The Turnkey Group Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC196063 (Scotland)

Financial Statements

for the Year Ended 30 June 2017

for

The Turnkey Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr B I Wood

A I Armstrong

A G 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 LL.B., C.A.

Armstrongs Chartered Accountants

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

64,315

84,095

Investments

6

20,000,004

20,000,004

20,064,319

20,084,099

CURRENT ASSETS

Stocks

35,707

32,431

Debtors

7

110,000

129,506

Cash at bank

409,588

871,738

555,295

1,033,675

CREDITORS

Amounts falling due within one year

8

2,569,612

2,749,738

NET CURRENT LIABILITIES

(2,014,317

)

(1,716,063

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,050,002

18,368,036

CREDITORS

Amounts falling due after more than one year

9

-

318,335

NET ASSETS

18,050,002

18,049,701

CAPITAL AND RESERVES

Called up share capital

16,000,002

16,000,002

Other reserves

2,000,000

2,000,000

Retained earnings

50,000

49,699

SHAREHOLDERS' FUNDS

18,050,002

18,049,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 4 September 2017 and were signed on its behalf by:

A G Wood - Director

1.	STATUTORY INFORMATION

The Turnkey Group Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Intangible asset are being amortised evenly over their estimated useful life of nil years.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

and 30 June 2017

87,500

AMORTISATION

At 1 July 2016

and 30 June 2017

87,500

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

The intangible asset comprises intellectual property relating to web based automotive parts, platforms and domain

names.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

and 30 June 2017

257,028

DEPRECIATION

At 1 July 2016

172,933

Charge for year

19,780

At 30 June 2017

192,713

NET BOOK VALUE

At 30 June 2017

64,315

At 30 June 2016

84,095

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2016

and 30 June 2017

20,000,004

NET BOOK VALUE

At 30 June 2017

20,000,004

At 30 June 2016

20,000,004

7.

DEBTORS

30.6.17

30.6.16

£

£

Amounts falling due within one year:

Trade debtors

-

352

Other debtors

-

24,154

-

24,506

Amounts falling due after more than one year:

Other debtors

110,000

105,000

Aggregate amounts

110,000

129,506

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts

291,416

380,000

Trade creditors

17,676

25,203

Amounts owed to group undertakings

1,849,939

1,138,062

Taxation and social security

114,853

127,463

Other creditors

295,728

1,079,010

2,569,612

2,749,738

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans

-

318,335

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Bank loans

291,416

698,335

In 2013 the company borrowed £1,900,000 from the HSBC Bank plc; repayable in equal instalments and will be

repaid in full by 8th March 2018. The loan is secured by Floating Charges over all assets, goodwill, undertaking,

both present and future together with unlimited cross guarantees among all group entities:- Turnkey Holdings

(Scotland) Limited, Turnkey Computer Technology Limited, Turnkey Business Software Limited and Turnkey

Infrastructure Solutions Limited..

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

13.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the year ended 30 June 2017. The reconciliation of equity at 1st July

2015, date of transition to FRS 102, and profit have been duly reported as required under FRS 102.