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REGISTERED NUMBER: 08148320 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Turbocharger Solutions Limited

Turbocharger Solutions Limited (Registered number: 08148320)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Turbocharger Solutions Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L Waterson
T R Waterson





SECRETARY: L Waterson





REGISTERED OFFICE: C/O Turbo Solutions
Red Barnes Way
DARLINGTON
Co Durham
DL1 2RR





REGISTERED NUMBER: 08148320 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Turbocharger Solutions Limited (Registered number: 08148320)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 190,185 263,145
Investment property 6 110,666 113,285
300,851 376,430

CURRENT ASSETS
Stocks 7 224,620 274,620
Debtors 8 184,368 304,619
Cash at bank and in hand 229,785 242,711
638,773 821,950
CREDITORS
Amounts falling due within one year 9 128,050 153,241
NET CURRENT ASSETS 510,723 668,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

811,574

1,045,139

CREDITORS
Amounts falling due after more than one
year

10

(140,064

)

(159,843

)

PROVISIONS FOR LIABILITIES 12 (23,178 ) (48,353 )
NET ASSETS 648,332 836,943

CAPITAL AND RESERVES
Called up share capital 13 100 100
Capital redemption reserve 100 100
Retained earnings 648,132 836,743
SHAREHOLDERS' FUNDS 648,332 836,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Turbocharger Solutions Limited (Registered number: 08148320)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





T R Waterson - Director


Turbocharger Solutions Limited (Registered number: 08148320)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Turbocharger Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with directors which were conducted at a market rate.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Income recognition
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss account on receipt.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and selling price less estimated costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.


Turbocharger Solutions Limited (Registered number: 08148320)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 2,114,380
AMORTISATION
At 1 January 2023
and 31 December 2023 2,114,380
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Turbocharger Solutions Limited (Registered number: 08148320)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 206,654 21,324 423,813 57,787 709,578
Additions - - 129,339 - 129,339
Disposals - - (154,283 ) - (154,283 )
At 31 December 2023 206,654 21,324 398,869 57,787 684,634
DEPRECIATION
At 1 January 2023 186,810 21,005 191,696 46,922 446,433
Charge for year 6,527 91 98,477 4,349 109,444
Eliminated on disposal - - (61,428 ) - (61,428 )
At 31 December 2023 193,337 21,096 228,745 51,271 494,449
NET BOOK VALUE
At 31 December 2023 13,317 228 170,124 6,516 190,185
At 31 December 2022 19,844 319 232,117 10,865 263,145

6. INVESTMENT PROPERTY
Total
£   
COST
At 1 January 2023
and 31 December 2023 130,963
DEPRECIATION
At 1 January 2023 17,678
Charge for year 2,619
At 31 December 2023 20,297
NET BOOK VALUE
At 31 December 2023 110,666
At 31 December 2022 113,285

7. STOCKS
2023 2022
£    £   
Stocks 224,620 274,620

Turbocharger Solutions Limited (Registered number: 08148320)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,226 28,722
Other debtors 1,434 -
Directors' loan accounts 153,405 268,647
Prepayments 9,303 7,250
184,368 304,619

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,313 7,173
Hire purchase contracts 27,846 39,138
Trade creditors 8,409 35,281
Taxation and social security 42,070 26,594
Other creditors 30,996 37,139
Accruals and deferred income 11,416 7,916
128,050 153,241

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 7,500 7,347
Bank loans - 2-5 years 3,821 11,225
Hire purchase contracts 128,743 141,271
140,064 159,843

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 156,589 180,409

The hire purchase is secured over the assets to which it relates.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 23,178 48,353

Turbocharger Solutions Limited (Registered number: 08148320)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 48,353
Accelerated capital allowances (25,175 )
Balance at 31 December 2023 23,178

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
99 Ordinary £1 99 99
1 Ordinary B £1 1 1
100 100

The Ordinary shares have full voting rights, right to dividends and the right to capital distributions (including on winding up). There and no rights to redemption.

The B Ordinary shares shall be entitled to one vote for every Ordinary share held and one vote for every B Ordinary share held. The holders shall be entitled to varying rates of dividend as declared by the company from time to time.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
T R Waterson and L Waterson
Balance outstanding at start of year 268,646 (697 )
Amounts advanced 154,759 269,343
Amounts repaid (270,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,405 268,646

No interest has been charged on the directors loan.