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Registered Number: 03898252
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

THE TURNER AGENCY LIMITED

Directors E M Zutshi
J A Lewendon
M P Turner
Registered Number 03898252
Registered Office The Lightbox
Willoughby Road
Bracknell
Berkshire
RG12 8FB
Accountants Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023
Directors
The directors who served the company throughout the year were as follows:
E M Zutshi
J A Lewendon
M P Turner
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
M P Turner
Director

Date approved: 25 July 2023
2
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of The Turner Agency Limited for the year ended 31 March 2023 which comprise the Income Statement, the Statement of Financial Position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of The Turner Agency Limited, as a body, in accordance with the terms of our engagement letter dated 25 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of The Turner Agency Limited and state those matters that we have agreed to state to the Board ofs of The Turner Agency Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Turner Agency Limited and its members as a body for our work or for this report.

It is your duty to ensure that The Turner Agency Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of The Turner Agency Limited. You consider that The Turner Agency Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Turner Agency 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 accounts.



....................................................
Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
25 July 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 66,508    30,939 
66,508    30,939 
Current assets      
Debtors: amounts falling due within one year 4 4,852,768    1,120,296 
Debtors: amounts falling due after one year 5   2,706,233 
Cash at bank and in hand 1,029,305    1,884,560 
5,882,073    5,711,089 
Creditors: amount falling due within one year 6 (4,715,690)   (2,156,404)
Net current assets 1,166,383    3,554,685 
 
Total assets less current liabilities 1,232,891    3,585,624 
Provisions for liabilities 7 (16,367)   (7,418)
Net assets 1,216,524    3,578,206 
 

Capital and reserves
     
Called up share capital 8 30,000    30,000 
Profit and loss account 1,186,524    3,548,206 
Shareholder's funds 1,216,524    3,578,206 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 July 2023 and were signed on its behalf by:


-------------------------------
M P Turner
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 April 2021 30,000  3,399,911  3,429,911 
Profit for the year 158,295  158,295 
Total comprehensive income for the year 158,295  158,295 
Dividends (10,000) (10,000)
Total investments by and distributions to owners (10,000) (10,000)
At 31 March 2022 30,000  3,548,206  3,578,206 
At 01 April 2022 30,000  3,548,206  3,578,206 
Profit for the year 482,359  482,359 
Total comprehensive income for the year 482,359  482,359 
Dividends (2,844,041) (2,844,041)
Total investments by and distributions to owners (2,844,041) (2,844,041)
At 31 March 2023 30,000  1,186,524  1,216,524 
5
General Information
The Turner Agency Limited is a private company, limited by shares, registered in England and Wales, registration number 03898252, registration address The Lightbox, Willoughby Road, Bracknell, Berkshire, RG12 8FB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Straight Line
2.

Average number of employees


Average number of employees during the year was 30 (2022 : 19).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2022 3,196    11,420    49,971    64,587 
Additions 1,236      56,453    57,689 
Disposals     (9,141)   (9,141)
At 31 March 2023 4,432    11,420    97,283    113,135 
Depreciation
At 01 April 2022 1,621    6,743    25,284    33,648 
Charge for year 501    1,170    19,988    21,659 
On disposals     (8,680)   (8,680)
At 31 March 2023 2,122    7,913    36,592    46,627 
Net book values
Closing balance as at 31 March 2023 2,310    3,507    60,691    66,508 
Opening balance as at 01 April 2022 1,575    4,677    24,687    30,939 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 3,483,805    412,432 
Prepayments & Accrued Income 971,795    147,650 
Other Debtors 386,770    461,993 
VAT 10,398    98,221 
4,852,768    1,120,296 

5.

Debtors: amounts falling due after one year

2023
£
  2022
£
Amount Owed by Group Undertakings   2,706,233 
  2,706,233 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 532,698    126,357 
Corporation Tax 86,760    23,091 
PAYE & Social Security 54,674    29,093 
Accrued Expenses 3,643,486    1,741,141 
Other Creditors 397,906    236,722 
Wages & Salaries Control Account 166   
4,715,690    2,156,404 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 16,367    7,418 
16,367    7,418 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
30,000 Class A shares of £1.00 each 30,000    30,000 
30,000    30,000 

9.

Parent company

The parent company is The Turner Agency Communications Ltd, a company incorporated in England and Wales.
6