Company registration number 09912721 (England and Wales)
TURIM UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TURIM UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
TURIM UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,659
5,729
Current assets
Debtors
4
248,630
434,769
Cash at bank and in hand
413,136
445,575
661,766
880,344
Creditors: amounts falling due within one year
5
(22,786)
(113,339)
Net current assets
638,980
767,005
Total assets less current liabilities
642,639
772,734
Creditors: amounts falling due after more than one year
6
(100,000)
-
0
Net assets
542,639
772,734
Capital and reserves
Called up share capital
7
300,003
300,003
Profit and loss reserves
8
242,636
472,731
Total equity
542,639
772,734

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
C Ferraz
Director
Company registration number 09912721 (England and Wales)
TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Turim UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman street, London, E1W 9US. The principal place of business is 111 Park Street, London, W1K 7JF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resource and support in place to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of Wealth administration and Wealth planning advice in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
10,131
Additions
3,699
Disposals
(7,201)
At 31 December 2023
6,629
Depreciation and impairment
At 1 January 2023
4,402
Depreciation charged in the year
1,415
Eliminated in respect of disposals
(2,847)
At 31 December 2023
2,970
Carrying amount
At 31 December 2023
3,659
At 31 December 2022
5,729
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
33,179
-
0
Other debtors
215,451
434,769
248,630
434,769
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,376
12,246
Corporation tax
-
0
33,110
Other taxation and social security
4,436
12,178
Other creditors
9,974
55,805
22,786
113,339
TURIM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
100,000
-
0
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
300,003
-
300,003
Ordinary shares A of £1 each
100,001
-
100,001
-
Ordinary shares B of £1 each
100,001
-
100,001
-
Ordinary shares C of £1 each
100,001
-
100,001
-
300,003
300,003
300,003
300,003

300,003 Ordinary shares has been redesignated as 100,001 Ordinary shares A, 100,001 Ordinary shares B and 100,001 Ordinary shares C of £1.00 each . There are no restrictions on the distribution of dividends and repayment of capital.

 

8
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
92,892
105,756

After the year end, the company exercised their right to terminate one of its leases held at the year end. This reduced the operating lease commitment by £34,704.

10
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
100,000
37,660
2023-12-312023-01-01false18 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityC Ferrazfalsefalse099127212023-01-012023-12-31099127212023-12-31099127212022-12-3109912721core:OtherPropertyPlantEquipment2023-12-3109912721core:OtherPropertyPlantEquipment2022-12-3109912721core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109912721core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109912721core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109912721core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109912721core:CurrentFinancialInstruments2023-12-3109912721core:CurrentFinancialInstruments2022-12-3109912721core:ShareCapital2023-12-3109912721core:ShareCapital2022-12-3109912721core:RetainedEarningsAccumulatedLosses2023-12-3109912721core:RetainedEarningsAccumulatedLosses2022-12-3109912721core:ShareCapitalOrdinaryShares2023-12-3109912721core:ShareCapitalOrdinaryShares2022-12-3109912721core:FurnitureFittings2023-01-012023-12-3109912721core:ComputerEquipment2023-01-012023-12-31099127212022-01-012022-12-3109912721core:OtherPropertyPlantEquipment2022-12-3109912721core:OtherPropertyPlantEquipment2023-01-012023-12-3109912721core:WithinOneYear2023-12-3109912721core:WithinOneYear2022-12-3109912721core:Non-currentFinancialInstruments2023-12-3109912721core:Non-currentFinancialInstruments2022-12-3109912721bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109912721bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109912721bus:FRS1022023-01-012023-12-3109912721bus:AuditExemptWithAccountantsReport2023-01-012023-12-3109912721bus:Director12023-01-012023-12-3109912721bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP