IRIS Accounts Production v23.1.0.753 06833131 Board of Directors 1.4.22 31.3.23 31.3.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure068331312022-03-31068331312023-03-31068331312022-04-012023-03-31068331312021-03-31068331312021-04-012022-03-31068331312022-03-3106833131ns15:EnglandWales2022-04-012023-03-3106833131ns14:PoundSterling2022-04-012023-03-3106833131ns10:Director12022-04-012023-03-3106833131ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3106833131ns10:SmallEntities2022-04-012023-03-3106833131ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3106833131ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3106833131ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106833131ns10:FullAccounts2022-04-012023-03-3106833131ns10:Director22022-04-012023-03-3106833131ns10:CompanySecretary12022-04-012023-03-3106833131ns10:RegisteredOffice2022-04-012023-03-3106833131ns5:CurrentFinancialInstruments2023-03-3106833131ns5:CurrentFinancialInstruments2022-03-3106833131ns5:Non-currentFinancialInstruments2023-03-3106833131ns5:Non-currentFinancialInstruments2022-03-3106833131ns5:ShareCapital2023-03-3106833131ns5:ShareCapital2022-03-3106833131ns5:RetainedEarningsAccumulatedLosses2023-03-3106833131ns5:RetainedEarningsAccumulatedLosses2022-03-3106833131ns5:PlantMachinery2022-03-3106833131ns5:FurnitureFittings2022-03-3106833131ns5:MotorVehicles2022-03-3106833131ns5:ComputerEquipment2022-03-3106833131ns5:PlantMachinery2022-04-012023-03-3106833131ns5:FurnitureFittings2022-04-012023-03-3106833131ns5:MotorVehicles2022-04-012023-03-3106833131ns5:ComputerEquipment2022-04-012023-03-3106833131ns5:PlantMachinery2023-03-3106833131ns5:FurnitureFittings2023-03-3106833131ns5:MotorVehicles2023-03-3106833131ns5:ComputerEquipment2023-03-3106833131ns5:PlantMachinery2022-03-3106833131ns5:FurnitureFittings2022-03-3106833131ns5:MotorVehicles2022-03-3106833131ns5:ComputerEquipment2022-03-3106833131ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106833131ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3106833131ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3106833131ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3106833131ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3106833131ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-31
REGISTERED NUMBER: 06833131 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Turbo Precision Components Limited

Turbo Precision Components Limited (Registered number: 06833131)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Turbo Precision Components Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M H W Adams
S J Lindsay





SECRETARY:





REGISTERED OFFICE: 13 High Street East
Glossop
Derbyshire
SK13 8DA





REGISTERED NUMBER: 06833131 (England and Wales)





ACCOUNTANTS: DJ Pape & Associates (NW) Ltd
13 High Street East
Glossop
Derbyshire
SK13 8DA

Turbo Precision Components Limited (Registered number: 06833131)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 435,715 484,560

CURRENT ASSETS
Debtors 5 1,661,239 1,556,111
Cash at bank and in hand 113,422 332,378
1,774,661 1,888,489
CREDITORS
Amounts falling due within one year 6 450,159 552,306
NET CURRENT ASSETS 1,324,502 1,336,183
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,760,217

1,820,743

CREDITORS
Amounts falling due after more than one
year

7

(290,163

)

(386,329

)

PROVISIONS FOR LIABILITIES (76,722 ) (76,722 )
NET ASSETS 1,393,332 1,357,692

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 1,393,328 1,357,688
SHAREHOLDERS' FUNDS 1,393,332 1,357,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Turbo Precision Components Limited (Registered number: 06833131)

Balance Sheet - continued
31 March 2023


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 Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:





S J Lindsay - Director


Turbo Precision Components Limited (Registered number: 06833131)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Turbo Precision Components 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.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Turbo Precision Components Limited (Registered number: 06833131)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 1,171,853 1,479 12,043 19,768 1,205,143
Additions 84,156 183 - - 84,339
Disposals (47,228 ) - - - (47,228 )
At 31 March 2023 1,208,781 1,662 12,043 19,768 1,242,254
DEPRECIATION
At 1 April 2022 697,575 463 3,944 18,601 720,583
Charge for year 106,851 240 1,620 292 109,003
Eliminated on disposal (23,047 ) - - - (23,047 )
At 31 March 2023 781,379 703 5,564 18,893 806,539
NET BOOK VALUE
At 31 March 2023 427,402 959 6,479 875 435,715
At 31 March 2022 474,278 1,016 8,099 1,167 484,560

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 492,455 847,915
Inter Company Loan 37,872 37,872
Other Debtors 8,333 8,333
Other debtors 1,089,771 589,183
Directors' current accounts 32,808 32,808
Prepayments and accrued income - 40,000
1,661,239 1,556,111

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 110 2,384
Hire purchase contracts 51,434 42,342
Trade creditors 243,716 244,255
Tax 26,064 50,594
Social security and other taxes 20,698 28,867
Pension 4,502 4,771
VAT 89,369 140,728
Directors' current accounts 8,266 7,365
Accrued expenses 6,000 31,000
450,159 552,306

Turbo Precision Components Limited (Registered number: 06833131)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years 31,667 41,667
Other loans - 2-5 years 258,496 344,662
290,163 386,329