2021-12-012022-11-302022-11-30false08297052TURNING EARTH CERAMICS 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TURNING EARTH CERAMICS LTD

Registered Number
08297052
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2022

TURNING EARTH CERAMICS LTD
Company Information
for the year from 1 December 2021 to 30 November 2022

Director

MAUGHAN, Natalie

Registered Address

Railway Arches 361 - 362 Whiston Road
London
E2 8BW

Registered Number

08297052 (England and Wales)
TURNING EARTH CERAMICS LTD
Balance Sheet as at
30 November 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Intangible assets631,01931,019
Tangible assets7131,64672,087
162,665103,106
Current assets
Debtors177,311132,502
Cash at bank and on hand150,529333,858
327,840466,360
Creditors amounts falling due within one year10(111,445)(211,902)
Net current assets (liabilities)216,395254,458
Total assets less current liabilities379,060357,564
Creditors amounts falling due after one year11(189,333)(153,333)
Provisions for liabilities12(13,697)(13,697)
Net assets176,030190,534
Capital and reserves
Called up share capital105105
Share premium24,99024,990
Profit and loss account150,935165,439
Shareholders' funds176,030190,534
The financial statements were approved and authorised for issue by the Director on 28 November 2023, and are signed on its behalf by:
MAUGHAN, Natalie
Director
Registered Company No. 08297052
TURNING EARTH CERAMICS LTD
Notes to the Financial Statements
for the year ended 30 November 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value-added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Intangible assets policy
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Grants relating to the Coronavirus Job Retention Scheme are recognised in full in the period in which the associated salary, national insurance and pensions costs are incurred.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20222021
Average number of employees during the year2121
6.Intangible assets

Other

Total

££
Cost or valuation
At 01 December 2131,01931,019
At 30 November 2231,01931,019
Net book value
At 30 November 2231,01931,019
At 30 November 2131,01931,019
7.Property, plant and equipment

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 December 21112,95633,09326,944172,993
Additions77,4903,2925,43186,213
At 30 November 22190,44636,38532,375259,206
Depreciation and impairment
At 01 December 2155,79228,06817,046100,906
Charge for year21,4911,6023,56326,656
Other adjustments-(1)(1)(2)
At 30 November 2277,28329,66920,608127,560
Net book value
At 30 November 22113,1636,71611,767131,646
At 30 November 2157,1645,0259,89872,087
8.Debtors within one year

2022

2021

££
Trade debtors / trade receivables41,708-
Other debtors111,304109,000
Prepayments and accrued income24,29923,502
Total177,311132,502
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Debtors after one year
10.Creditors within one year

2022

2021

££
Trade creditors / trade payables6,71697,005
Bank borrowings and overdrafts40,00042,180
Taxation and social security60,63568,298
Other creditors4,0944,419
Total111,445211,902
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors after one year

2022

2021

££
Bank borrowings and overdrafts189,333153,333
Total189,333153,333
12.Provisions for liabilities

2022

2021

££
Net deferred tax liability (asset)13,69713,697
Total13,69713,697