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Financial Statements for the Year Ended 31 January 2019 |
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Kenneth Turner Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 January 2019 |
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for |
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Kenneth Turner Limited |
Kenneth Turner Limited (Registered number: 05195589) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Kenneth Turner Limited |
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Company Information |
for the Year Ended 31 January 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Technology Park |
Colindeep Lane |
Colindale |
London |
NW9 6BX |
Kenneth Turner Limited (Registered number: 05195589) |
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Statement of Financial Position |
31 January 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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) |
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Statement of Financial Position - continued |
31 January 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Kenneth Turner Limited (Registered number: 05195589) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2019 |
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1. | STATUTORY INFORMATION |
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Kenneth Turner Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is recognised at the date the sales invoices are raised. |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at transaction price. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Kenneth Turner Limited (Registered number: 05195589) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Kenneth Turner Limited (Registered number: 05195589) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Research |
& development |
costs |
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COST |
At 1 February 2018 |
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Additions |
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At 31 January 2019 |
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AMORTISATION |
At 1 February 2018 |
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Amortisation for year |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2018 |
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Additions |
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Disposals |
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At 31 January 2019 |
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DEPRECIATION |
At 1 February 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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Kenneth Turner Limited (Registered number: 05195589) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
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COST |
At 1 February 2018 |
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Disposals | ( |
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At 31 January 2019 |
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DEPRECIATION |
At 1 February 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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6. | STOCKS |
2019 | 2018 |
£ | £ |
Finished goods |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts due from related |
companies | 36,000 | 36,000 |
Tax recoverable |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Finance leases |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 63,790 | 34,063 |
Accruals and deferred income |
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Kenneth Turner Limited (Registered number: 05195589) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Finance leases |
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Other loans | 200,000 | 400,000 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Finance leases | - | 13,278 |
Other loans | 200,000 | 400,000 |
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The other loans are secured by a debenture representing a fixed and floating charge over the assets of the |
company. |
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11. | RELATED PARTY DISCLOSURES |
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At the year end, there is an amount of £36,000 (2018: £36,000) owed by related companies where the director |
has significant control. The loan is interest free and repayable on demand. |