Turning Factor Limited - Period Ending 2015-10-31

Registration number: 6900923

Turning Factor Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Together Accounting Limited
De Vere House
90 St Faiths Lane
Norwich
Norfolk
NR1 1NE

Turning Factor Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Turning Factor Limited
for the Year Ended 31 October 2015

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 October 2015 set out on pages 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 letter. 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
De Vere House
90 St Faiths Lane
Norwich
Norfolk
NR1 1NE

24 February 2016

Page 1

Turning Factor Limited
(Registration number: 6900923)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					2,999			642
Current assets
Debtors					110,207			82,991
Cash at bank and in hand					18,020			2,316
					128,227			85,307
Creditors: Amounts falling due within one year					(95,911)			(54,628)
Net current assets					32,316			30,679
Total assets less current liabilities					35,315			31,321
Creditors: Amounts falling due after more than one year					(28,831)			(2,500)
Provisions for liabilities					(437)			-
Net assets					6,047			28,821
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					6,045			28,819
Shareholders' funds					6,047			28,821

For the year ending 31 October 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 February 2016 and signed on its behalf by:

.........................................
Ms Kathryn Horton
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Turning Factor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Gross and Net Profit Margins

For matter of record, the Net and Gross Profit Margins of the Company Accounts for the Year Ended 31st October 2015, were affected by two key personnel being involved a a significant car accident. This also had had an affect on the turnover of the Company within the months that the two key personnel were unable to perform their duties due to the effects of the car accident. This matter has now been recified which is reflected in the improved performance of the Company in the latter stages of the Financial year. Subsequently the Company has continued to perform to it's projected targets.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is the difference between the amounts paid on the aquisation of the business and the fair value of its identifable assets and liabilities.

Asset class	Amortisation method and rate
Goodwill	2 Years Straight Line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	15% reducing balance
Computer equipment	33% straight line

Deferred tax

Page 3

Turning Factor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2014		1,284			1,284
Additions		3,313			3,313
At 31 October 2015		4,597			4,597
Depreciation
At 1 November 2014		642			642
Charge for the year		956			956
At 31 October 2015		1,598			1,598
Net book value
At 31 October 2015		2,999			2,999
At 31 October 2014		642			642

Page 4

Turning Factor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share of £1 each		2			2			2			2

Page 5