Turing Festival Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: SC533170

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		10,878		5,363
Tangible Assets	5		2,317		3,191

			13,195		8,554
CURRENT ASSETS
Debtors	6	114,486		88,170
Cash at bank and in hand		1,053		27

		115,539		88,197
Creditors: Amounts Falling Due Within One Year	7	(191,843 )		(295,385 )

NET CURRENT ASSETS (LIABILITIES)			(76,304 )		(207,188 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(63,109 )		(198,634 )

Creditors: Amounts Falling Due After More Than One Year	8		(31,946 )		(39,178 )

NET LIABILITIES			(95,055 )		(237,812 )

CAPITAL AND RESERVES
Called up share capital	9		111		101
Share premium account			256,995		7,044
Profit and Loss Account			(352,161 )		(244,957 )

SHAREHOLDERS' FUNDS			(95,055)		(237,812)

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Turing Festival Limited

Balance Sheet (continued)

As At 31 December 2024

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr B D Corcoran

Director

22 December 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Turing Festival Limited is a private company, limited by shares, incorporated in Scotland, registered number SC533170 . The registered office is 5 Tower Buildings Station Road, Birnam, Dunkeld, PH8 0DS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis. The directors have carried out an assessment of the going concern position of the Company and with their continued support, the directors have concluded that they have a reasonable expectation that the Company has adequate access to resources to continue as a going concern for a period of at least 12 months. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to nil on a straight line basis over their expected useful economic lives of 5 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% Straight Line
Computer Equipment	25% Straight Line

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Turing Festival Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

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Turing Festival Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the period was as follows: 3 (2023: 4)

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 January 2024	6,995
Additions	8,060

As at 31 December 2024	15,055

Amortisation
As at 1 January 2024	1,632
Impairment losses	2,545

As at 31 December 2024	4,177

Net Book Value
As at 31 December 2024	10,878

As at 1 January 2024	5,363

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	566	8,687	9,253
Additions	-	665	665

As at 31 December 2024	566	9,352	9,918

Depreciation
As at 1 January 2024	330	5,732	6,062
Provided during the period	90	1,449	1,539

As at 31 December 2024	420	7,181	7,601

Net Book Value
As at 31 December 2024	146	2,171	2,317

As at 1 January 2024	236	2,955	3,191

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Turing Festival Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	36,141	16,621
Prepayments and accrued income	8,245	3,031
Other debtors	15,784	15,784
Directors' loan accounts	54,316	52,734

	114,486	88,170

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	11,318	7,737
Bank loans and overdrafts	23,348	43,861
Other taxes and social security	32,817	33,217
VAT	19,821	25,478
Other creditors	46,319	44,964
Accruals and deferred income	58,220	140,128

	191,843	295,385

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	31,946	39,178

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	111	101

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Brian Corcoran	52,734	1,582	-	-	54,316

The above loan is unsecured, interest is being charged at 3% per annum and is repayable on demand.

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