Torquay Holdings Limited Filleted accounts for Companies House (small only)

TORQUAY HOLDINGS LIMITED - Company Information

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2021-05-31

COMPANY REGISTRATION NUMBER: 08959215

Torquay Holdings Limited

Filleted Consolidated Financial Statements

31 May 2022

Torquay Holdings Limited

Consolidated Financial Statements

Year Ended 31 May 2022

Contents	Page

Consolidated statement of financial position	1

Company statement of financial position	3

Consolidated statement of changes in equity	5

Company statement of changes in equity	7

Notes to the consolidated financial statements	8

Torquay Holdings Limited

Consolidated Statement of Financial Position

31 May 2022

	2022		2021
			(restated)
Note	£	£	£

Fixed Assets

Intangible assets	5	1,116,696	1,337,960
Tangible assets	6	2,427,683	3,027,324
		------------	------------
		3,544,379	4,365,284

Current Assets

Stocks		2,286,423	1,308,719
Debtors	8	1,564,431	1,803,859
Cash at bank and in hand		2,982,155	3,119,227
		------------	------------
		6,833,009	6,231,805

Creditors: amounts falling due within one year	9	( 2,223,779)		( 2,858,980)
		------------		------------
Net Current Assets			4,609,230	3,372,825
			------------	------------
Total Assets Less Current Liabilities			8,153,609	7,738,109

Creditors: amounts falling due after more than one year	10		( 39,479)	( 92,156)

Provisions

Taxation including deferred tax	( 404,330)		( 430,586)
Other provisions	( 51,602)		( 43,430)
	---------		---------
		(455,932)	(474,016)
		------------	------------
Net Assets		7,658,198	7,171,937
		------------	------------

Capital and Reserves

Called up share capital	13	200	200
Forex revaluation reserve		143,325	( 11,255)
Negative movement in equity attributed to the owners of the parent		( 226,587)	( 226,587)
Profit and loss account		7,741,260	7,409,579
		------------	------------
Shareholders Funds		7,658,198	7,171,937
		------------	------------

These consolidated 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 consolidated income statement has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of consolidated financial statements.

Torquay Holdings Limited

Consolidated Statement of Financial Position (continued)

31 May 2022

These consolidated financial statements were approved by the board of directors and authorised for issue on 27 February 2023 , and are signed on behalf of the board by:

Mr P J Musgrave

Director

Company registration number: 08959215

Torquay Holdings Limited

Company Statement of Financial Position

31 May 2022

	2022		2021
Note	£	£	£

Fixed Assets

Tangible assets	6	2,398,263	3,013,200
Investments	7	2,916,951	2,916,951
		------------	------------
		5,315,214	5,930,151

Current Assets

Debtors	8	570,552	512,108
Cash at bank and in hand		93	93
		---------	---------
		570,645	512,201

Creditors: amounts falling due within one year	9	( 1,657,082)		( 2,629,196)
		------------		------------
Net Current Liabilities			( 1,086,437)	( 2,116,995)
			------------	------------
Total Assets Less Current Liabilities			4,228,777	3,813,156

Creditors: amounts falling due after more than one year	10		( 1,050,421)	( 1,085,126)

Provisions

Taxation including deferred tax	( 283,647)	( 277,728)
	------------	------------
Net Assets	2,894,709	2,450,302
	------------	------------

Capital and Reserves

Called up share capital	13	200	200
Profit and loss account		2,894,509	2,450,102
		------------	------------
Shareholders Funds		2,894,709	2,450,302
		------------	------------

The profit for the financial year of the parent company was £ 587,406 (2021: £ 574,169 ).

Torquay Holdings Limited

Company Statement of Financial Position (continued)

31 May 2022

These consolidated financial statements were approved by the board of directors and authorised for issue on 27 February 2023 , and are signed on behalf of the board by:

Mr P J Musgrave

Director

Company registration number: 08959215

Torquay Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 May 2022

			Called up share capital	Forex revaluation reserve	Negative movement in equity attributed to the owners of the parent	Profit and loss account	Total
Note			£	£	£	£	£
At 1 June 2020			200	( 25,746)	( 226,587)	6,422,280	6,170,147

Profit for the year						1,053,135	1,053,135
Other comprehensive income for the year:
	Foreign currency retranslation		–	14,491	–	( 65,836)	( 51,345)
			----	--------	---------	------------	------------
Total Comprehensive Income for the Year			–	14,491	–	987,299	1,001,790

At 31 May 2021 (as Previously Reported)			200	(11,255)	(226,587)	7,836,647	7,599,005
Prior period adjustments		12	–	–	–	(427,068)	(427,068)
			----	--------	---------	------------	------------
At 31 May 2021 (Restated)			200	( 11,255)	( 226,587)	7,409,579	7,171,937
			----	--------	---------	------------	------------

Profit for the year						415,691	415,691
Other comprehensive income for the year:
	Foreign currency retranslation		–	154,580	–	58,990	213,570
			----	---------	---------	------------	------------
Total Comprehensive Income for the Year			–	154,580	–	474,681	629,261

Torquay Holdings Limited

Consolidated Statement of Changes in Equity (continued)

Year Ended 31 May 2022

	Called up share capital	Forex revaluation reserve	Negative movement in equity attributed to the owners of the parent	Profit and loss account	Total
Note	£	£	£	£	£
Dividends paid and payable	–	–	–	( 143,000)	( 143,000)
	----	----	----	---------	---------
Total Investments by and Distributions to Owners	–	–	–	( 143,000)	( 143,000)

	----	---------	---------	------------	------------
At 31 May 2022	200	143,325	( 226,587)	7,741,260	7,658,198
	----	---------	---------	------------	------------

Torquay Holdings Limited

Company Statement of Changes in Equity

Year Ended 31 May 2022

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 June 2020		200	1,875,933	1,876,133

Profit for the year			574,169	574,169
		----	------------	------------
Total Comprehensive Income for the Year		–	574,169	574,169

At 31 May 2021		200	2,480,615	2,480,815

Profit for the year			587,406	587,406
Other comprehensive income for the year:
	Foreign currency retranslation	–	( 30,513)	( 30,513)
		----	------------	------------
Total Comprehensive Income for the Year		–	556,893	556,893

Dividends paid and payable		–	( 142,999)	( 142,999)
		----	---------	---------
Total Investments by and Distributions to Owners		–	( 142,999)	( 142,999)

		----	------------	------------
At 31 May 2022		200	2,894,509	2,894,709
		----	------------	------------

Torquay Holdings Limited

Notes to the Consolidated Financial Statements

Year Ended 31 May 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire S40 1LA. The company's place of business is Units 6-8 Brookfield Way, Brookfield Industrial Estate, Tansley, Derbyshire DE4 5ND.

2. Statement of compliance

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

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. The financial statements consolidate the financial statements of the parent company and all of its subsidiary undertakings .

Torquay Holdings Limited

Notes to the Consolidated Financial Statements (continued)

Year Ended 31 May 2022

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty

In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimate and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life and residual values Intangible assets The charge is respect of amortisation is derived after determining an estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as expected use of the acquired business, the expected useful life of the cash generating unit to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit the useful life and assumptions that market participants would consider in respect of similar businesses. Tangible assets The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness. Recoverability of trade debtors The directors make provisions for doubtful debts based resulting from an assessment of the recoverability of trade debtors. Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on a customer by customer basis. Leases Determining whether leases entered into by the company as a lessee are operating or finances leases requires judgement. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee based on the evaluation of the terms and conditions of the arrangements on a lease by lease basis. Deferred tax assets and liabilities Deferred tax assets and liabilities require judgement in determining the amounts to be recognised. Judgement is used when assessing the extent to which deferred tax assets should be recognised with consideration given to the timing and level of future taxable income.

Revenue recognition

Turnover from hire of equipment is recognised on a straight-line basis over the period of the hire. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer. The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.

Exceptional items

Exceptional items are disclosed separately in the consolidated financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the consolidated statement of financial position date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the consolidated statement of comprehensive income.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis .

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Development costs	-	10% straight line
Patents, trademarks and licences	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Hire equipment	-	20% reducing balance
Plant & machinery	-	7.5 - 67% straight line/reducing balance
Fixtures & fittings	-	25% straight line
Motor vehicles	-	18.7 - 25% straight line/reducing balance
Equipment	-	20 % straight line
Leasehold improvements	-	2.5 - 40% straight line/reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 47 (2021: 47 ).

5. Intangible assets

Group	Goodwill	Develop't costs	Patents, trademarks and licences	Formation expenses	Total
	£	£	£	£	£
Cost
At 1 June 2021 (as restated)	2,196,081	213,586	94,026	348	2,504,041
Additions	–	–	9,727	–	9,727
Disposals	–	–	( 9,364)	–	( 9,364)
Other movements	–	–	3,981	17	3,998
	------------	---------	--------	----	------------
At 31 May 2022	2,196,081	213,586	98,370	365	2,508,402
	------------	---------	--------	----	------------
Amortisation
At 1 June 2021	915,034	213,586	37,462	–	1,166,082
Charge for the year	219,608	–	13,087	–	232,695
Disposals	–	–	( 9,129)	–	( 9,129)
Other movements	–	–	2,058	–	2,058
	------------	---------	--------	----	------------
At 31 May 2022	1,134,642	213,586	43,478	–	1,391,706
	------------	---------	--------	----	------------
Carrying amount
At 31 May 2022	1,061,439	–	54,892	365	1,116,696
	------------	---------	--------	----	------------
At 31 May 2021	1,281,047	–	56,564	348	1,337,959
	------------	---------	--------	----	------------

The company has no intangible assets.

6. Tangible assets

Group	Hire equipment	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Property costs	Total
	£	£	£	£	£	£
Cost
At 1 Jun 2021 (as restated)	6,187,289	198,066	54,767	502,679	71,820	7,014,621
Additions	16,000	12,651	8,790	–	2,736	40,177
Disposals	( 29,655)	–	( 3,019)	( 24,648)	–	( 57,322)
Other movements	–	9,448	168	9,782	3,364	22,762
	------------	---------	--------	---------	--------	------------
At 31 May 2022	6,173,634	220,165	60,706	487,813	77,920	7,020,238
	------------	---------	--------	---------	--------	------------
Depreciation
At 1 Jun 2021	3,480,837	152,438	49,586	285,322	17,553	3,985,736
Charge for the year	528,658	18,550	8,209	76,753	5,002	637,172
Disposals	( 19,175)	–	( 3,019)	( 24,648)	–	( 46,842)
Other movements	–	7,141	162	8,296	890	16,489
	------------	---------	--------	---------	--------	------------
At 31 May 2022	3,990,320	178,129	54,938	345,723	23,445	4,592,555
	------------	---------	--------	---------	--------	------------
Carrying amount
At 31 May 2022	2,183,314	42,036	5,768	142,090	54,475	2,427,683
	------------	---------	--------	---------	--------	------------
At 31 May 2021	2,706,452	45,628	5,181	217,357	54,267	3,028,885
	------------	---------	--------	---------	--------	------------

Company	Hire equipment	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2021	6,574,235	18,500	1,391	6,594,126
Additions	–	–	139	139
Disposals	( 29,655)	–	–	( 29,655)
	------------	--------	-------	------------
At 31 May 2022	6,544,580	18,500	1,530	6,564,610
	------------	--------	-------	------------
Depreciation
At 1 June 2021	3,567,818	12,719	389	3,580,926
Charge for the year	599,760	4,625	210	604,595
Disposals	( 19,174)	–	–	( 19,174)
	------------	--------	-------	------------
At 31 May 2022	4,148,404	17,344	599	4,166,347
	------------	--------	-------	------------
Carrying amount
At 31 May 2022	2,396,176	1,156	931	2,398,263
	------------	--------	-------	------------
At 31 May 2021	3,006,417	5,781	1,002	3,013,200
	------------	--------	-------	------------

7. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 June 2021 as restated and 31 May 2022	2,916,951
	------------
Impairment
At 1 June 2021 as restated and 31 May 2022	–
	------------

Carrying amount
At 1 June 2021 and 31 May 2022	2,916,951
	------------
At 31 May 2021	2,916,951
	------------

Consolidation of subsidiaries

All of the subsidiary undertakings have been consolidated in the group financial statements. MVIS Australia Pty Ltd has not been audited on the basis that it is immaterial.

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Bartco (UK) Limited	91-97 Saltergate	Ordinary	100
	Chesterfield
	Derbshire
	S40 1LA
Mobile Visual Information Systems Limited	91-97 Saltergate	Ordinary	100
	Chesterfield
	Derbyshire
	S40 1LA
MVIS Australia Pty Limited	12/440 Collins Street	Ordinary	100
	Melbourne VIC 3000
	Australia
Bartco Traffic Equipment Pty Limited	12/440 Collins Street	Ordinary	100
	Melbourne VIC 3000
	Australia

8. Debtors

	Group		Company
	2022	2021	2022	2021
		(restated)	(restated)
	£	£	£	£
Trade debtors	1,172,266	1,339,393	–	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	433,399	438,274
Other debtors	392,165	464,466	137,153	73,834
	------------	------------	---------	---------
	1,564,431	1,803,859	570,552	512,108
	------------	------------	---------	---------

9. Creditors: amounts falling due within one year

	Group		Company
	2022	2021	2022	2021
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	–	–	182,556	454,668
Trade creditors	643,202	706,985	73,021	82,203
Amounts owed to group undertakings	–	–	1,250,272	1,326,272
Accruals and deferred income	323,440	432,963	24,497	37,988
Corporation tax	63,671	173,978	–	90,540
Social security and other taxes	225,336	317,362	85,774	93,636
Obligations under finance leases and hire purchase contracts	52,678	341,187	34,706	314,193
Other creditors	915,452	886,505	6,256	229,696
	------------	------------	------------	------------
	2,223,779	2,858,980	1,657,082	2,629,196
	------------	------------	------------	------------

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

	Group		Company
	2022	2021	2022	2021
		(restated)	(restated)
	£	£	£	£
Amounts owed to group undertakings	–	–	1,050,421	1,050,421
Obligations under finance leases and hire purchase contracts	39,479	92,156	–	34,705
	--------	--------	------------	------------
	39,479	92,156	1,050,421	1,085,126
	--------	--------	------------	------------

11. Secured liabilities

Group

The aggregate amount of secured liabilities, secured on the assets of the group at the year end were £92,157 (2021: £433,343).

The entity is subject to a NatWest inter-group guarantee whereby all entities within the group provide a guarantee to each other’s obligations.

Company

The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £217,262 (2021: £803,566).

12. Prior period adjustments

In reviewing the accounts an adjustment has been made to the consolidated prior year results of the group. This reduces intercompany revenue and fixed assets by £370,896. This adjustment impacts the consolidated financial statements only and relates to a consolidation calculation error that has been rectified for future periods. An adjustment has been made to the prior year consolidated results to increase administration expenses and reduce trade debtors by £56,172. This adjustment relates to a historic debtor where it was probable no economic benefit would be received at the date of the accounts being approved in the prior year. This prior year adjustment impacts the consolidated financial statements only.

13. Called up share capital

Issued, called up and fully paid

	2022		2021
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----

14. Operating leases

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

	Group		Company
	2022	2021	2022	2021
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	52,678	341,187	34,706	314,193
Later than 1 year and not later than 5 years	39,479	92,156	–	34,706
	--------	---------	--------	---------
	92,157	433,343	34,706	348,899
	--------	---------	--------	---------

15. Summary audit opinion

The auditor's report for the year dated 27 February 2023 was unqualified .

The senior statutory auditor was Andrew Hickson , for and on behalf of MAZARS LLP .

16. Related party transactions

Company

Torquay Holdings Limited has taken the exemption contained in Section 33 of FRS 102 - "Related Party Disclosures" and therefore has not disclosed transactions or balances with entities wholly owned members of the Torquay Holdings Limited group.