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Registered number: 13272699
Turnstone Guitar Company Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13272699
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,626 10,542
59,626 10,542
CURRENT ASSETS
Stocks 5 13,000 5,500
Debtors 6 13,497 -
Cash at bank and in hand 8,236 14,514
34,733 20,014
Creditors: Amounts Falling Due Within One Year 7 (106,307 ) (29,923 )
NET CURRENT ASSETS (LIABILITIES) (71,574 ) (9,909 )
TOTAL ASSETS LESS CURRENT LIABILITIES (11,948 ) 633
NET (LIABILITIES)/ASSETS (11,948 ) 633
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (12,048 ) 533
SHAREHOLDERS' FUNDS (11,948) 633
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For the year ending 31 March 2024 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 Profit and Loss Account.
On behalf of the board
Mrs R H Heydenrych
Director
Mr K Heydenrych
Director
16 October 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
Turnstone Guitar Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13272699 . The registered office is Unit 2, Plumyfeather Farm, Plumyfeather Lane, Lye Green, Crowborough, East Sussex, TN6 1UX.
The company's principal activity continues to be that of luthiery.
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.
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 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. 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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 14,994 3,748 - 18,742
Additions 69,354 - 1,916 71,270
Disposals (3,729 ) - - (3,729 )
As at 31 March 2024 80,619 3,748 1,916 86,283
Depreciation
As at 1 April 2023 6,560 1,640 - 8,200
Provided during the period 18,923 528 638 20,089
Disposals (1,632 ) - - (1,632 )
As at 31 March 2024 23,851 2,168 638 26,657
Net Book Value
As at 31 March 2024 56,768 1,580 1,278 59,626
As at 1 April 2023 8,434 2,108 - 10,542
5. Stocks
2024 2023
£ £
Stock 13,000 5,500
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,329 -
Other debtors 9,168 -
13,497 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 31 1,335
Bank loans and overdrafts - 202
Other creditors 106,276 26,146
Taxation and social security - 2,240
106,307 29,923
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included in other creditors due within one year is a loan from the directors, Mrs R and Mr K Heydenrych amounting to £(104,388); 2022 - £(23,865).
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