The Turtle Club Limited 14162616 false 2022-06-09 2023-06-30 2023-06-30 The principal activity of the company is operating online retail stores. Digita Accounts Production Advanced 6.30.9574.0 true true true 14162616 2022-06-09 2023-06-30 14162616 2023-06-30 14162616 bus:OrdinaryShareClass1 2023-06-30 14162616 core:CurrentFinancialInstruments 2023-06-30 14162616 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 14162616 bus:SmallEntities 2022-06-09 2023-06-30 14162616 bus:AuditExemptWithAccountantsReport 2022-06-09 2023-06-30 14162616 bus:FullAccounts 2022-06-09 2023-06-30 14162616 bus:SmallCompaniesRegimeForAccounts 2022-06-09 2023-06-30 14162616 bus:RegisteredOffice 2022-06-09 2023-06-30 14162616 bus:Director1 2022-06-09 2023-06-30 14162616 bus:OrdinaryShareClass1 2022-06-09 2023-06-30 14162616 bus:PrivateLimitedCompanyLtd 2022-06-09 2023-06-30 14162616 1 2022-06-09 2023-06-30 14162616 countries:AllCountries 2022-06-09 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14162616

The Turtle Club Limited

Annual Report and Unaudited Financial Statements

for the Period from 9 June 2022 to 30 June 2023

 

The Turtle Club Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

The Turtle Club Limited

Company Information

Director

Mr Imad Riachi

Registered office

28 Brock Street
Bath
Somerset
BA1 2LN

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

The Turtle Club Limited

(Registration number: 14162616)
Balance Sheet as at 30 June 2023

Note

2023
£

Current assets

 

Debtors

4

318

Cash at bank and in hand

 

67

 

385

Creditors: Amounts falling due within one year

5

(1,739)

Net liabilities

 

(1,354)

Capital and reserves

 

Called up share capital

6

1

Retained earnings

(1,355)

Shareholders' deficit

 

(1,354)

For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 March 2024
 

.........................................
Mr Imad Riachi
Director

 

The Turtle Club Limited

Notes to the Unaudited Financial Statements for the Period from 9 June 2022 to 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Brock Street
Bath
Somerset
BA1 2LN
United Kingdom

These financial statements were authorised for issue by the director on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the year end the company had net liabilities of £1,354 and it was therefore necessary to consider the appropriateness of preparing the accounts on the going concern basis.

The company has the support of its parent company (Honu AI Limited) and the directors have confirmed the ongoing support to enable The Turtle Club to meet its financial obligations as they fall due.

It was therefore considered appropriate to prepare the accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Turtle Club Limited

Notes to the Unaudited Financial Statements for the Period from 9 June 2022 to 30 June 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0.

 

The Turtle Club Limited

Notes to the Unaudited Financial Statements for the Period from 9 June 2022 to 30 June 2023

4

Debtors

Note

2023
£

Deferred tax assets

318

 

318

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Amounts due to related parties

1,499

Accruals

 

240

 

1,739

6

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £0.0001 each

10,000

1

     

7

Parent and ultimate parent undertaking

The company's immediate parent is Honu AI Limited, incorporated in England & Wales.

 

During the year the parent company Honu AI Limited made a loan to The Turtle Club Limited.

The balance outstanding at the year end was £1,499

This loan was interest free and due for repayment upon demand.