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Registration number: 03490730

Turbo-K Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Turbo-K Limited

Company Information

Director

O H Platz

Company secretary

Tax Innovations Limited

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Turbo-K Limited

(Registration number: 03490730)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

54,321

32,893

Cash at bank and in hand

 

30,295

22,194

 

84,616

55,087

Creditors: Amounts falling due within one year

5

(432,221)

(428,646)

Net liabilities

 

(347,605)

(373,559)

Capital and reserves

 

Called up share capital

6

1,000

1,000

Share premium reserve

14,000

14,000

Retained earnings

(362,605)

(388,559)

Shareholders' deficit

 

(347,605)

(373,559)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2024
 

.........................................
O H Platz
Director

 

Turbo-K Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Turbo-K Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

9,535

Amounts owed by related parties

7

54,246

23,358

Other debtors

 

75

-

   

54,321

32,893

 

Turbo-K Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

87

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

430,635

425,821

Taxation and social security

 

-

1,325

Accruals and deferred income

 

1,500

1,500

Other creditors

 

(1)

-

 

432,221

428,646

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

7

Related party transactions

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

23,358

23,358

Advanced

30,888

30,888

At end of period

54,246

54,246

2022

Other related parties
£

Total
£

At start of period

554

554

Advanced

22,804

22,804

At end of period

23,358

23,358

Terms of loans to related parties

 

Turbo-K Limited

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

This is the net balance owed to Turbo-K Limited by FP BV Turbomachinary BV.

Loans from related parties

2023

Key management
£

Total
£

At start of period

425,821

425,821

Impairment

4,814

4,814

At end of period

430,635

430,635

2022

Key management
£

Total
£

At start of period

468,406

468,406

Impairment

(42,585)

(42,585)

At end of period

425,821

425,821

Terms of loans from related parties

This balance is owed to the director O.Platz with terms of an non-fixed repayment period and 0% interest.
The impairment above relates purely to the foreign exchange movement.