REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 October 2023 |
for |
Turbotface Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 October 2023 |
for |
Turbotface Limited |
Turbotface Limited (Registered number: 09819434) |
Contents of the Financial Statements |
For The Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Turbotface Limited |
Company Information |
For The Year Ended 31 October 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
18/22 Church Street |
Malvern |
Worcestershire |
WR14 2AY |
Turbotface Limited (Registered number: 09819434) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
The director acknowledges his 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. |
Turbotface Limited (Registered number: 09819434) |
Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Turbotface Limited (Registered number: 09819434) |
Notes to the Financial Statements |
For The Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Turbotface Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the rents received or receivable from the investment properties. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are revalued annually at their open market value in accordance with FRSSE.The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below cost ,in which case it is taken to Profit and Loss account. |
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006.In the opinion of the Director these properties are held primarily for their investment potential and so their current market value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.The provisions of the FRSSE in respect of investment properties have therefore been adopted in order to give a true and fair view. |
If this departure from the act had not been made the results for the year would have been affected by the depreciation charge. |
However the amount of the depreciation cannot be reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Turbotface Limited (Registered number: 09819434) |
Notes to the Financial Statements - continued |
For The Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
At 31st October 2019 Fair value equates to purchase cost. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Turbotface Limited (Registered number: 09819434) |
Notes to the Financial Statements - continued |
For The Year Ended 31 October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 117,151 | 204,090 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Other loans |
The bank loan is secured against the investment properties. |
9. | RELATED PARTY DISCLOSURES |
Included in creditors is an amount due to the Director in the sum of £247,000 |