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REGISTERED NUMBER: 00527023 (England and Wales)









Audited Financial Statements

for the Year Ended 31 May 2018

for

Turner Virr & Co. Limited

Turner Virr & Co. Limited (Registered number: 00527023)






Contents of the Financial Statements
for the Year Ended 31 May 2018




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Turner Virr & Co. Limited

Company Information
for the Year Ended 31 May 2018







DIRECTORS: R O Paige
P Fryer
M Greaves





SECRETARY: M Greaves





REGISTERED OFFICE: Kenneth Road
Thundersley
Benfleet
Essex
SS7 3AF





REGISTERED NUMBER: 00527023 (England and Wales)





AUDITORS: Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

Turner Virr & Co. Limited (Registered number: 00527023)

Statement of Financial Position
31 May 2018

2018 2017
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 287,668 320,977

CURRENT ASSETS
Inventories 5 2,107,261 2,177,951
Debtors 6 1,031,725 1,230,103
Cash at bank and in hand 2,045,483 1,701,582
5,184,469 5,109,636
CREDITORS
Amounts falling due within one year 7 (751,994 ) (961,306 )
NET CURRENT ASSETS 4,432,475 4,148,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,720,143

4,469,307

CREDITORS
Amounts falling due after more than one
year

8

(600,000

)

(600,000

)

PROVISIONS FOR LIABILITIES (34,122 ) (37,679 )
NET ASSETS 4,086,021 3,831,628

CAPITAL AND RESERVES
Called up share capital 5,250 5,250
Retained earnings 4,080,771 3,826,378
SHAREHOLDERS' FUNDS 4,086,021 3,831,628

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 21 August 2018 and were signed on its
behalf by:




R O Paige - Director



P Fryer - Director


Turner Virr & Co. Limited (Registered number: 00527023)

Notes to the Financial Statements
for the Year Ended 31 May 2018

1. STATUTORY INFORMATION

Turner Virr & Co. Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current
and future periods.

Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and
services provided in the normal course of business, and is shown net of VAT and other sales related
taxes. The fair value of consideration takes into account trade and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be
measured reliably, it is probable that the economic benefits associated with the transaction will flow to
the entity and the costs incurred or to be incurred in respect of the transaction can be measured
reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% - 25% on cost
Motor vehicles - 33.33% on cost

Property, plant and equipment is measured at cost, net of depreciation and any impairment losses.

Turner Virr & Co. Limited (Registered number: 00527023)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2018

2. ACCOUNTING POLICIES - continued

Inventories
Inventories are stated at lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials, direct labour and those overheads that have been incurred in bringing the
inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
inventories over its estimated selling price less costs to complete and sell is recognised as an
impairment loss in the income statement. Reversals of impairment losses are also recognised in the
income statement.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing
transaction are recorded at the undiscounted amount expected to be received, net of impairment.
Those that are receivable after more than one year or constitute a financing transaction are recorded
initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and deposits with maturities of three
months or less.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at
amortised cost using the effective interest method unless the effect of discounting would be
immaterial, in which case they are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the statement of financial position date. Transactions in foreign currencies are translated into sterling
at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account
in arriving at the operating result.

Turner Virr & Co. Limited (Registered number: 00527023)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2018

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and
depreciated over their expected useful lives.The interest element of the leasing payments represent a
constant proportion of the capital balance outstanding and is charged to the profit and loss account
over the period of the lease.

All other leases are regarded as operating leases and the payments arising from such leases are
charged to the profit and loss account in the year to which they relate.

Pension costs and other post-retirement benefits
The company participates in the Defined Contributions Scheme in the name of Hobson & Sons Group
Limited. Contributions payable to the company's pension scheme are charged to the profit and loss
account in the period to which they relate.

The company also participates in the Hobson & Sons Group Limited Retirement Benefit Scheme
providing benefits based on the final pensionable salary. The assets of the scheme are held separately
from those of the company in an independently administered fund. No pension premiums were paid by
the company to this scheme (see note 10).

Accounting date
In accordance with the provisions of Section 390 (3) (b) of the Companies Act 2006 , the Directors
have prepared the financial statements for a 52 week period ending 1 June 2018.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2017 - 47 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2017 2,618,247 - 2,618,247
Additions 16,473 4,398 20,871
Disposals (311 ) - (311 )
At 31 May 2018 2,634,409 4,398 2,638,807
DEPRECIATION
At 1 June 2017 2,297,270 - 2,297,270
Charge for year 52,727 1,142 53,869
At 31 May 2018 2,349,997 1,142 2,351,139
NET BOOK VALUE
At 31 May 2018 284,412 3,256 287,668
At 31 May 2017 320,977 - 320,977

Turner Virr & Co. Limited (Registered number: 00527023)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2018

5. INVENTORIES
2018 2017
£    £   
Raw materials 657,231 576,416
Work-in-progress 43,388 25,580
Finished goods 1,406,642 1,575,955
2,107,261 2,177,951

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 873,649 1,068,560
Other debtors 158,076 161,543
1,031,725 1,230,103

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 265,167 281,657
Amounts owed to group undertakings 176,638 293,195
Tax 63,273 118,103
Social security and other taxes 18,327 17,514
VAT 81,637 142,868
Other creditors 32,821 26,315
Accruals and deferred income 114,131 81,654
751,994 961,306

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Amounts owed to group undertakings 600,000 600,000

Turner Virr & Co. Limited (Registered number: 00527023)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2018

9. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Amount owed to holding company 771,121 889,033

Interest is charged at 1% per annum on the outstanding balance each month.

The debt due to the holding company is secured by way of a second charge over the assets owned by
Turner Virr & Co Limited ranking after the matters referred to below.

BANK LOAN GUARANTEES
---------------------------------------

The holding company's indebtedness to the group's bankers is underwritten by an inter-company
guarantee by Turner Virr & Co. Limited in favour of the holding company dated 18 June 2007 which is
supported by a debenture against the assets in favour of the company's bankers.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Marco Gazza (Senior Statutory Auditor)
for and on behalf of Parker Cavendish

11. PENSION COMMITMENTS

The company participates in the Hobson & Sons Group Limited Retirement Benefits Scheme providing
benefits based on the final pensionable salary. The assets of the scheme are held separately from
those of the company in an independently administered fund. The premiums paid to this scheme by
the company in the current period were £Nil (2017: £Nil).

The latest actuarial valuation was carried out as at 28 February 2015. Details of this valuation are
contained in the financial statements of the parent company, Hobson & Sons Group Limited. The
actuarial deficit is also included in these financial statements in accordance with the requirements of
FRS 102.

Contributions to the Defined Contribution Scheme amounted to £40,665 (2017: £43,944).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary undertaking of Hobson & Sons Group Limited, a company
incorporated in England and Wales.

The smallest and largest group in which the results of the company are consolidated is Hobson & Sons
Group Limited, whose financial statements can be obtained from its registered office and principal
place of business at Kenneth Road, Thundersley, Benfleet, Essex, SS7 3AF. No other consolidated
financial statements include the results of the company.