That Torquay Offices Limited - Accounts to registrar (filleted) - small 23.2.5
That Torquay Offices Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| That Torquay Offices Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| That Torquay Offices Limited (Registered number: 10652995) |
| Contents of the Financial Statements |
| for the year ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| That Torquay Offices Limited |
| Company Information |
| for the year ended 31 December 2022 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 250 Fowler Avenue |
| Farnborough |
| Hampshire |
| GU14 7JP |
| That Torquay Offices Limited (Registered number: 10652995) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| as restated |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Provisions for liabilities |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings | ( |
) | (285,160 | ) |
| Shareholders' funds | ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| That Torquay Offices Limited (Registered number: 10652995) |
| Notes to the Financial Statements |
| for the year ended 31 December 2022 |
| 1. | Statutory information |
| That Torquay Offices Limited is a |
| 2. | Accounting policies |
| Accounting convention |
| These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the ultimate controlling party will give continued support. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Key sources of estimation uncertainty |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
| Depreciation |
| The director considers the depreciation policy to be a crucial accounting estimate. The expected useful life of all fixed asset categories are reviewed annually by management based on industry experience and are considered reasonable. |
| That Torquay Offices Limited (Registered number: 10652995) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. |
| There has been a change in depreciation rates to more accurately reflect the useful life of assets, as well as reclassification of fixed assets between classes. This has been treated as a prior year adjustment and the accounts have therefore been restated to reflect the change retrospectively. See note 10. |
| Revised | Original |
| Leasehold property | 125 years | 125 years |
| Plant and machinery | 15 & 25 years | n/a |
| Fixtures, fitting and equipment | 12 years | n/a |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| 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. |
| Basic financial assets |
| Basic financial assets, which include debtors, amounts owed by connected companies and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, loans from connected companies, are initially recognised at transaction price . Financial liabilities classified as payable within one year are not amortised. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Taxation |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| Current tax |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| Turnover and other revenue |
| Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease net of VAT. |
| That Torquay Offices Limited (Registered number: 10652995) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| Leasehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2022 |
| Additions |
| At 31 December 2022 |
| Depreciation |
| At 1 January 2022 |
| Charge for year |
| At 31 December 2022 |
| Net book value |
| At 31 December 2022 |
| At 31 December 2021 |
| The Royal Bank of Scotland PLC and Torbay Council have fixed and floating charges over the company's assets. |
| 5. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 100 | 100 |
| That Torquay Offices Limited (Registered number: 10652995) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 8. | Related party disclosures |
| The company has taken advantage of the exemption available in FRS102 from the requirement to disclose transactions with the group companies. |
| 9. | Parent company |
| The company's immediate parent company is That Torquay H2 Limited and the ultimate parent company is That Holdco Limited, both of which are incorporated in England and Wales. |
| 10. | Prior year adjustment |
| The accounts have been restated to incorporate the impact of the transfer of fixed assets to Group company's at cost; reclassification of fixed assets between land and buildings, plant and machinery and fixtures and fittings as well as changes to related depreciation rates. Refer to note 2 for change in depreciation rates. The related deferred tax has also been adjusted. The change has resulted in an overall decrease in net book value (NBV), increase in fixed asset depreciation and decrease in profits available for distribution as at 31 December 2021 by £82,752 made up of: |
| £ |
| Cost transferred to group | 2,001,924 |
| Decrease in NBV | 2,072,891 |
| Under depreciation FY21 | (70,967 | ) |
| Deferred tax adjustment FY21 | (11,785 | ) |
| Total impact on shareholder funds and retained earnings FY21 |
(82,752 |
) |
| The accounts have been restated to incorporate the impact of the reclassification of intercompany balances in relation to fixed asset reanalysis across the group. The change has resulted in a decrease in debtors and creditors made up of: |
| Original | Revised |
| £ | £ |
| Intercompany debtors | 100 | - |
| Intercompany creditors | (11,250,016 | ) | (9,247,992 | ) |
| (11,249,916 | ) | (9,247,992 | ) |