Turnkey Business Software Limited - Accounts to registrar - small 17.2

Turnkey Business Software Limited - Accounts to registrar - small 17.2


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REGISTERED NUMBER: SC196060(Scotland)
















Financial Statements

for the Year Ended 30 June 2017

for

Turnkey Business Software Limited

Turnkey Business Software Limited (Registered number: SC196060)






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 Business Software Limited

Company Information
for the Year Ended 30 June 2017







DIRECTORS: A I Armstrong
A G Wood





SECRETARY: Dr B I Wood





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





REGISTERED NUMBER: SC196060(Scotland)





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

Turnkey Business Software Limited (Registered number: SC196060)

Balance Sheet
30 June 2017

30.6.17 30.6.16
Notes £    £   
CURRENT ASSETS
Stocks 8,506 8,175
Debtors 4 1,150,631 1,017,813
1,159,137 1,025,988
CREDITORS
Amounts falling due within one year 5 1,149,135 1,025,542
NET CURRENT ASSETS 10,002 446
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,002

446

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10,000 444
SHAREHOLDERS' FUNDS 10,002 446

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 Business Software Limited (Registered number: SC196060)

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

1. STATUTORY INFORMATION

Turnkey Business Software 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.

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 company 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 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.

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 at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12(2016 - 13) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.17 30.6.16
£    £   
Trade debtors 287,188 233,963
Amounts owed by group undertakings 863,443 783,850
1,150,631 1,017,813

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.17 30.6.16
£    £   
Trade creditors 198,116 169,215
Taxation and social security 118,581 142,721
Other creditors 832,438 713,606
1,149,135 1,025,542

Turnkey Business Software Limited (Registered number: SC196060)

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

6. RELATED PARTY DISCLOSURES

Included in debtors is an interest free loan to the group undertakings which have no formal loan agreement. The
amount outstanding at 30 June 2017 is £863,443 (2016 £783,850).

Management fees of £295,258 (2016 £291,635) were paid to and fees for professional services of £180,000 (2016
£180,000) were received from other companies within the group .

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Turnkey Holdings (Scotland) Limited.

8. 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.