Torst Ventures Limited - Limited company - abbreviated - 11.6

Torst Ventures Limited

Abbreviated Accounts for the Year Ended 30 November 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr R L Greer

Ms N A Werner

SECRETARY:

Ms N A Werner

REGISTERED OFFICE:

Cockayne Hatley Hall

Cockayne Hatley

Sandy

Bedfordshire

SG19 2EA

REGISTERED NUMBER:

07851846 (England and Wales)

ACCOUNTANTS:

Hargreaves Owen Ltd

Chartered Accountants

Red Sky House

Fairclough Hall

Halls Green, Weston

Hertfordshire

SG4 7DP

FIXED ASSETS

Tangible assets

2

2,432

3,651

CURRENT ASSETS

Stocks

111,128

243,418

Debtors

21,137

4,001

Cash at bank

7,969

16,257

140,234

263,676

CREDITORS

Amounts falling due within one year

246,697

291,039

NET CURRENT LIABILITIES

(106,463

)

(27,363

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(104,031

)

(23,712

)

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

(104,032

)

(23,713

)

SHAREHOLDERS' FUNDS

(104,031

)

(23,712

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 March 2015 and were signed on its behalf by:

Mr R L Greer - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared on the basis that the company will continue to be a

going concern. If this assumption is not considered to be valid, then adjustments would need to be

made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities

that might arise and to reclassify fixed assets and long term liabilities as current assets and current

liabilities.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

and 30 November 2014

4,870

DEPRECIATION

At 1 December 2013

1,219

Charge for year

1,219

At 30 November 2014

2,438

NET BOOK VALUE

At 30 November 2014

2,432

At 30 November 2013

3,651

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

as restated

£

£

1

Ordinary

£1

1

1

4.

MORTGAGE

A mortgage exists in favour of Lloyds TSB Bank plc in respect of the freehold property and any

potential goodwill created by the business.

5.	GOING CONCERN

As stated in the accounting policy note, these financial statements have been prepared on the basis

that the company will continue to be a going concern. The loss for the year was £80,319 and at the

balance sheet date the company had net liabilities of £104,031 and net current liabilities of £106,463.

The validity of this basis depends upon the continued support of the company's creditors. The directors

are not aware of any reason why continued support from creditors should not be forthcoming.