Company registration number 05332567 (England and Wales)
TURNER ASSET RENTAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TURNER ASSET RENTAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TURNER ASSET RENTAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,274
16,911
Tangible assets
4
188,296
206,404
Current assets
Debtors
5
26,470
30,711
Cash at bank and in hand
5,384
27,790
31,854
58,501
Creditors: amounts falling due within one year
6
(70,962)
(65,859)
Net current liabilities
(39,108)
(7,358)
Total assets less current liabilities
160,462
215,957
Creditors: amounts falling due after more than one year
7
(21,000)
(34,842)
Provisions for liabilities
(32,928)
(36,344)
Net assets
106,534
144,771
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
106,532
144,769
Total equity
106,534
144,771

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr I G Turner
Director
Company Registration No. 05332567
TURNER ASSET RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Turner Asset Rental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Station Yard, Magor, Monmouthshire, United Kingdom, NP26 3HT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover 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.

 

Revenue from rental of equipment and other machinery is recognised over the period when, and to the extent that, the company obtains the right to consideration in exchange for rentals provided.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
- 5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
- 2% on cost
Plant and machinery
- 33% on reducing balance and 15% on reducing balance
Fixtures, fittings & equipment
- 33% on reducing balance
Motor vehicles
- 20% on reducing balance
TURNER ASSET RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TURNER ASSET RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.11

Development costs

Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with expected sales arising from the project which is usually a 5 year cycle. All other development costs are written off in the year of expenditure.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
1
3
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2021 and 31 December 2021
84,854
Amortisation and impairment
At 1 January 2021
67,943
Amortisation charged for the year
5,637
At 31 December 2021
73,580
Carrying amount
At 31 December 2021
11,274
At 31 December 2020
16,911
TURNER ASSET RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
31,810
346,179
23,841
205,876
607,706
Additions
-
0
11,621
4,000
-
0
15,621
At 31 December 2021
31,810
357,800
27,841
205,876
623,327
Depreciation and impairment
At 1 January 2021
3,770
236,181
19,541
141,810
401,302
Depreciation charged in the year
636
17,756
2,522
12,815
33,729
At 31 December 2021
4,406
253,937
22,063
154,625
435,031
Carrying amount
At 31 December 2021
27,404
103,863
5,778
51,251
188,296
At 31 December 2020
28,040
109,998
4,300
64,066
206,404
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,860
-
0
Other debtors
24,610
30,711
26,470
30,711
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
6,000
3,500
Trade creditors
157
5,968
Corporation tax
11,213
15,240
Other taxation and social security
5,982
9,566
Other creditors
47,610
31,585
70,962
65,859

Included in Other creditors above are obligations under finance leases totalling £8,342 (2020: £11,016) secured by a fixed charge over the assets to which they relate.

TURNER ASSET RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
21,000
26,500
Other creditors
-
0
8,342
21,000
34,842

Included in Other creditors above are obligations under finance leases totalling £nil (2020: £8,342) secured by a fixed charge over the assets to which they relate.

Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
2,500
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
5,340
16,020
2021-12-312021-01-01false12 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMrs C M TurnerMr I G TurnerMrs C M Turner2022-09-12053325672021-01-012021-12-31053325672021-12-31053325672020-12-3105332567core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-12-3105332567core:DevelopmentCostsCapitalisedDevelopmentExpenditure2020-12-3105332567core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3105332567core:PlantMachinery2021-12-3105332567core:FurnitureFittings2021-12-3105332567core:MotorVehicles2021-12-3105332567core:LandBuildingscore:OwnedOrFreeholdAssets2020-12-3105332567core:PlantMachinery2020-12-3105332567core:FurnitureFittings2020-12-3105332567core:MotorVehicles2020-12-3105332567core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105332567core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3105332567core:CurrentFinancialInstruments2021-12-3105332567core:CurrentFinancialInstruments2020-12-3105332567core:Non-currentFinancialInstruments2021-12-3105332567core:Non-currentFinancialInstruments2020-12-3105332567core:ShareCapital2021-12-3105332567core:ShareCapital2020-12-3105332567core:RetainedEarningsAccumulatedLosses2021-12-3105332567core:RetainedEarningsAccumulatedLosses2020-12-3105332567bus:Director12021-01-012021-12-3105332567core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3105332567core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-012021-12-3105332567core:PlantMachinery2021-01-012021-12-3105332567core:FurnitureFittings2021-01-012021-12-3105332567core:MotorVehicles2021-01-012021-12-31053325672020-01-012020-12-3105332567core:DevelopmentCostsCapitalisedDevelopmentExpenditure2020-12-3105332567core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-01-012021-12-3105332567core:LandBuildingscore:OwnedOrFreeholdAssets2020-12-3105332567core:PlantMachinery2020-12-3105332567core:FurnitureFittings2020-12-3105332567core:MotorVehicles2020-12-31053325672020-12-3105332567core:WithinOneYear2021-12-3105332567core:WithinOneYear2020-12-3105332567bus:PrivateLimitedCompanyLtd2021-01-012021-12-3105332567bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105332567bus:FRS1022021-01-012021-12-3105332567bus:AuditExemptWithAccountantsReport2021-01-012021-12-3105332567bus:Director22021-01-012021-12-3105332567bus:CompanySecretary12021-01-012021-12-3105332567bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP