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Registered number: 03823610
Turtle Networks Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Daverns
Chartered Accountants
Hardy House
Northbridge Road
Berkhamsted
Herts
HP4 1EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03823610
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 330,282 338,172
330,282 338,172
CURRENT ASSETS
Debtors 5 72,227 6,170
Cash at bank and in hand 78,115 130,920
150,342 137,090
Creditors: Amounts Falling Due Within One Year 6 (374,243 ) (376,028 )
NET CURRENT ASSETS (LIABILITIES) (223,901 ) (238,938 )
TOTAL ASSETS LESS CURRENT LIABILITIES 106,381 99,234
Creditors: Amounts Falling Due After More Than One Year 7 (11,188 ) (17,388 )
NET ASSETS 95,193 81,846
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 95,192 81,845
SHAREHOLDERS' FUNDS 95,193 81,846
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For the year ending 31 August 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tushar Joshi
Director
31st August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Turtle Networks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03823610 . The registered office is Unit 8 Innovation Studios, 4 Long Street, London, E2 8HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% on cost
Plant & Machinery 25% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.4. 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 statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2.5. Pensions
The company also contributes to a work place pension scheme ( NEST) in line with its obligations under auto enrollment. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 1 1
2 2
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2022 370,967 4,413 16,245 391,625
Additions - 2,620 - 2,620
As at 31 August 2023 370,967 7,033 16,245 394,245
Depreciation
As at 1 September 2022 35,733 3,309 14,411 53,453
Provided during the period 7,419 1,758 1,333 10,510
As at 31 August 2023 43,152 5,067 15,744 63,963
Net Book Value
As at 31 August 2023 327,815 1,966 501 330,282
As at 1 September 2022 335,234 1,104 1,834 338,172
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 63,811 6,170
Other debtors 8,416 -
72,227 6,170
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 412 401
Bank loans and overdrafts 6,000 6,000
Corporation tax 19,083 10,276
Other taxes and social security 16,666 8,387
Other creditors 4,788 1,867
Accruals and deferred income 19,084 21,105
Directors' loan accounts 308,210 327,992
374,243 376,028
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 11,188 17,388
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.000 each 1 1
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr Tushar Joshi 38,000 25,000
10. Related Party Transactions
Festival Pro LimitedT V Joshi is a director of Festival Pro LimitedDuring the year Turtle Networks Limited provided consultancy services to Festival Pro Limited in the sum of £40,015.

Festival Pro Limited

T V Joshi is a director of Festival Pro Limited

During the year Turtle Networks Limited provided consultancy services to Festival Pro Limited in the sum of £40,015.

Vox Sciences LimitedT V Joshi is a director of Vox Sciences LimitedDuring the year Turtle Networks Limited provided consultancy services to Vox Sciences Limited in the sum of £31,302.

Vox Sciences Limited

T V Joshi is a director of Vox Sciences Limited

During the year Turtle Networks Limited provided consultancy services to Vox Sciences Limited in the sum of £31,302.

The director believes that these transaction are at arms length.
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