Torre (UK) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02932351 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

TORRE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L A P Soares

SECRETARY:

J L T Pina

REGISTERED OFFICE:

136 Kingsway

Woking

Surrey

GU21 6NR

REGISTERED NUMBER:

02932351 (England and Wales)

AUDITORS:

Accountsource Limited

6 Quarry Street

Guildford

Surrey

GU1 3UR

FIXED ASSETS

Tangible assets

5

572,775

581,356

Investments

6

13

572,788

581,369

CURRENT ASSETS

Stocks

1,232,609

1,075,540

Debtors

7

744,036

742,528

Cash at bank and in hand

521

15,695

1,977,166

1,833,763

CREDITORS

Amounts falling due within one year

8

488,316

91,232

NET CURRENT ASSETS

1,488,850

1,742,531

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,061,638

2,323,900

CAPITAL AND RESERVES

Called up share capital

1,000,000

Retained earnings

1,061,638

1,323,900

SHAREHOLDERS' FUNDS

2,061,638

2,323,900

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 June 2021 and were signed by:

L A P Soares - Director

1.	STATUTORY INFORMATION

Torre (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on a going concern basis as set out in a separate note at the end of the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost or net realisable value. Cost is based on the cost of the purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Covid-19 virus going concern considerations

The financial statements have been prepared on a going concern basis. The director considers the company has sufficient funding to address the effects that the Covid-19 virus may have on the company's ability to continue as a going concern for the foreseeable future, and has taken the following matters into consideration in forming that opinion: The company has a sizeable secured overdraft facility. The holding company has secured long term bank loans. In addition, the company and its holding company expect to benefit from the continued government support offered to businesses in the UK and Portugal (EU).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 6 ) .

4.	AUDITORS' REMUNERATION

31.12.20

31.12.19

£

Fees payable to the company's auditors for the audit of the company's
financial statements

5,100

Total audit fees

5,100

Auditors' remuneration for non audit work

3,680

Total non-audit fees

3,680

Total fees payable

8,780

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2020

746,898

131,562

878,460

Additions

-

5,544

Disposals

-

(3,898

)

(3,898

)

At 31 December 2020

746,898

133,208

880,106

DEPRECIATION

At 1 January 2020

183,852

113,252

297,104

Charge for year

9,938

4,023

13,961

Eliminated on disposal

-

(3,734

)

(3,734

)

At 31 December 2020

193,790

113,541

307,331

NET BOOK VALUE

At 31 December 2020

553,108

19,667

572,775

At 31 December 2019

563,046

18,310

581,356

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.20

31.12.19

£

Other investments

13

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

Trade debtors

724,710

724,255

Other debtors

19,326

18,273

744,036

742,528

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

Bank loans and overdrafts

169,329

-

Trade creditors

36,244

11,422

Taxation and social security

40,500

26,663

Other creditors

242,243

53,147

488,316

91,232

9.	SECURED DEBTS

The bank overdraft is secured by a fixed charge on its freehold property.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Frank Edge (Senior Statutory Auditor)

for and on behalf of Accountsource Limited

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Torre Sociedade de Confeccoes SA.

Torre (UK) Limited - Accounts to registrar (filleted) - small 18.2

Torre (UK) Limited - Accounts to registrar (filleted) - small 18.2