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Registration number: 02769439

Turbo Dynamics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Turbo Dynamics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Turbo Dynamics Ltd

Company Information

Director

Mr Peter Marsh

Registered office

20-21 Somerford Business Park
Wilverley Road
Christchurch
Dorset
BH23 3RU

Accountants

Robert Field - AIMS Accountants
9 Hinton Wood Avenue
Christchurch
Dorset
BH23 5AB

 

Turbo Dynamics Ltd

(Registration number: 02769439)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

495,821

507,032

Current assets

 

Stocks

5

242,774

206,881

Debtors

6

72,040

73,786

Cash at bank and in hand

 

796

1,024

 

315,610

281,691

Creditors: Amounts falling due within one year

7

(136,814)

(148,239)

Net current assets

 

178,796

133,452

Total assets less current liabilities

 

674,617

640,484

Creditors: Amounts falling due after more than one year

7

(388,436)

(331,279)

Net assets

 

286,181

309,205

Capital and reserves

 

Called up share capital

8

80,000

80,000

Other reserves

500,000

500,000

Retained earnings

(293,819)

(270,795)

Shareholders' funds

 

286,181

309,205

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 August 2025
 

 

Turbo Dynamics Ltd

(Registration number: 02769439)
Balance Sheet as at 30 April 2024

.........................................
Mr Peter Marsh
Director

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20-21 Somerford Business Park
Wilverley Road
Christchurch
Dorset
BH23 3RU

These financial statements were authorised for issue by the director on 7 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 12).

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

435,587

210,095

36,363

336,464

1,018,509

At 30 April 2024

435,587

210,095

36,363

336,464

1,018,509

Depreciation

At 1 May 2023

-

199,465

33,980

278,501

511,946

Charge for the year

-

1,452

596

8,694

10,742

At 30 April 2024

-

200,917

34,576

287,195

522,688

Carrying amount

At 30 April 2024

435,587

9,178

1,787

49,269

495,821

At 30 April 2023

435,587

11,099

2,383

57,963

507,032

Included within the net book value of land and buildings above is £435,587 (2023 - £435,587) in respect of freehold land and buildings.
 

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

242,774

206,881

6

Debtors

Current

2024
£

2023
£

Trade debtors

18,418

6,077

Other debtors

53,622

67,709

 

72,040

73,786

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

18,254

19,034

Trade creditors

 

94,284

98,039

Accruals and deferred income

 

744

744

Other creditors

 

23,532

30,422

 

136,814

148,239

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

388,436

331,279

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

50,000

50,000

50,000

50,000

8% Redeemable NC Preference of £1 each

30,000

30,000

30,000

30,000

 

80,000

80,000

80,000

80,000

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

22,672

33,113

Other borrowings

365,764

298,166

388,436

331,279

 

Turbo Dynamics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

18,254

19,034

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,263

15,263