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:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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 2017and were signed on its behalf by:
A G Wood- Director
The notes on pages 3 to 4 form part of these financial statements
Turnkey Computer Technology 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.
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 Turnkey Computer Technology 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 represents amounts derived from the provision of goods and services which fall within the company's
ordinary activities after deduction of trade discounts and value added tax. The group enters into fixed term
maintenance contracts. Turnover on these contracts is deferred and recognised over the life of the contract.
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.
Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme, which provides retirement benefits to all employees.
the amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is
the contribution payable in the year.
Investments in subsidiary undertakings are stated at cost less any provision for impairment.
Current tax, including 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.
EMPLOYEES AND DIRECTORS
The average number of employees during the year was 7(2016 - 7) .
During the year the company received a royalty payment from its subsidiary Core Australia PTY of £63,138
(2016 £60,000). The company also received a dividend of £28,405 (2016 £16,000).
During the year the company paid management fees and paid for services totalling £1,072,590 (2016 £1,169,484)
to other companies within the group.
Included in debtors are interest free loans to group undertakings which have no formal loan agreement. The
amount outstanding at 30 June 2017 was £1,627,803 (2016 £1,754,195).
ULTIMATE CONTROLLING PARTY
The ultimate parent company is Turnkey Holdings (Scotland) Limited.
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.