Torton Investments Limited Filleted accounts for Companies House (small and micro)

TORTON INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03741847

Torton Investments Limited

Filleted Unaudited Financial Statements

31 March 2021

Torton Investments Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Torton Investments Limited

Officers and Professional Advisers

Director	Mr M.P. McHale

Company secretary	Mrs I. McHale

Registered office	Suite 3
	1-3 Grove Street
	Wilmslow
	SK9 1DU

Accountants	Rose, Chartered Accountants

	92a Bury Old Road
	Whitefield
	Manchester
	M45 6TQ

Bankers	HSBC Bank plc
	2 Eccleston Street
	Prescot
	L34 5QF

	Bank of Cyprus
	87 Chase Side
	London
	N14 5WH

Torton Investments Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		7,062,554	7,061,879

Current assets

Debtors	5	274,091	173,859
Cash at bank and in hand		257,164	37,393
		---------	---------
		531,255	211,252

Creditors: amounts falling due within one year	6	3,807,617		3,803,697
		------------		------------
Net current liabilities			3,276,362	3,592,445
			------------	------------
Total assets less current liabilities			3,786,192	3,469,434

Creditors: amounts falling due after more than one year	7	893,190	955,997
		------------	------------
Net assets		2,893,002	2,513,437
		------------	------------

Capital and reserves

Called up share capital	2	2
Other reserves	396,562	396,562
Profit and loss account	2,496,438	2,116,873
	------------	------------
Shareholder funds	2,893,002	2,513,437
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Torton Investments Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 17 December 2021 , and are signed on behalf of the board by:

Mr M.P. McHale
Director

Company registration number: 03741847

Torton Investments Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, 1-3 Grove Street, Wilmslow, SK9 1DU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover in the financial statements represent rent, ground rent, insurance and service charges receivable for the year, exclusive of VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer and Office Equipment	-	20% straight line
Motor Vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible assets

	Investment Properties	Fixtures and fittings	Total
	£	£	£
Cost or Valuation
At 1 April 2020	7,061,222	8,982	7,070,204
Additions	–	941	941
	------------	-------	------------
At 31 March 2021	7,061,222	9,923	7,071,145
	------------	-------	------------
Depreciation
At 1 April 2020	–	8,325	8,325
Charge for the year	–	266	266
	------------	-------	------------
At 31 March 2021	–	8,591	8,591
	------------	-------	------------
Carrying amount
At 31 March 2021	7,061,222	1,332	7,062,554
	------------	-------	------------
At 31 March 2020	7,061,222	657	7,061,879
	------------	-------	------------

In the opinion of the director the market value of the investment properties at the year end does not materially differ from the carrying value. In respect of fixed asset investment properties stated at valuations, the comparable historical cost and depreciation values are as follows:

	2021	2020
	£	£
Net book value at end of year	7,061,222	7,061,222
Historical cost	8,867,254	8,867,254

5. Debtors

	2021	2020
	£	£
Trade debtors	118,196	111,461
Other debtors	155,895	62,398
	---------	---------
	274,091	173,859
	---------	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	3,228,117	3,332,270
Trade creditors	84,615	69,799
Social security and other taxes	235,256	127,498
Other creditors	259,629	274,130
	------------	------------
	3,807,617	3,803,697
	------------	------------

7. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	893,190	944,091
Orchard Investments	–	11,906
	---------	---------
	893,190	955,997
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	1,117	1,117
	-------	-------

9. Related party transactions

The company is controlled by M.P.McHale as the sole director and 50% shareholder. Included within creditors due within one year is £58,703 (2019: £58,703)due to Maple Leaf Developments Ltd, a company in which M.P.McHale is a director and shareholder. The balance is unsecured, interest free and repayable on demand. Included within debtors due within one year is £117,201 (2020: £NIL) due to Orchard Investments NW Limited, a company in which M.P. McHale is a director and shareholder. The balance is unsecured and interest free and repayable on demand. Included within debtors due within one year is £NIL (2020: £41,712) due to Kinder Developments, a company in which M.P.McHale is a director and shareholder. The balance is unsecured, interest free and repayable on demand. Dividends totalling £2,000 were paid in the period in respect of shares held by the company's director.