IRIS Accounts Production v23.2.0.158 03578754 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure035787542022-03-31035787542023-03-31035787542022-04-012023-03-31035787542021-03-31035787542021-04-012022-03-31035787542022-03-3103578754ns16:EnglandWales2022-04-012023-03-3103578754ns15:PoundSterling2022-04-012023-03-3103578754ns11:Director12022-04-012023-03-3103578754ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3103578754ns11:SmallEntities2022-04-012023-03-3103578754ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3103578754ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103578754ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103578754ns11:FullAccounts2022-04-012023-03-3103578754ns11:Director22022-04-012023-03-3103578754ns11:Director32022-04-012023-03-3103578754ns11:Director42022-04-012023-03-3103578754ns11:RegisteredOffice2022-04-012023-03-3103578754ns6:CurrentFinancialInstruments2023-03-3103578754ns6:CurrentFinancialInstruments2022-03-3103578754ns6:Non-currentFinancialInstruments2023-03-3103578754ns6:Non-currentFinancialInstruments2022-03-3103578754ns6:ShareCapital2023-03-3103578754ns6:ShareCapital2022-03-3103578754ns6:RetainedEarningsAccumulatedLosses2023-03-3103578754ns6:RetainedEarningsAccumulatedLosses2022-03-3103578754ns6:PlantMachinery2022-04-012023-03-3103578754ns6:PlantMachinery2022-03-3103578754ns6:PlantMachinery2023-03-3103578754ns6:PlantMachinery2022-03-3103578754ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3103578754ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3103578754ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-3103578754ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3103578754ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3103578754ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: 03578754 (England and Wales)















Financial Statements For The Year Ended 31st March 2023

for

Turnips Distributing Limited

Turnips Distributing Limited (Registered number: 03578754)






Contents of the Financial Statements
For The Year Ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Turnips Distributing Limited

Company Information
For The Year Ended 31st March 2023







DIRECTORS: C F Foster
Mrs C Foster
Miss F A Foster
F P Foster





REGISTERED OFFICE: 43 Borough High Street
London
SE1 9AH





REGISTERED NUMBER: 03578754 (England and Wales)





ACCOUNTANTS: Baker Britt
Chartered Accountants
63 High Street
Chislehurst
Kent
BR7 5BE

Turnips Distributing Limited (Registered number: 03578754)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 307,809 403,310

CURRENT ASSETS
Stocks 23,490 50,160
Debtors 5 44,826 334,091
Cash at bank 384,534 68,260
452,850 452,511
CREDITORS
Amounts falling due within one year 6 351,985 661,804
NET CURRENT ASSETS/(LIABILITIES) 100,865 (209,293 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

408,674

194,017

CREDITORS
Amounts falling due after more than one
year

7

(112,348

)

(147,819

)

PROVISIONS FOR LIABILITIES (31,684 ) (41,175 )
NET ASSETS 264,642 5,023

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 264,632 5,013
SHAREHOLDERS' FUNDS 264,642 5,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

Turnips Distributing Limited (Registered number: 03578754)

Balance Sheet - continued
31st March 2023


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

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 and authorised for issue on 4th August 2023 and were signed on its behalf by:





Mrs C Foster - Director


Turnips Distributing Limited (Registered number: 03578754)

Notes to the Financial Statements
For The Year Ended 31st March 2023

1. STATUTORY INFORMATION

Turnips Distributing 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Turnips Distributing Limited (Registered number: 03578754)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 757,413
Additions 49,895
At 31st March 2023 807,308
DEPRECIATION
At 1st April 2022 354,103
Charge for year 145,396
At 31st March 2023 499,499
NET BOOK VALUE
At 31st March 2023 307,809
At 31st March 2022 403,310

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022
and 31st March 2023 159,634
DEPRECIATION
At 1st April 2022 39,909
Charge for year 42,394
At 31st March 2023 82,303
NET BOOK VALUE
At 31st March 2023 77,331
At 31st March 2022 119,725

Turnips Distributing Limited (Registered number: 03578754)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,593 7,972
Other debtors 34,233 326,119
44,826 334,091

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,333 65,333
Finance leases 19,486 20,558
Trade creditors 183,766 463,082
Taxation and social security 100,542 14,343
Other creditors 31,858 98,488
351,985 661,804

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 59,589 75,922
Finance leases 52,759 71,897
112,348 147,819