2022-12-012023-11-302023-11-30false08297052TURNING EARTH CERAMICS 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TURNING EARTH CERAMICS LTD

Registered Number
08297052
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

TURNING EARTH CERAMICS LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

MAUGHAN, Natalie

Registered Address

Railway Arches 361 - 362 Whiston Road
London
E2 8BW

Registered Number

08297052 (England and Wales)
TURNING EARTH CERAMICS LTD
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets331,01931,019
Tangible assets4118,615131,646
149,634162,665
Current assets
Debtors5189,734167,958
Cash at bank and on hand173,383150,529
363,117318,487
Creditors amounts falling due within one year6(214,574)(120,494)
Net current assets (liabilities)148,543197,993
Total assets less current liabilities298,177360,658
Creditors amounts falling due after one year7(122,729)(189,333)
Provisions for liabilities8(13,697)(13,697)
Net assets161,751157,628
Capital and reserves
Called up share capital105105
Share premium24,99024,990
Profit and loss account136,656132,533
Shareholders' funds161,751157,628
The financial statements were approved and authorised for issue by the Director on 24 July 2024, and are signed on its behalf by:
MAUGHAN, Natalie
Director
Registered Company No. 08297052
TURNING EARTH CERAMICS LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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 sale of goods and from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Government grants or assistance
Grants relating to the Coronavirus Job Retention Scheme are recognised in full in the period in which the associated salary, national insurance and pensions costs are incurred.
2.Average number of employees

20232022
Average number of employees during the year3421
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 December 2231,01931,019
At 30 November 2331,01931,019
Net book value
At 30 November 2331,01931,019
At 30 November 2231,01931,019
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 December 22190,44636,38532,375259,206
Additions19,3393,9881,06224,389
At 30 November 23209,78540,37333,437283,595
Depreciation and impairment
At 01 December 2277,28429,66720,609127,560
Charge for year31,9732,4303,01737,420
At 30 November 23109,25732,09723,626164,980
Net book value
At 30 November 23100,5288,2769,811118,615
At 30 November 22113,1626,71811,766131,646
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables58,13441,708
Other debtors99,703101,951
Prepayments and accrued income31,89724,299
Total189,734167,958
Short term debtors are measured at transaction price (which is usually the invoice 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.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables35,6166,716
Bank borrowings and overdrafts56,32640,000
Taxation and social security107,63760,483
Other creditors14,99513,295
Total214,574120,494
Short term creditors are measured at transaction price (which is usually the invoice 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.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts122,729189,333
Total122,729189,333
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)13,69713,697
Total13,69713,697