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Registered number: 11701341
Turnkey Facilities Services Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Hilary Adams Ltd
158 High Street
Herne Bay
Kent
CT6 5NP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11701341
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,653 17,055
29,653 17,055
CURRENT ASSETS
Debtors 5 480,373 466,224
Cash at bank and in hand 4,382 18,043
484,755 484,267
Creditors: Amounts Falling Due Within One Year 6 (209,429 ) (256,887 )
NET CURRENT ASSETS (LIABILITIES) 275,326 227,380
TOTAL ASSETS LESS CURRENT LIABILITIES 304,979 244,435
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,413 ) (3,240 )
NET ASSETS 297,566 241,195
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 297,466 241,095
SHAREHOLDERS' FUNDS 297,566 241,195
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For the year ending 31 December 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 Income Statement.
On behalf of the board
Roger Jackson
Director
Caroline Judd
Director
8 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
Turnkey Facilities Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11701341 . The registered office is 158 High Street, Herne Bay, Kent, CT6 5NP.
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 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 20% on cost
Motor Vehicles 25% cost
Fixtures & Fittings 20% on cost
Computer Equipment 33.3% on cost
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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 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 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 assets reflect 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 operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 2,013 17,750 - 3,495 23,258
Additions 975 21,791 1,268 699 24,733
As at 31 December 2023 2,988 39,541 1,268 4,194 47,991
...CONTINUED
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Depreciation
As at 1 January 2023 600 4,438 - 1,165 6,203
Provided during the period 598 9,885 254 1,398 12,135
As at 31 December 2023 1,198 14,323 254 2,563 18,338
Net Book Value
As at 31 December 2023 1,790 25,218 1,014 1,631 29,653
As at 1 January 2023 1,413 13,312 - 2,330 17,055
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 191,244 170,837
Prepayments and accrued income 12,696 4,309
Other debtors 2,175 300
Amounts owed by group undertakings 274,258 290,778
480,373 466,224
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 86,223 92,620
Corporation tax 46,799 46,554
Other taxes and social security 6,327 5,146
VAT 41,289 58,564
Net wages - 558
Accruals and deferred income 28,791 53,445
209,429 256,887
7. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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