REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 May 2018 |
for |
Turner Virr & Co. Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Inventories | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 behalf by: |
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 |
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 |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2018 |
DEPRECIATION |
At 1 June 2017 |
Charge for year |
At 31 May 2018 |
NET BOOK VALUE |
At 31 May 2018 |
At 31 May 2017 |
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 |
Work-in-progress |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 81,637 | 142,868 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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. |
for and on behalf of |
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. |