Torham Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08203321 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

TORHAM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C C Hammond

Mrs G Hammond

REGISTERED OFFICE:

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

REGISTERED NUMBER:

08203321 (England and Wales)

ACCOUNTANTS:

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

FIXED ASSETS

Tangible assets

4

557

1,306

CURRENT ASSETS

Debtors

5

230,311

205,024

Cash at bank

3,233

2,348

233,544

207,372

CREDITORS

Amounts falling due within one year

6

(246,673

)

(229,541

)

NET CURRENT LIABILITIES

(13,129

)

(22,169

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,572

)

(20,863

)

CREDITORS

Amounts falling due after more than one year

7

(46,855

)

-

NET LIABILITIES

(59,427

)

(20,863

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

(59,429

)

(20,865

)

SHAREHOLDERS' FUNDS

(59,427

)

(20,863

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2021 and were signed on its behalf by:

C C Hammond - Director

Mrs G Hammond - Director

1.	STATUTORY INFORMATION

Torham Ltd 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 recognised to the extent that it is probable that the economic benefits will flow to the company, and they can be reliably measured. Turnover represents proceeds from the sale of developed owned properties and income from rendering of refurbishment and improvement services. Turnover is recognised in the period in which the services are provided, in accordance with the stage of completion and when all of the following conditions are satisfied:

- the amount of turnover can be reliably measured;

- it is probable that consideration will be receivable;

- the stage of completion of the contract can be reliably measured, and

- the costs incurred and costs to complete the contract can be reliably measured.

Income from sale of owned properties is recognised at the unconditional exchange of contract.

Income from refurbishment and improvement services is recognised upon substantial completion of the works that can be reliably measured and when the entitlement to income is virtually certain. Any un-billed income is recognised within debtors as amounts recoverable on contract.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.

Government grants

Government grants are recognised according to the accrual model.

Government grants are classified either as relating to revenue or relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised. Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future related costs, are recognised in income in the period in which they become receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

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 debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Cash and cash equivalents

Cash is represented by cash in hand and bank current and short term deposit accounts.

Investment in associates

Investment in associates are held at cost less any accumulated impairment losses.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

21,721

DEPRECIATION

At 1 October 2019

20,415

Charge for year

749

At 30 September 2020

21,164

NET BOOK VALUE

At 30 September 2020

557

At 30 September 2019

1,306

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

280

120

Amounts owed by participating interests

225,574

204,220

Other debtors

4,457

684

230,311

205,024

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,027

-

Hire purchase contracts (see note 8)

-

2,676

Trade creditors

609

457

Amounts owed to participating interests

231

-

Taxation and social security

831

1,959

Other creditors

239,975

224,449

246,673

229,541

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

46,855

-

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

7,028

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

-

2,676

Non-cancellable operating

leases

2020

2019

£

£

Within one year

-

900

9.	CALLED UP SHARE CAPITAL

2018

2017

£

£

1 Ordinary A share at par

1

1

1 Ordinary B share at par

1

1

2

2

10.

RESERVES

Reserves represent the cumulative, distributable retained earnings of the company.

11.	PENSION COMMITMENTS

At the balance sheet date, amounts totalling £216 (2019: £214) were due and not yet paid in respect of contributions to money purchase pension schemes.