Kenneth Turner Limited - Accounts to registrar (filleted) - small 17.3
Kenneth Turner Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 January 2017 |
| for |
| Kenneth Turner Limited |
| Kenneth Turner Limited (Registered number: 05195589) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Kenneth Turner Limited |
| Company Information |
| for the Year Ended 31 January 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10-14 Accommodation Road |
| Golders Green |
| London |
| NW11 8ED |
| Kenneth Turner Limited (Registered number: 05195589) |
| Statement of Financial Position |
| 31 January 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Kenneth Turner Limited (Registered number: 05195589) |
| Statement of Financial Position - continued |
| 31 January 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2017 |
| 1. | STATUTORY INFORMATION |
| Kenneth Turner Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
| tax and other sales taxes. |
| Turnover is recognised at the date the sales invoices are raised. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
| accumulated amortisation and any accumulated impairment losses. |
| An impairment loss has been recognised in the Income Statement, following an assessment at the Statement of Financial |
| Position date indicating the recoverable amount was less than its carrying value. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and |
| liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and |
| investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective |
| evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right |
| to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability |
| simultaneously. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement |
| constitutes a financing transaction. Such assets are subsequently carried at amortised cost using the effective interest |
| method, less any impairment. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are |
| initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Such instruments are |
| subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
| that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
| enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
| financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
| which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
| or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
| recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of |
| financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the |
| date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
| purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
| their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the |
| future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
| charged to profit or loss in the period to which they relate. |
| Research and development costs |
| Research and development costs have been capitalised, since in the opinion of the director, the market value and future |
| economic benefits of the products being developed are greater than the costs of development, and this treatment enables the |
| accounts to show a true and fair view. These development costs are being amortised over ten years. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Research |
| & development |
| Goodwill | costs | Website | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| AMORTISATION |
| At 1 February 2016 |
| Amortisation for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Impairments | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under finance leases are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 February 2016 |
| and 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 February 2016 |
| and 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| 7. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Finished goods |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts due from related |
| companies | 181,000 | 115,000 |
| Tax recoverable |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Finance leases |
| Trade creditors |
| Social security and other taxes |
| Other loans | 100,000 | - |
| Directors' current accounts | 292,996 | 68,860 |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Finance leases |
| Other loans | 400,000 | 400,000 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Finance leases | 19,356 | 25,433 |
| Other loans | 400,000 | 400,000 |
| The other loans are secured by a debenture representing a fixed and floating charge over the assets of the company. |
| Kenneth Turner Limited (Registered number: 05195589) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 12. | FIRST YEAR ADOPTION |
| These are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 |
| February 2015. |
| No material transitional adjustments were required in equity or profit and loss for the period. |