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REGISTERED NUMBER: 09122931















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Turboworks Ltd

Turboworks Ltd (Registered number: 09122931)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Turboworks Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: B Ratkiewicz





SECRETARY:





REGISTERED OFFICE: 398 Coast Road
Pevensey Bay
East Sussex
BN24 6NY





REGISTERED NUMBER: 09122931





ACCOUNTANTS: Stone's Accountancy Sussex Limited
398 Coast Road
Pevensey Bay
Pevensey
East Sussex
BN24 6NY

Turboworks Ltd (Registered number: 09122931)

Balance Sheet
31 July 2023

31/7/23 31/7/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,356 43,915

CURRENT ASSETS
Stocks 134,322 175,499
Debtors 5 19,817 22,872
Cash at bank and in hand 85,376 39,026
239,515 237,397
CREDITORS
Amounts falling due within one year 6 208,613 227,604
NET CURRENT ASSETS 30,902 9,793
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,258

53,708

CREDITORS
Amounts falling due after more than
one year

7

(19,234

)

(21,273

)

PROVISIONS FOR LIABILITIES (1,989 ) (2,485 )
NET ASSETS 52,035 29,950

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 52,034 29,949
SHAREHOLDERS' FUNDS 52,035 29,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Turboworks Ltd (Registered number: 09122931)

Balance Sheet - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 April 2024 and were signed by:





B Ratkiewicz - Director


Turboworks Ltd (Registered number: 09122931)

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

1. STATUTORY INFORMATION

Turboworks Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 the 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Turboworks Ltd (Registered number: 09122931)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 August 2022 61,077 8,416 69,493
Additions 7,617 - 7,617
At 31 July 2023 68,694 8,416 77,110
DEPRECIATION
At 1 August 2022 24,035 1,543 25,578
Charge for year 7,801 1,375 9,176
At 31 July 2023 31,836 2,918 34,754
NET BOOK VALUE
At 31 July 2023 36,858 5,498 42,356
At 31 July 2022 37,042 6,873 43,915

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade debtors 19,817 22,872

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans and overdrafts 522 -
Trade creditors 23,714 16,247
Tax 17,481 19,548
Social security and other taxes 759 1,180
VAT 2,606 604
Directors' loan accounts 159,970 186,549
Accrued expenses 3,561 3,476
208,613 227,604

Turboworks Ltd (Registered number: 09122931)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans - 2-5 years 19,234 21,273

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the sole director of the company had loaned the company in the form of the directors loan account and this is shown on the balance sheet for purchase of equipment and stock. THe loan has no agreed repayment date other than when the company can afford to repay. The stock and equipment is security against the loan outstanding. Interest has however been charged at 2.5%.

The loan is repayable on demand.