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REGISTERED NUMBER: 02685620 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2024

FOR

TURNEX TOOLS LIMITED

TURNEX TOOLS LIMITED (REGISTERED NUMBER: 02685620)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TURNEX TOOLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 MARCH 2024







DIRECTORS: M Turner
G M Turner





SECRETARY: G M Turner





REGISTERED OFFICE: 8 Chesterfield Road
Ashford
Middlesex
TW15 2NA





REGISTERED NUMBER: 02685620 (England and Wales)





ACCOUNTANTS: RJP LLP
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

TURNEX TOOLS LIMITED (REGISTERED NUMBER: 02685620)

BALANCE SHEET
29 MARCH 2024

29.3.24 29.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 258 373
258 373

CURRENT ASSETS
Stocks 4,000 7,500
Debtors 6 18,960 16,062
Cash at bank and in hand 285,476 253,108
308,436 276,670
CREDITORS
Amounts falling due within one year 7 115,285 113,684
NET CURRENT ASSETS 193,151 162,986
TOTAL ASSETS LESS CURRENT LIABILITIES 193,409 163,359

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 193,309 163,259
SHAREHOLDERS' FUNDS 193,409 163,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





G M Turner - Director


TURNEX TOOLS LIMITED (REGISTERED NUMBER: 02685620)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024


1. STATUTORY INFORMATION

Turnex Tools Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of tools, excluding Value Added Tax.

Revenue is recognised in the period in which tools are sold.

Intangible assets
Intangible assets are initially measure at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have previously been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is defined as the actual cost of raw materials plus an appropriate amount of labour costs.

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.

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

TURNEX TOOLS LIMITED (REGISTERED NUMBER: 02685620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 30 March 2023
and 29 March 2024 1,866
AMORTISATION
At 30 March 2023
and 29 March 2024 1,866
NET BOOK VALUE
At 29 March 2024 -
At 29 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 30 March 2023
and 29 March 2024 1,265
DEPRECIATION
At 30 March 2023 892
Charge for year 115
At 29 March 2024 1,007
NET BOOK VALUE
At 29 March 2024 258
At 29 March 2023 373

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.3.24 29.3.23
£    £   
Trade debtors 11,160 7,320
Other debtors 7,800 8,742
18,960 16,062

TURNEX TOOLS LIMITED (REGISTERED NUMBER: 02685620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.3.24 29.3.23
£    £   
Trade creditors 2,675 11,246
Taxation and social security 9,018 2,128
Other creditors 103,592 100,310
115,285 113,684

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.3.24 29.3.23
value: £    £   
100 Ordinary £1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 March 2024 and 29 March 2023:

29.3.24 29.3.23
£    £   
Director
Balance outstanding at start of year (31,033 ) (34,977 )
Amounts advanced 1,130 3,944
Amounts repaid (2,244 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,147 ) (31,033 )

Director
Balance outstanding at start of year (46,867 ) (50,217 )
Amounts advanced 601 3,350
Amounts repaid (2,244 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (48,510 ) (46,867 )