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REGISTERED NUMBER: 07536779 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Turbostream Ltd

Turbostream Ltd (Registered number: 07536779)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Turbostream Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Dr G Pullan
Mr T Brandvik





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: Hopsgaarden 32
8050 Tverlandet





REGISTERED NUMBER: 07536779 (England and Wales)

Turbostream Ltd (Registered number: 07536779)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 17,707 13,608
Investments 7 1 1
17,708 13,609

CURRENT ASSETS
Debtors 8 164,284 260,541
Cash at bank 310,356 304,377
474,640 564,918
CREDITORS
Amounts falling due within one year 9 110,431 132,329
NET CURRENT ASSETS 364,209 432,589
TOTAL ASSETS LESS CURRENT
LIABILITIES

381,917

446,198

PROVISIONS FOR LIABILITIES 3,365 2,994
NET ASSETS 378,552 443,204

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 378,452 443,104
SHAREHOLDERS' FUNDS 378,552 443,204

Turbostream Ltd (Registered number: 07536779)

Balance Sheet - continued
28 February 2023


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.

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 29 November 2023 and were signed on its behalf by:




Mr T Brandvik - Director



Dr G Pullan - Director


Turbostream Ltd (Registered number: 07536779)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Turbostream Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Turbostream Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern
The Directors have assessed the current and future effects of COVID-19 on the Company. The Company has been able to continue to trade during the pandemic, on this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the purchase of Intellectual Property, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.


Turbostream Ltd (Registered number: 07536779)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued
Taxation
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.

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.

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 year 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.

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 profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 82,500
AMORTISATION
At 1 March 2022
and 28 February 2023 82,500
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Turbostream Ltd (Registered number: 07536779)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


6. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2022 44,846
Additions 12,112
Disposals (15,411 )
At 28 February 2023 41,547
DEPRECIATION
At 1 March 2022 31,238
Charge for year 5,902
Eliminated on disposal (13,300 )
At 28 February 2023 23,840
NET BOOK VALUE
At 28 February 2023 17,707
At 28 February 2022 13,608

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 1
NET BOOK VALUE
At 28 February 2023 1
At 28 February 2022 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 150,693 190,738
Other debtors 13,591 69,803
164,284 260,541

Other debtors disclosed above consist of prepaid expenses of £12,591 (2022 - £14,169), accrued income of £nil (2022 - £54,607) and other debtors of £1,000 (2022 - £1,027).

Turbostream Ltd (Registered number: 07536779)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 722 -
Taxation and social security 10,617 39,203
Other creditors 99,092 93,126
110,431 132,329

Other creditors disclosed above consist of accrued expenses of £nil (2022 - £719), deferred income of £44,167 (2022 - £37,383), directors' loan accounts of £37,560 (2022 - £37,383), credit card balances of £5,751 (2022 - £5,814), pension contributions payable of £1,634 (2022 - £1,347), and other creditors of £9,980 (2022 - £10,480).

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,937 9,545
Between one and five years 11,637 -
28,574 9,545

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.