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COMPANY REGISTRATION NUMBER: 13874464
Turnkey Investments Limited
Filleted Unaudited Financial Statements
5 April 2024
Turnkey Investments Limited
Financial Statements
Year ended 5 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Turnkey Investments Limited
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
398,509
398,509
Current assets
Cash at bank and in hand
13,837
6,485
Creditors: amounts falling due within one year
6
126,391
123,792
---------
---------
Net current liabilities
112,554
117,307
---------
---------
Total assets less current liabilities
285,955
281,202
Creditors: amounts falling due after more than one year
7
281,000
281,000
---------
---------
Net assets
4,955
202
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
4,755
2
-------
----
Shareholders funds
4,955
202
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Turnkey Investments Limited
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mrs D Palmer
Mr W Palmer
Director
Director
Company registration number: 13874464
Turnkey Investments Limited
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Innisfree Glen Road, Kingsdown, Deal, CT14 8BS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it related to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
All fixed assets are initially recorded at cost. The company considers its property to be investment properties and are therefore carried at fair value in Financial Statements.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Long leasehold property
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
251,025
147,484
398,509
---------
---------
---------
Depreciation
At 6 April 2023 and 5 April 2024
---------
---------
---------
Carrying amount
At 5 April 2024
251,025
147,484
398,509
---------
---------
---------
At 5 April 2023
251,025
147,484
398,509
---------
---------
---------
Land and buildings represent investment property and are held at fair value. The Directors believe the fair value was not materially different at the year end.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,584
397
Other creditors
124,807
123,395
---------
---------
126,391
123,792
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
281,000
281,000
---------
---------
Bank loans are secured on the company assets by the way of a fixed and floating charge over all the company's property and undertakings.
8. Related party transactions
At the year end the company owed the Directors £122,312 (2023: £120,940). No interest was charged on this loan.