Torro Ventures Ltd
Torro Ventures Ltd
Registered number: 09108319
Unaudited Financial Statements
For The Year Ended
31 December 2021
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Torro Ventures Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Torro Ventures Ltd
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
09108319
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 31 December 2021 | 31 December 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,388,440 | 4,919,263 | |||
Torro Ventures Ltd
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Torro Ventures Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Research and Development
Expenditure on research and development is written off in the year it is incurred.
1.3.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are the development costs. The directors' are of the opinion that the market value of this is greater than the cost price and therefore no amortisation is applied.
1.4.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2020: 4)
3.
Intangible Assets
| Development Costs | Intellectual Property | Total | |
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| Cost | |||
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| Net Book Value | |||
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Torro Ventures Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
4.
Debtors
| 31 December 2021 | 31 December 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| VAT | - |
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| Amounts owed by group undertakings |
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Amounts owed by group undertakings
- Loan to Voltaware Services Limited £5,728,899.93 (Comparative £4,987,783.36)
- Loan to Voltaware Europe SRL £ 775,319.18 (Comparative £ 775,319.18)
- Loan to Voltaware Services Russia £ 0 (Comparative £ 120,729.02)
5.
Current Asset Investments
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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Shareholdings in subsidiaries
Voltaware Services Ltd £ 100.00
Voltaware Europe £8,311.14
Torro Ventures Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
6.
Creditors: Amounts Falling Due Within One Year
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Other creditors |
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| Convertible debenture (Current liabilities - creditors < 1 year) |
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| Loan - First Imagine |
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| Loan - Future Fund |
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Other creditors
Provision for loss on loan to Voltaware Russia of £20,000 less £1 received
8.
Post Balance Sheet Events
On 11th April 2022 the company divested itself from the wholly owned subsidiary Voltaware Services Russia Ltd for a consideration of £1. This resulted in a write down of £297,999 which has been adjusted in this accounting period.
9.
General Information
Torro Ventures Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
09108319
. The registered office is Herston Cross House, 230 High Street, Swanage, Dorset, BH19 2PQ.