Company registration number 13725353 (England and Wales)
TURNSTONE PRACTICE LIMITED
Unaudited Financial Statements
For The Period Ended 30 April 2023
Pages For Filing With Registrar
Turnstone Practice Limited
TURNSTONE PRACTICE LIMITED
Contents
Page
Balance sheet
2
Notes to the financial statements
3 - 4
Turnstone Practice Limited
TURNSTONE PRACTICE LIMITED
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of Turnstone Practice Limited For The Period Ended 30 April 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turnstone Practice Limited for the period ended 30 April 2023 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Turnstone Practice Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Turnstone Practice Limited and state those matters that we have agreed to state to the board of directors of Turnstone Practice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turnstone Practice Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Turnstone Practice 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 loss of Turnstone Practice Limited. You consider that Turnstone Practice 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 Turnstone Practice 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.
Chavereys
3 November 2023
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Turnstone Practice Limited
TURNSTONE PRACTICE LIMITED
Balance Sheet
As At 30 April 2023
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
353,032
Current assets
Debtors
4
1,978
Cash at bank and in hand
1,977
3,955
Creditors: amounts falling due within one year
Other creditors
140,898
Net current liabilities
(136,943)
Total assets less current liabilities
216,089
Creditors: amounts falling due after more than one year
Loans and overdrafts
230,400
(230,400)
Net liabilities
(14,311)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(14,411)
Total equity
(14,311)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 November 2023
Mr AP Morris
Director
Company Registration No. 13725353
Turnstone Practice Limited
TURNSTONE PRACTICE LIMITED
Notes To The Financial Statements
For The Period Ended 30 April 2023
- 3 -
1
Accounting policies
Company information
Turnstone Practice Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Fenton Road, Bournemouth, Dorset, England, BH6 5BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Fixtures and fittings
20%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
Turnstone Practice Limited
TURNSTONE PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2023
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 5 November 2021
Additions
351,947
1,292
353,239
At 30 April 2023
351,947
1,292
353,239
Depreciation and impairment
At 5 November 2021
Depreciation charged in the period
207
207
At 30 April 2023
207
207
Carrying amount
At 30 April 2023
351,947
1,085
353,032
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1,978
5
Creditors: amounts falling due within one year
2023
£
Other creditors
140,898
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
230,400
7
Related party transactions
Transactions with related parties
During the year the company received advances from Vetfix Ltd, a company under common control. At the end of the period the balance owed to Vetfix Ltd amount to £132,935.