Turnbuckle Services Ltd Filleted Accounts Cover
Turnbuckle Services Ltd
Formerly known as M&S Locksmiths Ltd
Company No. 14487935
Information for Filing with The Registrar
30 November 2023
Turnbuckle Services Ltd Directors Report Registrar
The Directors present their report and the accounts for the period ended 30 November 2023.
Principal activities
The principal activity of the company during the period under review was locksmiths.
Directors
The Directors who served at any time during the period were as follows:
S. Creasy
(Resigned 1 August 2023)
M. Lubbock
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
M. Lubbock
Director
14 August 2024
Turnbuckle Services Ltd Balance Sheet Registrar
at
30 November 2023
Company No.
14487935
Notes
2023
£
Fixed assets
Intangible assets
4
8,000
8,000
Current assets
Debtors
5
270
Cash at bank and in hand
10,960
11,230
Creditors: Amount falling due within one year
6
(11,192)
Net current assets
38
Total assets less current liabilities
8,038
Net assets
8,038
Capital and reserves
Called up share capital
10
Profit and loss account
8
8,028
Total equity
8,038
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 14 August 2024 and signed on its behalf by:
M. Lubbock
Director
14 August 2024
Turnbuckle Services Ltd Notes to the Accounts Registrar
for the period ended 30 November 2023
1
General information
Turnbuckle Services Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 14487935
Its registered office is:
18 Monckton Crescent
Lowestoft
Suffolk
NR32 2QY
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
3
Employees
2023
Number
The average monthly number of employees (including directors) during the period:
1
4
Intangible fixed assets
Other
Total
£
£
Cost
Additions
10,00010,000
At 30 November 2023
10,00010,000
Amortisation and impairment
Charge for the year
2,0002,000
At 30 November 2023
2,0002,000
Net book values
At 30 November 2023
8,0008,000
5
Debtors
2023
£
Trade debtors
270
270
6
Creditors:
amounts falling due within one year
2023
£
Trade creditors
393
Taxes and social security
2,352
Loans from directors
152
Other creditors
7,500
Accruals and deferred income
795
11,192
7
Share Capital
The company was incorporated with 100 £0.10 ordinary shares, which are fully paid at par.
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9
Related party disclosures
Transactions with related parties
Included within other creditors is an interest free loan of £7,500 from Turnbuckle Communications Limited, a company owned by the same director.
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