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REGISTERED NUMBER: 07822394 (England and Wales)










TURIN MOTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022






TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 6


TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,083 1,283
Tangible assets 5 13,281 18,843
14,364 20,126

CURRENT ASSETS
Stocks 16,752 8,752
Debtors 6 7,792 10,677
Cash at bank and in hand 15,363 41,666
39,907 61,095
CREDITORS
Amounts falling due within one year 7 50,146 51,742
NET CURRENT (LIABILITIES)/ASSETS (10,239 ) 9,353
TOTAL ASSETS LESS CURRENT LIABILITIES 4,125 29,479

CREDITORS
Amounts falling due after more than one year 8 (15,143 ) (21,285 )

PROVISIONS FOR LIABILITIES (438 ) (1,444 )
NET (LIABILITIES)/ASSETS (11,456 ) 6,750

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (11,556 ) 6,650
SHAREHOLDERS' FUNDS (11,456 ) 6,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

BALANCE SHEET - continued
31ST DECEMBER 2022


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 director and authorised for issue on 1st February 2024 and were signed by:





C Bradbury - Director


TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022


1. STATUTORY INFORMATION

Turin Motors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07822394

Registered office: 15 Sheepscar House
Sheepscar Street South
Leeds
LS7 1AD

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.

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders and the bank will continue to financially support the company.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Office equipment-20% straight line
Plant and machinery-10% straight line
Motor vehicles-20% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022


2. ACCOUNTING POLICIES - continued

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.

Debtors and creditors receivable / payable within 1 year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2022
and 31st December 2022 2,000
AMORTISATION
At 1st January 2022 717
Charge for year 200
At 31st December 2022 917
NET BOOK VALUE
At 31st December 2022 1,083
At 31st December 2021 1,283

TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2022 49,661
Additions 300
At 31st December 2022 49,961
DEPRECIATION
At 1st January 2022 30,818
Charge for year 5,862
At 31st December 2022 36,680
NET BOOK VALUE
At 31st December 2022 13,281
At 31st December 2021 18,843

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 7,069 10,677
Other debtors 723 -
7,792 10,677

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 5,925 5,779
Trade creditors 34,291 17,145
Taxation and social security 6,611 19,357
Other creditors 3,319 9,461
50,146 51,742

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 15,143 21,285

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by
instalments - 3,057
- 3,057

TURIN MOTORS LTD (REGISTERED NUMBER: 07822394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 17,900 17,900
Between one and five years - 17,900
17,900 35,800

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100