIG LTD
STATEMENT OF FINANCIAL POSITION
As at 31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Investment properties
3
13,746,143
13,745,129
Investments
4
5,080,026
5,080,026
18,826,169
18,825,155
Current assets
Trade and other receivables
5
1,395,125
1,395,125
Cash at bank and in hand
163,894
141,001
1,559,019
1,536,126
Current liabilities
6
(3,228,807)
(17,775,361)
Net current liabilities
(1,669,788)
(16,239,235)
Total assets less current liabilities
17,156,381
2,585,920
Non-current liabilities
7
(14,231,206)
-
0
Net assets
2,925,175
2,585,920
Equity
Called up share capital
1,206
1,206
Retained earnings
2,923,969
2,584,714
Total equity
2,925,175
2,585,920

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
Mr A Tanielian
Director
Company Registration No. 09581236
TORNIG LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
- 2 -
1
Accounting policies
Company information

Tornig Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 28 Worship Street, London, EC2A 2AH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company true. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents rental income receivable by the company from its investment properties and is recognised in the period to which the rent relates.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TORNIG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TORNIG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
4
4
3
Investment property
2026
£
Fair value
At 1 April 2025
13,745,129
Additions
1,014
At 31 March 2026
13,746,143

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

TORNIG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026
- 5 -
4
Fixed asset investments
2026
2025
£
£
Shares in group undertakings and participating interests
5,080,026
5,080,026
5
Trade and other receivables
2026
2025
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,013,875
1,043,875
Other receivables
30,000
-
0
1,043,875
1,043,875
2026
2025
Amounts falling due after more than one year:
£
£
Deferred tax asset
351,250
351,250
Total debtors
1,395,125
1,395,125
6
Current liabilities
2026
2025
£
£
Trade payables
116,911
40,059
Corporation tax
121,231
47,242
Other taxation and social security
6,153
17,313
Other payables
2,984,512
17,670,747
3,228,807
17,775,361
7
Non-current liabilities
2026
2025
£
£
Other payables
14,231,206
-
0
TORNIG LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2026
- 6 -
8
Related party transactions

The following amounts are included within current assets:

At the year end, an amount of £30,000 (2025: nil) was due from a partnership controlled by one of the directors. The balance is non interest bearing, repayable upon demand and will be repaid in full within 9 months of the year end.

The following amounts are included within current liabilities:

At the year end, an amount of £83,906 (2025: £14,333,260) was due to the directors of the company. These amounts are non interest bearing and repayable upon demand.

At the year end, an amount of £2,894,053 (2025: £3,363,755) was due to a company which shares common shareholders and directors. This amount is non interest bearing and repayable upon demand.

The following amounts are included within non current liabilities:

At the year end, an amount of £14,231,206 (2025:£ nil) was due to the company shareholders. Interest is charged at a rate of 0% and the loan is repayable under a formal loan agreement by 2050.

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