REGISTERED NUMBER: 04583111 (England and Wales)

TURBINE MOTOR WORKS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

4

175

175

CURRENT ASSETS

Debtors

5

-

3,989

Cash at bank

179

138

179

4,127

CREDITORS

Amounts falling due within one year

6

2,507,259

2,332,489

NET CURRENT LIABILITIES

(2,507,080

)

(2,328,362

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,506,905

)

(2,328,187

)

CREDITORS

Amounts falling due after more than one year

7

-

(367,828

)

ACCRUALS AND DEFERRED INCOME

(9,411

)

-

NET LIABILITIES

(2,516,316

)

(2,696,015

)

CAPITAL AND RESERVES

Called up share capital

9

157,390

157,390

Share premium

792,609

792,609

Retained earnings

(3,466,315

)

(3,646,014

)

SHAREHOLDERS' FUNDS

(2,516,316

)

(2,696,015

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorised for issue by the director and authorised for issue on 27 October 2025 and were signed by:

T M Vaughan - Director

1.	STATUTORY INFORMATION

Turbine Motor Works Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04583111

Registered office:

3 Weekley Wood Close

Kettering

Northamptonshire

NN14 1UQ

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.

Preparation of consolidated financial statements

The financial statements contain information about Turbine Motor Works Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors and creditors

Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts.

Any losses arising from impairment are recognised in the profit and loss account.

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

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.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income within administrative expenses.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of the director and shareholders.

Provisions for liabilities

Provisions are made when an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

$

COST

At 1 January 2024

and 31 December 2024

175

NET BOOK VALUE

At 31 December 2024

175

At 31 December 2023

175

Subsidiary undertaking

Name

Total Accessory Maintenance Repair & Overhaul Limited

Trading activities

Provision and repair of aircraft accessories

Class of shares

Ordinary

Holding

100%

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

VAT

-

3,989

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade creditors

-

47,690

Amounts owed to group undertakings

1,997,805

2,069,799

Other creditors

509,454

215,000

2,507,259

2,332,489

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

$

$

Warranty provision

-

367,828

8.	PROVISIONS FOR LIABILITIES

Warranty

Provisions

$

Balance at 1 January 2024

367,828

Provided during year

(367,828

)

Balance at 31 December 2024

-

This year, Turbine Lease Company LLC, the ultimate parent company, legally assumed full obligation for the Company's residual warranty provision.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

$

$

100,000

Ordinary

£1

157,390

157,390

10.	RELATED PARTY DISCLOSURES

The Company has taken exemptions under FRS 102 section 1AC.35 from disclosing transactions with group companies, on the grounds that each Company party to the transactions is wholly owned within the group.

In the year the Company received a further loan of $294,454 from Westmeadow Creamery LLC, a company under common control. At the year end the balance due was $509,454 (2023 - $215,000).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is T M Vaughan.

The Company is a wholly owned subsidiary of Kruses Capital Group Ltd, which is in turn controlled by the Company's director, T M Vaughan, who controls the ultimate parent Company, Turbine Lease Company LLC a company incorporated in United States.