Turn 2 Classics Ltd 11774043 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is 45112 - Sale of used cars and light motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 11774043 2022-02-01 2023-01-31 11774043 2023-01-31 11774043 core:CurrentFinancialInstruments 2023-01-31 11774043 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 11774043 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 11774043 bus:SmallEntities 2022-02-01 2023-01-31 11774043 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 11774043 bus:AbridgedAccounts 2022-02-01 2023-01-31 11774043 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 11774043 bus:RegisteredOffice 2022-02-01 2023-01-31 11774043 bus:Director1 2022-02-01 2023-01-31 11774043 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11774043 countries:EnglandWales 2022-02-01 2023-01-31 11774043 2021-02-01 2022-01-31 11774043 2022-01-31 11774043 core:CurrentFinancialInstruments 2022-01-31 11774043 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 11774043 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 11774043

Turn 2 Classics Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

Turn 2 Classics Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Turn 2 Classics Ltd

Company Information

Director

M Springett

Registered office

10 Cheyne Walk
Northamptonshire
England
NN1 5PT

Accountants

The Numbersmith Limited
10 Cheyne Walk
Northampton
England
NN1 5PT

 

Turn 2 Classics Ltd

(Registration number: 11774043)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

169,540

164,682

Debtors

12,495

32,245

Cash at bank and in hand

 

97,317

34,756

 

279,352

231,683

Creditors: Amounts falling due within one year

(114,766)

(90,744)

Total assets less current liabilities

 

164,586

140,939

Creditors: Amounts falling due after more than one year

(23,282)

(43,579)

Net assets

 

141,304

97,360

Capital and reserves

 

Called up share capital

100

100

Retained earnings

141,204

97,260

Shareholders' funds

 

141,304

97,360

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option to not file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 17 October 2023
 

 

Turn 2 Classics Ltd

(Registration number: 11774043)
Abridged Balance Sheet as at 31 January 2023

.........................................
M Springett
Director

 

Turn 2 Classics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Cheyne Walk
Northamptonshire
England
NN1 5PT
England

The principal place of business is:
The Bull Yard
Winwick Grange
Winwick
Northamptonshire
NN6 6PB

These financial statements were authorised for issue by the director on 17 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Turn 2 Classics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Turn 2 Classics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Turn 2 Classics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

169,540

164,682