Turn Left Ventures Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07363327 (England and Wales)

Financial Statements

for the Year Ended 28 February 2017

for

Turn Left Ventures Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P A Crowther

REGISTERED OFFICE:

Suite D Second Floor

Lingfield House

Lingfield Point

DARLINGTON

County Durham

DL1 1RW

REGISTERED NUMBER:

07363327 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

CURRENT ASSETS

Debtors

3

1,134

6,789

Cash at bank

22,402

69

23,536

6,858

CREDITORS

Amounts falling due within one year

4

30,969

18,915

NET CURRENT LIABILITIES

(7,433

)

(12,057

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,433

)

(12,057

)

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

(7,533

)

(12,157

)

SHAREHOLDERS' FUNDS

(7,433

)

(12,057

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 29 November 2017 and were signed by:

P A Crowther - Director

1.	STATUTORY INFORMATION

Turn Left Ventures Ltd is a private company, limited by shares , registered in England and Wales. 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.

The financial statements are prepared on the going concern basis which assumes that the company will continue

to trade. However, the validity of the going concern basis is dependant upon the continued support of the

creditors. If the company is unable to continue to trade, adjustments would be required to reduce the value of

assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term

liabilities as current liabilities.

There were no material departures from that standard.

These financial statements for the year ended 28 February 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 March 2015.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,134

-

Directors' loan accounts

-

6,789

1,134

6,789

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

1,156

929

Taxation and social security

-

864

Other creditors

20,932

15,222

Directors' loan accounts

7,711

-

Accruals and deferred income

1,170

1,900

30,969

18,915

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 February 2017 and the

period ended 29 February 2016:

2017

2016

£

£

P A Crowther

Balance outstanding at start of year

6,789

(11

)

Amounts advanced

5,500

6,800

Amounts repaid

(20,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(7,711

)

6,789

PA Crowther had an overdrawn directors loan at 28 February 2016, this was the maximum outstanding in the

year and was repaid in full.

No interest was charged.

7.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A Small Entities for the year ended 28th February 2017. No

adjustments were required upon transition.