Torney Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03391202 (England and Wales)

TORNEY LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JULY 2018 TO 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

A R Bagshaw

T R Bardwell

J Garner

S G Rowell

REGISTERED OFFICE:

Gemini Suite Rockingham Logistics Hub

Mitchell Road

Corby

Northamptonshire

NN17 5AF

REGISTERED NUMBER:

03391202 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Hindmarch BSc ACA

AUDITORS:

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

FIXED ASSETS

Tangible assets

4

-

243

CURRENT ASSETS

Debtors

5

157,074

20,369

Cash at bank

28,473

128,517

185,547

148,886

CREDITORS

Amounts falling due within one year

6

(31,943

)

(19,185

)

NET CURRENT ASSETS

153,604

129,701

TOTAL ASSETS LESS CURRENT LIABILITIES

153,604

129,944

CAPITAL AND RESERVES

Called up share capital

30

30

Retained earnings

153,574

129,914

153,604

129,944

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 and authorised for issue by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

N Needham - Director

1.	STATUTORY INFORMATION

Torney 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 etc

-

25% on reducing balance

Taxation

Taxation for the period 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 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 period 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 period was 1 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

and 31 December 2019

1,450

DEPRECIATION

At 1 July 2018

1,207

Charge for period

243

At 31 December 2019

1,450

NET BOOK VALUE

At 31 December 2019

-

At 30 June 2018

243

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Trade debtors

20,595

14,865

Amounts owed by group undertakings

132,228

-

Amounts recoverable on contract

4,251

5,148

Prepayments and accrued income

-

356

157,074

20,369

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Trade creditors

903

1,207

Taxation

5,836

8,308

Other taxes and social security

14,368

6,509

Directors' loan accounts

1,136

1,136

Accruals and deferred income

9,700

2,025

31,943

19,185

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Hindmarch BSc ACA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited

8.	EVENTS AFTER THE REPORTING DATE

Since the financial reporting date, dividends of £3,000 per share have been paid on 28 March 2020 in respect of the 2020 financial statements.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is 7F Trading Limited.

The registered office of 7F Trading Limited is Gemini Suite Rockingham Logistics Hub, Mitchell Road, Corby, Northants, England, NN17 5AF