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REGISTERED NUMBER: 04165137 (England and Wales)















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: Mr J A Smith
Mr S Mann
Mr C Mann





SECRETARY: Mrs A J Smith





REGISTERED OFFICE: 4 Fenice Court
Phoenix Business Park
Eaton Socon
St. Neots
Cambridgeshire
PE19 8EP





REGISTERED NUMBER: 04165137 (England and Wales)





ACCOUNTANTS: Davey Grover Limited
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 4 145,196 143,628

CURRENT ASSETS
Stocks 4,083 4,299
Debtors 5 687,433 906,915
Cash at bank 233,459 170,201
924,975 1,081,415
CREDITORS
Amounts falling due within one year 6 412,620 557,101
NET CURRENT ASSETS 512,355 524,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

657,551

667,942

CREDITORS
Amounts falling due after more than one year 7 (37,724 ) (73,990 )

PROVISIONS FOR LIABILITIES (32,738 ) (24,410 )
NET ASSETS 587,089 569,542

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Retained earnings 584,589 567,042
SHAREHOLDERS' FUNDS 587,089 569,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 November 2023 and were signed on its behalf by:





Mr J A Smith - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 14 (2022 - 13 ) .

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 476,845
Additions 64,847
Disposals (30,617 )
At 28 February 2023 511,075
DEPRECIATION
At 1 March 2022 333,217
Charge for year 55,432
Eliminated on disposal (22,770 )
At 28 February 2023 365,879
NET BOOK VALUE
At 28 February 2023 145,196
At 28 February 2022 143,628

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 327,310 288,667
Amounts owed by group undertakings 37,501 460,000
Other debtors 322,622 158,248
687,433 906,915

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 9,666
Hire purchase contracts (see note 8) 14,166 7,799
Trade creditors 114,754 151,303
Taxation and social security 181,231 287,106
Other creditors 102,469 101,227
412,620 557,101

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 - 34,028
Hire purchase contracts (see note 8) 37,724 39,962
37,724 73,990

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 9,418 35,663
Between one and five years 16,518 30,319
In more than five years - 2,275
25,936 68,257

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
£    £   
Mr J A Smith
Balance outstanding at start of year 149,542 215,069
Amounts advanced 316,634 189,543
Amounts repaid (255,070 ) (255,070 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 211,106 149,542

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.