Registered number
03220566
Turf Machinery (Spares) Limited
Filleted Accounts
31 July 2023
Turf Machinery (Spares) Limited
Registered number: 03220566
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Stocks 50,000 50,000
Debtors 3 206,461 226,228
Cash at bank and in hand 29,708 34,904
286,169 311,132
Creditors: amounts falling due within one year 4 (326,815) (387,901)
Net current liabilities (40,646) (76,769)
Total assets less current liabilities (40,646) (76,769)
Creditors: amounts falling due after more than one year 5 (29,923) (39,689)
Net liabilities (70,569) (116,458)
Capital and reserves
Called up share capital 100 100
Profit and loss account (70,669) (116,558)
Shareholders' funds (70,569) (116,458)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T. J. Brooks
Director
Approved by the board on 8 April 2024
Turf Machinery (Spares) Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
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 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Trade debtors 85,876 63,958
Other debtors 120,585 162,270
206,461 226,228
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,812
Trade creditors 36,640 63,638
Taxation and social security costs 91,734 103,690
Other creditors 198,441 217,761
326,815 387,901
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,923 39,689
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 29,923 39,689
The company's bankers hold a fixed and floating charge over the undertaking of the company.
7 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
C. R. Brooks
Amount due to the director at the balance sheet date 8,568 - - 8,568
T. J. Brooks
Amount due to the director at the balance sheet date 122,920 - (37,288) 85,632
131,488 - (37,288) 94,200
8 Related party transactions
At the balance sheet date there was £91,829 (2022 £122,920) receivable from Total Concrete Limited, a company in which the directors have an interest.
9 Controlling party
The company is controlled by the directors and shareholders C. R. Brooks and T. J. Brooks
10 Other information
Turf Machinery (Spares) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Morrison House
3a Monument Way West
Woking
Surrey
GU21 5EN
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