Turnkey Computer Technology Limited - Accounts to registrar - small 17.2

Turnkey Computer Technology Limited - Accounts to registrar - small 17.2


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REGISTERED NUMBER: SC072426(Scotland)
















Financial Statements

for the Year Ended 30 June 2017

for

Turnkey Computer Technology Limited

Turnkey Computer Technology Limited (Registered number: SC072426)






Contents of the Financial Statements
for the Year Ended 30 June 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Turnkey Computer Technology Limited

Company Information
for the Year Ended 30 June 2017







DIRECTORS: A I Armstrong
R J S Potter
Dr B I Wood
A G Wood





SECRETARY: A I Armstrong





REGISTERED OFFICE: Thornton Lodge
East Kilbride Road
Clarkston
Glasgow
G76 9HW





REGISTERED NUMBER: SC072426(Scotland)





ACCOUNTANTS: Adam I Armstrong LL.B., C.A.
Armstrongs Chartered Accountants
Victoria Chambers
142 West Nile Street
Glasgow
G1 2RQ

Turnkey Computer Technology Limited (Registered number: SC072426)

Balance Sheet
30 June 2017

30.6.17 30.6.16
Notes £    £    £    £   
FIXED ASSETS
Investments 4 3,791 3,791

CURRENT ASSETS
Stocks 5,058 4,656
Debtors 5 1,785,160 1,819,922
1,790,218 1,824,578
CREDITORS
Amounts falling due within one year 6 1,643,009 1,685,320
NET CURRENT ASSETS 147,209 139,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

151,000

143,049

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 150,000 142,049
SHAREHOLDERS' FUNDS 151,000 143,049

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 2017and were signed on its behalf by:





A G Wood- Director


Turnkey Computer Technology Limited (Registered number: SC072426)

Notes to the Financial Statements
for the Year Ended 30 June 2017

1. STATUTORY INFORMATION

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.

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

Taxation
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.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2016
and 30 June 2017 3,791
NET BOOK VALUE
At 30 June 2017 3,791
At 30 June 2016 3,791

Turnkey Computer Technology Limited (Registered number: SC072426)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2017

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.17 30.6.16
£    £   
Trade debtors 157,357 65,727
Amounts owed by group undertakings 1,627,803 1,754,195
1,785,160 1,819,922

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.17 30.6.16
£    £   
Trade creditors 421 49
Taxation and social security 105,364 155,181
Other creditors 1,537,224 1,530,090
1,643,009 1,685,320

7. RELATED PARTY DISCLOSURES

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).

.

8. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Turnkey Holdings (Scotland) Limited.

9. 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.