Torrance Healthcare Limited - Accounts to registrar (filleted) - small 18.2

Torrance Healthcare Limited - Accounts to registrar (filleted) - small 18.2

TORRANCE HEALTHCARE LIMITED - Company Information

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REGISTERED NUMBER: SC525909 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

TORRANCE HEALTHCARE LIMITED
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TORRANCE HEALTHCARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2021







DIRECTORS: H Shergill
Mrs S K Shergill





REGISTERED OFFICE: 63 Main Street
Glasgow
G64 4EN





REGISTERED NUMBER: SC525909 (Scotland)





ACCOUNTANTS: Bannerman Johnstone Maclay
213 St Vincent Street
Glasgow
G2 5QY
Page 1
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

BALANCE SHEET
31 OCTOBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 240,705 291,276
Tangible assets 5 28,680 14,800
269,385 306,076

CURRENT ASSETS
Stocks 19,064 19,607
Debtors 6 82,732 84,958
Cash at bank and in hand 177,676 187,280
279,472 291,845
CREDITORS
Amounts falling due within one year 7 367,953 345,608
NET CURRENT LIABILITIES (88,481 ) (53,763 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
180,904
252,313

CREDITORS
Amounts falling due after more than one
year
8
29,620
56,537
NET ASSETS 151,284 195,776

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 399,900 399,900
Retained earnings (248,716 ) (204,224 )
SHAREHOLDERS' FUNDS 151,284 195,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 notes form part of these financial statements

Page 2 continued...
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

BALANCE SHEET - continued
31 OCTOBER 2021


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 by the Board of Directors and authorised for issue on 20 May 2022 and were signed on its behalf by:





H Shergill - Director


The notes form part of these financial statements

Page 3
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021


1. STATUTORY INFORMATION

Torrance Healthcare Limited is a private company, limited by shares , registered in Scotland. 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 2016, is being amortised evenly over its estimated useful life of ten years.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page 4 continued...
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2021


2. ACCOUNTING POLICIES - continued

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 balance sheet 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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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 certain creditors, 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 payments 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year 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.


Page 5 continued...
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2021


2. ACCOUNTING POLICIES - continued
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 6 (2020 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2020
and 31 October 2021 505,704
AMORTISATION
At 1 November 2020 214,428
Charge for year 50,571
At 31 October 2021 264,999
NET BOOK VALUE
At 31 October 2021 240,705
At 31 October 2020 291,276

Page 6 continued...
TORRANCE HEALTHCARE LIMITED (REGISTERED NUMBER: SC525909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2021


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2020 28,774
Additions 18,932
At 31 October 2021 47,706
DEPRECIATION
At 1 November 2020 13,974
Charge for year 5,052
At 31 October 2021 19,026
NET BOOK VALUE
At 31 October 2021 28,680
At 31 October 2020 14,800

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 56,202 58,138
Other debtors 26,530 26,820
82,732 84,958

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 30,444 30,444
Trade creditors 143,608 156,222
Amounts owed to related undertakings 41,304 19,813
Taxation and social security 1,415 434
Other creditors 151,182 138,695
367,953 345,608

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 29,620 56,537

Page 7