REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
TURBO-MACHINERY SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
TURBO-MACHINERY SERVICES LIMITED |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
TURBO-MACHINERY SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Fenice Court |
Phoenix Business Park |
Eaton Socon |
St. Neots |
Cambridgeshire |
PE19 8EP |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
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. |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
STATEMENT OF FINANCIAL POSITION - continued |
28 FEBRUARY 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 |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Turbo-Machinery Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimates means that the actual outcomes could differ from those estimates. There are no judgements (apart from those involving estimates for depreciation, doubtful debt provisions, and stock provisions) that have had a significant effect on amounts recognised in the financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Service of machinery |
Revenue is recognised at point of the service being completed. |
Repair of machinery |
Revenue is recognised at the completion of the repair. |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
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 income statement 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. |
Motor vehicles - 25% on reducing balance. |
Freehold property - 2% on cost. |
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 income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Current and deferred taxation |
The tax expense for the year comprises of current and deferred tax and is recognised in the income statement. |
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date. |
The current tax creditor is recognised in creditors within the statement of financial position. |
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except 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. |
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. |
Deferred tax is presented within provisions for liabilities on the statement of financial position at the reporting 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. |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and operating leases |
Hire purchase |
Assets obtained under hire purchase contracts and finance contracts and finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. |
Operating leases |
Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate. |
Creditors |
Short term creditors are measured at transaction price. |
Debtors |
Short term debtors are measured at transaction price, less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Included within plant & machinery are fixed assets acquired under hire purchase contracts. The net book value of these assets at 28 February 2023 was £55,981 (2022: £55,441) and depreciation of £22,695 (2022: £12,105) was charged for the year in respect of these assets. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 year by |
instalments | - | 2,657 |
- | 2,657 |
8. | LEASING AGREEMENTS |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 51,890 | 47,761 |
TURBO-MACHINERY SERVICES LIMITED (REGISTERED NUMBER: 04165137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above stated loan represents transactions made to both Mr J A Smith and his spouse. |
The interest free loan was repaid on 6 April 2023. |
11. | RELATED PARTY DISCLOSURES |
Mr J A Smith ultimately controls Turbo-Machinery Services Limited by virtue of his controlling shareholding in TMS (Bedford) Limited. |
Included within other debtors at 28 February 2023 is £37,501 (2022: £460,000) owed by TMS Holdings (Bedford) Limited to Turbo-Machinery Services Limited. This loan has been provided on an interest free basis. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr J A Smith. |
At the reporting date the ultimate parent company is TMS Holdings (Bedford) Limited, a company registered in England (Company number 12257389). |
The registered office of TMS Holdings (Bedford) Limited is at 4 Fenice Court Phoenix Business Park, Eaton Socon, St. Neots, Cambs, PE19 8EP. |