REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
FOR |
TURQUOISE HOMES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
FOR |
TURQUOISE HOMES LIMITED |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
TURQUOISE HOMES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
BALANCE SHEET |
29 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
BALANCE SHEET - continued |
29 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
1. | STATUTORY INFORMATION |
Turquoise Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on the going concern basis as the director has indicated that he will continue to support the company. |
Turnover |
Turnover represents property sales during the period. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated. |
This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors are of the opinion that this departure from the Companies Act 2006 is needed to present a true and fair view. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 29 March 2022 |
NET BOOK VALUE |
At 29 March 2022 |
An appraisal of the investment property has been made by director on a fair value basis as at 30 March 2022. |
5. | STOCKS |
2022 | 2021 |
£ | £ |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
TURQUOISE HOMES LIMITED (REGISTERED NUMBER: 10690222) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2021 TO 29 MARCH 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 2,500 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loan | - | 474,846 |
In the previous period the loan was secured by a fixed and floating charge over the assets of the company. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date the director had made an interest free loan of £376,443 (2021 - £667,671) to the company. The loan is repayable on demand. |
In the previous period the company had received a loan from a member of the director's immediate family of £69,445. This loan was interest free and repayable on demand. No loan remains outstanding at the balance sheet date. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
TURQUOISE HOMES LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turquoise Homes Limited for the period ended 29 March 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Turquoise Homes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Turquoise Homes Limited and state those matters that we have agreed to state to the director of Turquoise Homes Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turquoise Homes Limited and its director for our work or for this report. |
It is your duty to ensure that Turquoise Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Turquoise Homes Limited. You consider that Turquoise Homes Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Turquoise Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |