The Turnkey Group Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC196063 (Scotland)

Abbreviated Accounts

for the Year Ended 30 June 2016

for

The Turnkey Group Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr B I Wood

A I Armstrong

A Wood

SECRETARY:

Dr B I Wood

REGISTERED OFFICE:

Thornton Lodge

East Kilbride Road

Clarkston

Glasgow

G76 9HW

REGISTERED NUMBER:

SC196063 (Scotland)

ACCOUNTANTS:

Adam I Armstrong L.L.B., C.A.

Armstrongs Accounting Services Limited

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

84,095

103,876

Investments

4

20,000,004

20,000,004

20,084,099

20,103,880

CURRENT ASSETS

Stocks

32,431

43,087

Debtors

5

129,506

120,000

Cash at bank

871,738

640,823

1,033,675

803,910

CREDITORS

Amounts falling due within one year

6

2,749,437

2,146,614

NET CURRENT LIABILITIES

(1,715,762

)

(1,342,704

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,368,337

18,761,176

CREDITORS

Amounts falling due after more than one year

6

318,335

711,174

NET ASSETS

18,050,002

18,050,002

CAPITAL AND RESERVES

Called up share capital

7

16,000,002

16,000,002

Other reserves

2,000,000

2,000,000

Profit and loss account

50,000

50,000

SHAREHOLDERS' FUNDS

18,050,002

18,050,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 September 2016 and were signed on its behalf by:

A Wood - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008). These have been applied consistently in the year

and the preceding year.

The directors have considered the trading outlook for the company, combined with the levels of current and

projected cash reserves. They have a reasonable expectation that the company has adequate financial resources to

continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going

concern basis in the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about The Turnkey Group Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents management fees charged to other companies within the group. Income is recognised in the

period to which the fees relate.

Intangible assets

Intangible assets are included at cost and amortised in equal instalments over a period of seven years, which is the

estimated useful life.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided at the following annual rates to write off each asset over its estimated useful life.

Plant and machinery - 20% on cost and 10% on cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and

production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated

selling price less all further costs to completion and all relevant marketing, selling and distribution costs.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate. Differences between

contributions payable in the year and contributions actually paid are shown as either accruals or prepayments on

the balance sheet.

Investments

Investments in subsidiary undertakings are stated at cost less any provision for impairment.

Taxation

Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the

tax rates and laws that have been enacted or substantially enacted by the balance sheet date.

Leases

Operating lease rentals are charged to the profit and loss account in equal amounts over the lease term.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

87,500

AMORTISATION

At 1 July 2015

and 30 June 2016

87,500

NET BOOK VALUE

At 30 June 2016

-

At 30 June 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

257,028

DEPRECIATION

At 1 July 2015

153,152

Charge for year

19,781

At 30 June 2016

172,933

NET BOOK VALUE

At 30 June 2016

84,095

At 30 June 2015

103,876

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 July 2015

and 30 June 2016

20,000,004

NET BOOK VALUE

At 30 June 2016

20,000,004

At 30 June 2015

20,000,004

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Turnkey Computer Technology Limited

Country of incorporation: UK

Nature of business: Software house

%

Class of shares:

holding

Ordinary

100.00

30.6.16

30.6.15

£

£

Aggregate capital and reserves

151,000

151,000

Profit for the year

1,196,421

1,123,394

This company owns the entire share capital of Core Australia PTY, a company registered in Australia.

Turnkey Infrastructure Solutions Limited

Country of incorporation: UK

Nature of business: Computer infrastructure solutions

%

Class of shares:

holding

Ordinary

100.00

30.6.16

30.6.15

£

£

Aggregate capital and reserves

10,002

10,002

Profit for the year

53,239

19,288

Turnkey Business Software Ltd

Country of incorporation: UK

Nature of business: Business software solutions

%

Class of shares:

holding

Ordinary

100.00

30.6.16

30.6.15

£

£

Aggregate capital and reserves

10,002

10,002

Profit for the year

102,290

46,982

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 105,000 (30.6.15 - £ 100,000 )

6.

CREDITORS

Creditors include an amount of £ 698,335 (30.6.15 - £ 1,091,174 ) for which security has been given.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

£

16,000,002

Ordinary

£1

16,000,002

16,000,002

8.	ULTIMATE PARENT COMPANY

9.	RELATED PARTY DISCLOSURES