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REGISTERED NUMBER: 05888040 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2024

FOR

TURN 2 LIMITED

TURN 2 LIMITED (REGISTERED NUMBER: 05888040)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TURN 2 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTORS: Mrs L G Turnbull
C A Turnbull





SECRETARY: C A Turnbull





REGISTERED OFFICE: 54 Carleton Rise
Welwyn
Hertfordshire
AL6 9RG





REGISTERED NUMBER: 05888040 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

TURN 2 LIMITED (REGISTERED NUMBER: 05888040)

BALANCE SHEET
31ST JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 68,449 35,230

CURRENT ASSETS
Debtors 5 66,972 49,065
Cash at bank 83,030 30,862
150,002 79,927
CREDITORS
Amounts falling due within one year 6 85,018 61,822
NET CURRENT ASSETS 64,984 18,105
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,433

53,335

CREDITORS
Amounts falling due after more than one
year

7

(53,891

)

(22,500

)

PROVISIONS FOR LIABILITIES (17,112 ) -
NET ASSETS 62,430 30,835

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 62,428 30,833
SHAREHOLDERS' FUNDS 62,430 30,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

TURN 2 LIMITED (REGISTERED NUMBER: 05888040)

BALANCE SHEET - continued
31ST JULY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st April 2025 and were signed on its behalf by:





C A Turnbull - Director


TURN 2 LIMITED (REGISTERED NUMBER: 05888040)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024

1. STATUTORY INFORMATION

Turn 2 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.

Going Concern Justification
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 July 2024 have been prepared using the going concern basis of accounting.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

TURN 2 LIMITED (REGISTERED NUMBER: 05888040)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st August 2023 1,901 55,990 4,080 61,971
Additions - 61,905 1,331 63,236
At 31st July 2024 1,901 117,895 5,411 125,207
DEPRECIATION
At 1st August 2023 1,665 20,996 4,080 26,741
Charge for year 210 29,474 333 30,017
At 31st July 2024 1,875 50,470 4,413 56,758
NET BOOK VALUE
At 31st July 2024 26 67,425 998 68,449
At 31st July 2023 236 34,994 - 35,230

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 61,905
At 31st July 2024 61,905
DEPRECIATION
Charge for year 15,476
At 31st July 2024 15,476
NET BOOK VALUE
At 31st July 2024 46,429

TURN 2 LIMITED (REGISTERED NUMBER: 05888040)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 66,972 49,065

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 8,772 -
Trade creditors 6,950 28,707
Taxation and social security 35,563 13,367
Other creditors 23,733 9,748
85,018 61,822

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,500 22,500
Hire purchase contracts 41,391 -
53,891 22,500