Company Registration No. 06900923 (England and Wales)
Turning Factor Limited
Unaudited accounts
for the year ended 31 December 2021
Turning Factor Limited
Unaudited accounts
Contents
Turning Factor Limited
Company Information
for the year ended 31 December 2021
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
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 31 December 2021
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
31 December 2021 as set out on pages
5 -
9 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
1 April 2022
Turning Factor Limited
Statement of financial position
as at 31 December 2021
Tangible assets
57,146
2,180
Cash at bank and in hand
217,156
54,849
Creditors: amounts falling due within one year
(103,573)
(103,341)
Net current assets
418,149
170,950
Total assets less current liabilities
475,295
173,130
Creditors: amounts falling due after more than one year
(288,664)
(63,750)
Provisions for liabilities
Net assets
181,992
108,965
Called up share capital
2
2
Profit and loss account
181,990
108,963
Shareholders' funds
181,992
108,965
For the year ending 31 December 2021 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 1 April 2022 and were signed on its behalf by
Mr. James Trevor Howells
Director
Company Registration No. 06900923
Turning Factor Limited
Notes to the Accounts
for the year ended 31 December 2021
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Motor vehicles
Reducing Balance Method - 25%
Fixtures & fittings
Reducing Balance Method - 15%
Computer equipment
Straight Line Method - 33%
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 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.
Turning Factor Limited
Notes to the Accounts
for the year ended 31 December 2021
4
Intangible fixed assets
Goodwill
At 31 December 2021
75,000
At 31 December 2021
75,000
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2021
-
4,522
2,914
7,436
Additions
72,148
1,391
-
73,539
At 31 December 2021
72,148
5,913
2,914
80,975
At 1 January 2021
-
2,342
2,914
5,256
Charge for the year
18,037
536
-
18,573
At 31 December 2021
18,037
2,878
2,914
23,829
At 31 December 2021
54,111
3,035
-
57,146
At 31 December 2020
-
2,180
-
2,180
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
77,913
59,762
Other debtors
129,953
159,680
Debtors: amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
4,052
26,024
Trade creditors
14,699
15,121
Taxes and social security
79,323
3,140
Turning Factor Limited
Notes to the Accounts
for the year ended 31 December 2021
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
80,747
-
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Turning Factor Limited
Notes to the Accounts
for the year ended 31 December 2021
10
Transactions with related parties
Podium Position Ltd
(A related party by virtue of it having common directors; Mr. James Trevor Howells)
Sales
2021 £3,348 2020 £ Nil
Purchases
2021 £ Nil 2020 £Nil
Outstanding Customer Balance as at 31st December 2021
2021 £ Nil 2020 £ Nil
Outstanding Supplier Balance as at 31st December 2021 (Included in Trade Creditors)
2021 £Nil 2020 £Nil
Loan as at 30th June 2020 (Included in Other Debtors)
2021 £91,383 2020 £Nil
Don't Travel Empty Ltd
(A related party by virtue of it having common directors; Mr. James Trevor Howells)
Sales
2021 £50,760 2020 £ 51,900
Purchases
2021 £ Nil 2020 £Nil
Outstanding Customer Balance as at 31st December 2021
2021 £ 13,160 2020 £ 1,510
Outstanding Supplier Balance as at 31st December 2021 (Included in Trade Creditors)
2021 £Nil 2020 £Nil
Loan as at 30th June 2020 (Included in Other Debtors)
2021 £Nil 2020 £Nil
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 12 (2020: 4).
