REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
TURNKEY PRODUCTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
TURNKEY PRODUCTIONS LIMITED |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
TURNKEY PRODUCTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Fenice Court |
Phoenix Business Park |
Eaton Socon |
St. Neots |
Cambridgeshire |
PE19 8EP |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2023 |
2023 | 2022 |
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 |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
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. |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JANUARY 2023 |
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 |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
1. | STATUTORY INFORMATION |
Turnkey Productions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in these financial statements have remained unchanged from the previous year, and have therefore been consistently applied. |
The accounts have been prepared on a going concern basis on the assumption that the support of the company's directors will continue. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of the directors support. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. The following criteria must also be met before revenue is recognised: |
Supply of goods |
Revenue is recognised when goods are delivered and supplied. |
Hire of premises |
Revenue is recognised for the period of the rental. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Repairs and maintenance of assets are charged to the Statement of comprehensive income during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost or valuation of assets less their residual value, over their estimated useful lives on the following basis: |
Plant and machinery - 25% reducing balance. |
Computers - 33.3% on cost. |
Property Improvements - over the term of the lease. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
The tax expense for the year comprises of current and deferred tax and is recognised in the Statement of comprehensive income. |
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The current tax creditor is recognised in creditors within the balance sheet. |
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, expect that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowance have been met. |
Deferred tax balances are not recognised in respect of permanent differences. |
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. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the yearyear end and that are expected to apply to the reversal of the timing difference. |
Deferred tax is presented within provisions for liabilities at the balance sheet date.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 statement of financial position date. |
Operating leases |
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the period of the lease. |
Debtors |
Short term debtors are measured at transaction price, less impairment. |
Creditors |
Short term creditors are measured at transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TURNKEY PRODUCTIONS LIMITED (REGISTERED NUMBER: 05677933) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2022 |
and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
8. | RELATED PARTY DISCLOSURES |
Included within other creditors is an interest free loan provided by Mr and Mrs Muzolf, at 31 January 2023 they were owed £81,411 (2022 £101,775). |
Mr S Muzolf ultimately controls the Company. |