Turning Factor Limited

Turning Factor Limited

TURNING FACTOR LIMITED - Company Information

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1 May 2018 false No description of principal activity Taxfiler 2019.7.Web 06900923business:PrivateLimitedCompanyLtd2018-05-012019-04-30 069009232018-04-30 069009232018-05-012019-04-30 06900923business:AuditExemptWithAccountantsReport2018-05-012019-04-30 06900923business:FullAccounts2018-05-012019-04-30 069009232019-04-30 06900923business:Director12018-05-012019-04-30 06900923business:Director22018-05-012019-04-30 06900923business:RegisteredOffice2018-05-012019-04-30 069009232018-04-30 06900923core:WithinOneYear2019-04-30 06900923core:WithinOneYear2018-04-30 06900923core:AfterOneYear2019-04-30 06900923core:AfterOneYear2018-04-30 06900923core:ShareCapital2019-04-30 06900923core:ShareCapital2018-04-30 06900923core:RetainedEarningsAccumulatedLosses2019-04-30 06900923core:RetainedEarningsAccumulatedLosses2018-04-30 06900923business:SmallEntities2018-05-012019-04-30 06900923countries:EnglandWales2018-05-012019-04-30 06900923core:FurnitureFittings2018-05-012019-04-30 06900923core:ComputerEquipment2018-05-012019-04-30 06900923core:Goodwill2018-04-30 06900923core:Goodwill2019-04-30 06900923core:FurnitureFittings2018-04-30 06900923core:ComputerEquipment2018-04-30 06900923core:FurnitureFittings2019-04-30 06900923core:ComputerEquipment2019-04-30 06900923core:AcceleratedTaxDepreciationDeferredTax2019-04-30 06900923core:AcceleratedTaxDepreciationDeferredTax2018-04-30 069009232016-10-31 069009232016-11-012018-04-30 06900923business:OrdinaryShareClass12018-05-012019-04-30 06900923business:OrdinaryShareClass12016-11-012018-04-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 06900923 (England and Wales)
Turning Factor Limited Unaudited accounts for the year ended 30 April 2019
Turning Factor Limited Unaudited accounts Contents
Page
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Turning Factor Limited Company Information for the year ended 30 April 2019
Directors
Mr. James Trevor Howells Mrs. Kathryn Anne Horton
Company Number
06900923 (England and Wales)
Registered Office
Suite 3/4/5 Wensum Mount Business Centre Low Road Norwich Norfolk NR6 5AQ England
Accountants
Together Accounting Limited 17-19 St Georges Street Norwich Norfolk NR3 1AB
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Turning Factor Limited Accountants' report
Accountants' report to the board of directors of Turning Factor Limited on the preparation of the unaudited statutory accounts for the year ended 30 April 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Turning Factor Limited for the year ended 30 April 2019 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Turning Factor Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Turning Factor Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turning Factor Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Turning Factor Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Turning Factor Limited. You consider that Turning Factor Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Turning Factor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Together Accounting Limited 17-19 St Georges Street Norwich Norfolk NR3 1AB 30 May 2019
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Turning Factor Limited Statement of financial position as at 30 April 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Tangible assets
5
2,268 
3,129 
Current assets
Debtors
6
226,385 
123,936 
Cash at bank and in hand
29,883 
12,112 
256,268 
136,048 
Creditors: amounts falling due within one year
7
(157,920)
(83,750)
Net current assets
98,348 
52,298 
Total assets less current liabilities
100,616 
55,427 
Creditors: amounts falling due after more than one year
8
- 
(48,000)
Provisions for liabilities
Deferred tax
9
(431)
(595)
Net assets
100,185 
6,832 
Capital and reserves
Called up share capital
10
2 
2 
Profit and loss account
100,183 
6,830 
Shareholders' funds
100,185 
6,832 
For the year ending 30 April 2019 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 May 2019.
Mr. James Trevor Howells Director Company Registration No. 06900923
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Turning Factor Limited Notes to the Accounts for the year ended 30 April 2019
1
Statutory information
Turning Factor Limited is a private company, limited by shares, registered in England and Wales, registration number 06900923. The registered office is Suite 3/4/5 Wensum Mount Business Centre, Low Road, Norwich, Norfolk, NR6 5AQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Reducing Balance Method - 15%
Computer equipment
Straight Line Method - 33%
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
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Turning Factor Limited Notes to the Accounts for the year ended 30 April 2019
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 May 2018
75,000 
At 30 April 2019
75,000 
Amortisation
At 1 May 2018
75,000 
At 30 April 2019
75,000 
Net book value
At 30 April 2019
- 
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2018
3,940 
2,914 
6,854 
At 30 April 2019
3,940 
2,914 
6,854 
Depreciation
At 1 May 2018
1,271 
2,454 
3,725 
Charge for the year
401 
460 
861 
At 30 April 2019
1,672 
2,914 
4,586 
Net book value
At 30 April 2019
2,268 
- 
2,268 
At 30 April 2018
2,669 
460 
3,129 
6
Debtors
2019 
2018 
£ 
£ 
Trade debtors
112,945 
53,319 
Accrued income and prepayments
3,335 
974 
Other debtors
110,105 
69,643 
226,385 
123,936 
7
Creditors: amounts falling due within one year
2019 
2018 
£ 
£ 
Bank loans and overdrafts
57,741 
22,330 
Trade creditors
15,276 
15,315 
Taxes and social security
77,998 
39,567 
Other creditors
2,605 
3,392 
Accruals
4,300 
3,146 
157,920 
83,750 
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Turning Factor Limited Notes to the Accounts for the year ended 30 April 2019
8
Creditors: amounts falling due after more than one year
2019 
2018 
£ 
£ 
Bank loans
- 
48,000 
9
Deferred taxation
2019 
2018 
£ 
£ 
Accelerated capital allowances
431 
595 
2019 
2018 
£ 
£ 
Provision at start of year
595 
229 
(Credited)/charged to the profit and loss account
(164)
366 
Provision at end of year
431 
595 
10
Share capital
2019 
2018 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
11
Controlling party
The company is controlled by the directors who own 100% of the called up share capital.
12
Average number of employees
During the year the average number of employees was 3 (2018: 3).
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