Turning Heads Ltd
Registered number: 13587254
Statement of Financial Position
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,000 8,000
Tangible assets 4 11,342 15,123
17,342 23,123
Current assets
Stocks 2,300 1,600
Debtors 5 1,416 1,416
Cash at bank and in hand 100 100
3,816 3,116
Creditors: amounts falling due within one year 6 (54,770) (47,125)
Net current liabilities (50,954) (44,009)
Net liabilities (33,612) (20,886)
Capital and reserves
Called up share capital 100 100
Profit and loss account (33,712) (20,986)
Shareholders' funds (33,612) (20,886)
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 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.
D Coles
Director
Approved by the board on 8 March 2024
Turning Heads Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future.
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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Inventories
Inventories 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, 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. 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 10,000
At 31 August 2023 10,000
Amortisation
At 1 September 2022 2,000
Provided during the year 2,000
At 31 August 2023 4,000
Net book value
At 31 August 2023 6,000
At 31 August 2022 8,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 18,904
At 31 August 2023 18,904
Depreciation
At 1 September 2022 3,781
Charge for the year 3,781
At 31 August 2023 7,562
Net book value
At 31 August 2023 11,342
At 31 August 2022 15,123
5 Debtors 2023 2022
£ £
Other debtors 1,416 1,416
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,662 -
Trade creditors - 66
Accruals 1,050 1,002
Other taxes and social security costs 32 235
Other creditors 44,026 45,822
54,770 47,125
7 Other information
Turning Heads Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Ambleside Close
Mytchett
Surrey
GU16 6DG
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