Company registration number 09743161 (England and Wales)
TURVEC SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TURVEC SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,853
12,453
Tangible assets
4
5,916
8,572
12,769
21,025
Current assets
Stocks
54,750
-
Debtors falling due after more than one year
5
34,407
38,813
Debtors falling due within one year
5
716,921
636,980
Cash at bank and in hand
139,645
174,772
945,723
850,565
Creditors: amounts falling due within one year
6
(749,677)
(642,171)
Net current assets
196,046
208,394
Total assets less current liabilities
208,815
229,419
Creditors: amounts falling due after more than one year
7
(8,182)
(19,091)
Provisions for liabilities
8
(3,192)
(5,256)
Net assets
197,441
205,072
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
196,441
204,072
Total equity
197,441
205,072

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

TURVEC SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr G W Hosegood
Director
Company registration number 09743161 (England and Wales)
TURVEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Turvec Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 20 Farringdon Street, London, EC4A 4BL.

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

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover from the sale of goods is recognised when the risks and rewards of ownership have passed to the customer, usually upon dispatch.

 

Turnover from installation contracts is recognised upon completion of specified stages, per the terms of the sales agreement.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
36 months - straight line
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:

Plant and equipment
48 months - straight line
Office equipment
36 months - straight line
TURVEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.8
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 profit and loss account 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.

1.9
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.

1.10
Retirement benefits

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

1.11
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.

TURVEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Software
£
Cost
At 1 September 2023 and 31 August 2024
16,800
Amortisation
At 1 September 2023
4,347
Amortisation charged for the year
5,600
At 31 August 2024
9,947
Carrying amount
At 31 August 2024
6,853
At 31 August 2023
12,453
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
26,446
Additions
3,615
At 31 August 2024
30,061
Depreciation and impairment
At 1 September 2023
17,874
Depreciation charged in the year
6,271
At 31 August 2024
24,145
Carrying amount
At 31 August 2024
5,916
At 31 August 2023
8,572
TURVEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
440,780
321,590
Other debtors
255,483
297,228
Prepayments and accrued income
20,658
18,162
716,921
636,980
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
34,407
38,813
Total debtors
751,328
675,793
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,909
10,909
Trade creditors
279,002
254,623
Amounts owed to group undertakings
12,159
16,000
Taxation and social security
108,188
86,331
Other creditors
339,419
274,308
749,677
642,171
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,182
19,091
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,192
5,256
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
1,000,000
1,000,000
1,000
1,000
TURVEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Called up share capital
(Continued)
- 7 -
10
Related party transactions
Transactions with related parties

The company's parent undertaking is Turvec Holdings Limited, a company registered in England and Wales.

 

The registered office address for the parent undertaking is 73-75 High Street, Stevenage, Hertfordshire, United Kingdom, SG1 3HR.

11
Directors' transactions

Amounts repaid and advanced to the company were £nil (2023: £80,130). All amounts are interest free and repayable on demand. At the balance sheet date the total amount owed by the company was £439 (2023: £525 owed to the company).

 

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