Turner Autosport Limited - Period Ending 2017-08-31

Registration number: 08062559

Turner Autosport Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Accountants Plus
Chartered Certified Accountants
Upper Floor, Unit 1
82 Muir Street
Hamilton
Lanarkshire
ML3 6BJ

Turner Autosport Limited

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Accountants' Report	4
Statement of Financial Position	5 to 6
Notes to the Financial Statements	6

Turner Autosport Limited

Company Information

Directors

Mrs Jennifer Dorothy Turner Mr Steven Turner

Registered office

40a Leazes Terrace Newcastle Tyne and Wear NE1 4LZ

Accountants

Accountants Plus Chartered Certified Accountants Upper Floor, Unit 1 82 Muir Street Hamilton Lanarkshire ML3 6BJ

Page 1

Turner Autosport Limited

Directors' Report for the Year Ended 31 August 2017

The directors present their report and the financial statements for the year ended 31 August 2017.

This report has been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

Directors of the company

The directors who held office during the year were as follows:

Mrs Jennifer Dorothy Turner

Mr Steven Turner

Going concern

The main creditor being the company directors do not intend to withdraw their support in the foreseeable future, and as such the accounts have been prepared on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 23 August 2018 and signed on its behalf by:

.........................................
Mr Steven Turner
Director

Page 2

Turner Autosport Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the report and financial statements in accordance with the Companies Act 2006, and all applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Turner Autosport Limited
for the Year Ended 31 August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Turner Autosport Limited for the year ended 31 August 2017 as set out on pages 5 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Turner Autosport 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 Turner Autosport Limited and state those matters that we have agreed to state to the Board of Directors of Turner Autosport Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turner Autosport Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Turner Autosport 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 Turner Autosport Limited. You consider that Turner Autosport 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 Turner Autosport 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.

......................................

Accountants Plus
Chartered Certified Accountants
Upper Floor, Unit 1
82 Muir Street
Hamilton
Lanarkshire
ML3 6BJ

23 August 2018

Page 4

Turner Autosport Limited

(Registration number: 08062559)
Statement of Financial Position as at 31 August 2017

	Note	2017 £	2016 £
Fixed assets		3,539	-
Current assets		76,067	37,616
Creditors: Amounts falling due within one year		(28,273)	(11,116)
Net current assets		47,794	26,500
Total assets less current liabilities		51,333	26,500
Creditors: Amounts falling due after more than one year		(69,327)	(49,222)
Accruals and deferred income		(2,056)	(1,387)
		(20,050)	(24,109)
Capital and reserves		(20,050)	(24,109)

These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 23 August 2018 and signed on its behalf by:
 

.........................................

Mr Steven Turner

Director

The notes on page 6 form an integral part of these financial statements.

Page 5

Turner Autosport Limited

(Registration number: 08062559)
Statement of Financial Position as at 31 August 2017

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
40a Leazes Terrace
Newcastle
Tyne and Wear
NE1 4LZ
England

These financial statements were authorised for issue by the Board on 23 August 2018.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

2	Related party transactions

Transactions with directors

2017	At 1 September 2016 £	Advances to directors £	At 31 August 2017 £
Mr Steven Turner
Interest free loan from director, no particular terms of repayment	24,611	9,003	33,614
Interest free loan from director, no particular terms of repayment	24,611	9,003	33,614
	49,222	18,006	67,228

2016	Advances to directors £	At 31 August 2016 £
Mr Steven Turner
Interest free loan from director, no particular terms of repayment	24,611	24,611
Interest free loan from director, no particular terms of repayment	24,611	24,611
	49,222	49,222

Page 6