Turning Factor Limited

Turning Factor Limited

TURNING FACTOR LIMITED - Company Information

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1 May 2019 false No description of principal activity Taxfiler 2020.14.5 06900923business:PrivateLimitedCompanyLtd2019-05-012019-12-31 069009232019-04-30 069009232019-05-012019-12-31 06900923business:AuditExemptWithAccountantsReport2019-05-012019-12-31 06900923business:FullAccounts2019-05-012019-12-31 069009232019-12-31 06900923business:Director12019-05-012019-12-31 06900923business:Director22019-05-012019-12-31 06900923business:RegisteredOffice2019-05-012019-12-31 069009232019-04-30 06900923core:WithinOneYear2019-12-31 06900923core:WithinOneYear2019-04-30 06900923core:AfterOneYear2019-12-31 06900923core:AfterOneYear2019-04-30 06900923core:ShareCapital2019-12-31 06900923core:ShareCapital2019-04-30 06900923core:RetainedEarningsAccumulatedLosses2019-12-31 06900923core:RetainedEarningsAccumulatedLosses2019-04-30 06900923business:SmallEntities2019-05-012019-12-31 06900923countries:EnglandWales2019-05-012019-12-31 06900923core:FurnitureFittings2019-05-012019-12-31 06900923core:ComputerEquipment2019-05-012019-12-31 06900923core:Goodwill2019-04-30 06900923core:Goodwill2019-12-31 06900923core:FurnitureFittings2019-04-30 06900923core:ComputerEquipment2019-04-30 06900923core:FurnitureFittings2019-12-31 06900923core:ComputerEquipment2019-12-31 06900923core:AcceleratedTaxDepreciationDeferredTax2019-12-31 06900923core:AcceleratedTaxDepreciationDeferredTax2019-04-30 069009232018-04-30 069009232018-05-012019-04-30 06900923business:OrdinaryShareClass12019-05-012019-12-31 06900923business:OrdinaryShareClass12018-05-012019-04-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 06900923 (England and Wales)
Turning Factor Limited Unaudited accounts for the period from 1 May 2019 to 31 December 2019
Turning Factor Limited Unaudited accounts Contents
Page
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Turning Factor Limited Company Information for the period from 1 May 2019 to 31 December 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 period from 1 May 2019 to 31 December 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 period from 1 May 2019 to 31 December 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 loss of Turning Factor Limited. You consider that Turning Factor Limited is exempt from the statutory audit requirement for the period.
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 23 December 2020
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Turning Factor Limited Statement of financial position as at 31 December 2019
31/12/2019 
30/04/2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
5
2,565 
2,268 
Current assets
Debtors
6
180,324 
226,385 
Cash at bank and in hand
583 
29,883 
180,907 
256,268 
Creditors: amounts falling due within one year
7
(133,278)
(157,921)
Net current assets
47,629 
98,347 
Total assets less current liabilities
50,194 
100,615 
Creditors: amounts falling due after more than one year
8
(36,751)
- 
Provisions for liabilities
Deferred tax
9
(488)
(431)
Net assets
12,955 
100,184 
Capital and reserves
Called up share capital
10
2 
2 
Profit and loss account
12,953 
100,182 
Shareholders' funds
12,955 
100,184 
For the period ending 31 December 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.
The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2020 and were signed on its behalf by
Mr. James Trevor Howells Director Company Registration No. 06900923
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Turning Factor Limited Notes to the Accounts for the period from 1 May 2019 to 31 December 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 period, 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 period from 1 May 2019 to 31 December 2019
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 May 2019
75,000 
At 31 December 2019
75,000 
Amortisation
At 1 May 2019
75,000 
At 31 December 2019
75,000 
Net book value
At 31 December 2019
- 
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2019
3,940 
2,914 
6,854 
Additions
582 
- 
582 
At 31 December 2019
4,522 
2,914 
7,436 
Depreciation
At 1 May 2019
1,672 
2,914 
4,586 
Charge for the period
285 
- 
285 
At 31 December 2019
1,957 
2,914 
4,871 
Net book value
At 31 December 2019
2,565 
- 
2,565 
At 30 April 2019
2,268 
- 
2,268 
6
Debtors
31/12/2019 
30/04/2019 
£ 
£ 
Trade debtors
33,532 
112,945 
Accrued income and prepayments
4,416 
3,335 
Other debtors
142,376 
110,105 
180,324 
226,385 
7
Creditors: amounts falling due within one year
31/12/2019 
30/04/2019 
£ 
£ 
Bank loans and overdrafts
39,902 
57,741 
Trade creditors
42,792 
15,276 
Taxes and social security
11,793 
77,998 
Other creditors
1,266 
2,606 
Accruals
- 
4,300 
Deferred income
37,525 
- 
133,278 
157,921 
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Turning Factor Limited Notes to the Accounts for the period from 1 May 2019 to 31 December 2019
8
Creditors: amounts falling due after more than one year
31/12/2019 
30/04/2019 
£ 
£ 
Bank loans
36,751 
- 
9
Deferred taxation
31/12/2019 
30/04/2019 
£ 
£ 
Accelerated capital allowances
488 
431 
31/12/2019 
30/04/2019 
£ 
£ 
Provision at start of period
431 
595 
Charged/(credited) to the profit and loss account
57 
(164)
Provision at end of period
488 
431 
10
Share capital
31/12/2019 
30/04/2019 
£ 
£ 
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 period the average number of employees was 3 (30/04/2019: 3).
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