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Registration number: 06651633

Turnit Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Turnit Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Turnit Limited

Company Information

Director

Mr G K Grover

Company secretary

Mr S Chadha

Registered office

C/O Ag Hotels Group, Camelford Hse, 3rd Floor
87-90 Albert Embankment, Vauxhall
London
SE1 7TP

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Turnit Limited

(Registration number: 06651633)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,153

22,939

Investments

5

-

100

 

20,153

23,039

Current assets

 

Debtors

6

2,637,766

1,730,649

Cash at bank and in hand

 

603,017

300,175

 

3,240,783

2,030,824

Creditors: Amounts falling due within one year

7

(405,347)

(183,608)

Net current assets

 

2,835,436

1,847,216

Total assets less current liabilities

 

2,855,589

1,870,255

Creditors: Amounts falling due after more than one year

7

(843)

(1,324,788)

Net assets

 

2,854,746

545,467

Capital and reserves

 

Called up share capital

8

1

1

Share premium reserve

2,165,190

260,000

Retained earnings

689,555

285,466

Shareholders' funds

 

2,854,746

545,467

For the financial year ending 31 July 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 year 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 April 2024
 

.........................................
Mr G K Grover
Director

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
C/O Ag Hotels Group, Camelford Hse, 3rd Floor
87-90 Albert Embankment, Vauxhall
London
SE1 7TP
England

These financial statements were authorised for issue by the director on 22 April 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.

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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance basis

Short leasehold improvements

10 years straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

23,582

4,251

27,833

At 31 July 2023

23,582

4,251

27,833

Depreciation

At 1 August 2022

2,358

2,536

4,894

Charge for the year

2,358

428

2,786

At 31 July 2023

4,716

2,964

7,680

Carrying amount

At 31 July 2023

18,866

1,287

20,153

At 31 July 2022

21,224

1,715

22,939

Included within the net book value of land and buildings above is £18,865 (2022 - £21,223) in respect of short leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost or valuation

At 1 August 2022

100

Disposals

(100)

At 31 July 2023

-

Provision

Carrying amount

At 31 July 2023

-

At 31 July 2022

100

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

133,000

72,000

Amounts owed by group undertakings

10

101

1,347,598

Other debtors

 

2,499,157

237,626

Prepayments

 

4,776

4,693

Directors current account

 

732

68,732

Total current trade and other debtors

 

2,637,766

1,730,649

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

59,089

78,857

Trade creditors

 

45,828

27,600

Taxation and social security

 

49,121

15,405

Other creditors

 

746

(54)

Accrued expenses

 

42,050

1,850

Corporation tax payable

 

109,513

59,950

Deferred income

 

99,000

-

 

405,347

183,608


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £59,089.22 (2022 - £78,856.82).

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

-

1,320,000

Other non-current financial liabilities

 

843

4,788

 

843

1,324,788

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £0.00 (2022 - £0.00) each

1,000,000

1

10,000

1

Redeemable preferred share of £10.68 (2022 - £0.00) each

202,706

2,165,190

1,040

-

 

1,202,706

2,165,191

11,040

1

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

1,320,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

59,089

78,857

 

Turnit Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

Summary of transactions with other related parties

AUM Hotel Partners Ltd, AG Propinvest,AG Force Limited and AG Gateway Ltd (common directors)

Turnit Limited has lend funds to AUM Hotel Partners Ltd. At the year-end, the balance due from AUM Hotel Partners Limited was £1,977,992.12 (2022: £,345,152.68).

Turnit Limited has lend funds to AG Propinvest Ltd. At the year-end, the balance due from AG Propinvest Ltd was £494,699.83 (2022: £395,292.15).

Turnit Limited owes funds to AG Force Ltd. At the year-end, the balance due to AG Force Limited was £605,159.34 (2022: £158,088.24).

Turnit Limited has lend funds to AG Gateway Ltd. At the year- end, the balance due from AG Gateway Ltd was £631,205.72 (2022: £0)