Company registration number 05503803 (England and Wales)
TURNHOLLY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TURNHOLLY LTD
COMPANY INFORMATION
Director
Mr K H Partridge
Secretary
Mr K H Partridge
Company number
05503803
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
TURNHOLLY LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
TURNHOLLY LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TURNHOLLY LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turnholly Ltd for the year ended 31 July 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Turnholly Ltd, as a body, in accordance with the terms of our engagement letter dated 27 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Turnholly Ltd and state those matters that we have agreed to state to the board of directors of Turnholly Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turnholly Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Turnholly Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Turnholly Ltd. You consider that Turnholly Ltd 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 financial statements of Turnholly Ltd. 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 financial statements.

Jerroms GCN Limited
2 April 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
TURNHOLLY LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
164,038
164,038
Current assets
Debtors
4
27,503
27,503
Cash at bank and in hand
499
499
28,002
28,002
Creditors: amounts falling due within one year
5
(202,300)
(202,300)
Net current liabilities
(174,298)
(174,298)
Total assets less current liabilities
(10,260)
(10,260)
Creditors: amounts falling due after more than one year
6
(19,200)
(19,200)
Net liabilities
(29,460)
(29,460)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(29,560)
(29,560)
Total equity
(29,460)
(29,460)
TURNHOLLY LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 2 April 2024
Mr K H Partridge
Director
Company Registration No. 05503803
TURNHOLLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Turnholly Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, If the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.

 

Depreciation is provided on the following basis:

Long Leasehold
0%
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance
Improvements to property
0%

Depreciation has been provided at 0% on Leasehold land and buildings and property improvements as in the opinion of the directors, these are maintained in a continual state of sound repair, their lives are long and residual values are such that depreciation is not material.

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

1.3
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.

TURNHOLLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

 

Going concern

The accounts have been prepared on a going concern basis, the validity of which depends upon the future support of the director. In the opinion of the director, this support will be available for the foreseeable future.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Long Leasehold
Plant and equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
9,152
5,183
5,050
150,102
169,487
Depreciation and impairment
At 1 August 2022 and 31 July 2023
-
0
2,529
2,920
-
0
5,449
Carrying amount
At 31 July 2023
9,152
2,654
2,130
150,102
164,038
At 31 July 2022
9,152
2,654
2,130
150,102
164,038
TURNHOLLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
27,503
27,503

Amounts owed by participating interests do not bear interest, are unsecured and are repayable on demand.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,800
4,800
Amounts owed to undertakings in which the company has a participating interest
133,066
133,066
Other creditors
63,944
63,944
Accruals and deferred income
490
490
202,300
202,300

Amounts owed to participating interests do not bear interest, are unsecured and are repayable on demand.

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19,200
19,200
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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