Silverfin false 31/03/2023 01/04/2022 31/03/2023 C Rowell 20/03/2018 D Rowell 19/10/2007 J Rowell 28/11/1995 S Rowell 04/02/2023 03 October 2023 The principal activity of the company during the year was that of the provision of management and marketing services. 03131435 2023-03-31 03131435 bus:Director1 2023-03-31 03131435 bus:Director2 2023-03-31 03131435 bus:Director3 2023-03-31 03131435 bus:Director4 2023-03-31 03131435 2022-03-31 03131435 core:CurrentFinancialInstruments 2023-03-31 03131435 core:CurrentFinancialInstruments 2022-03-31 03131435 core:ShareCapital 2023-03-31 03131435 core:ShareCapital 2022-03-31 03131435 core:RetainedEarningsAccumulatedLosses 2023-03-31 03131435 core:RetainedEarningsAccumulatedLosses 2022-03-31 03131435 core:PlantMachinery 2022-03-31 03131435 core:PlantMachinery 2023-03-31 03131435 core:CostValuation 2022-03-31 03131435 core:AdditionsToInvestments 2023-03-31 03131435 core:CostValuation 2023-03-31 03131435 core:ProvisionsForImpairmentInvestments 2022-03-31 03131435 core:ProvisionsForImpairmentInvestments 2023-03-31 03131435 bus:OrdinaryShareClass1 2023-03-31 03131435 2022-04-01 2023-03-31 03131435 bus:FullAccounts 2022-04-01 2023-03-31 03131435 bus:SmallEntities 2022-04-01 2023-03-31 03131435 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03131435 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03131435 bus:Director1 2022-04-01 2023-03-31 03131435 bus:Director2 2022-04-01 2023-03-31 03131435 bus:Director3 2022-04-01 2023-03-31 03131435 bus:Director4 2022-04-01 2023-03-31 03131435 core:PlantMachinery core:BottomRangeValue 2022-04-01 2023-03-31 03131435 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 03131435 2021-04-01 2022-03-31 03131435 core:PlantMachinery 2022-04-01 2023-03-31 03131435 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03131435 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03131435 (England and Wales)

TURLEIGH LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

TURLEIGH LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

TURLEIGH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
TURLEIGH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 61
Investments 5 1,161,000 1,120,605
1,161,000 1,120,666
Current assets
Cash at bank and in hand 258,799 267,949
258,799 267,949
Creditors: amounts falling due within one year 6 ( 117,418) ( 130,295)
Net current assets 141,381 137,654
Total assets less current liabilities 1,302,381 1,258,320
Provision for liabilities 0 ( 12)
Net assets 1,302,381 1,258,308
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 1,302,379 1,258,306
Total shareholder's funds 1,302,381 1,258,308

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Turleigh Limited (registered number: 03131435) were approved and authorised for issue by the Director on 03 October 2023. They were signed on its behalf by:

C Rowell
Director
TURLEIGH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
TURLEIGH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Turleigh Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 6 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2022 17,106 17,106
At 31 March 2023 17,106 17,106
Accumulated depreciation
At 01 April 2022 17,045 17,045
Charge for the financial year 61 61
At 31 March 2023 17,106 17,106
Net book value
At 31 March 2023 0 0
At 31 March 2022 61 61

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 0
As at 31 March 2023 0

Valuation

A full market valuation of investment property was completed by [insert date] at the statement of financial position date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the group’s residential investment property at 31 March 2023 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Assumptions

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2023 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 43,609 43,609

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 1,120,605 1,120,605
Additions 40,395 40,395
At 31 March 2023 1,161,000 1,161,000
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 1,161,000 1,161,000
Carrying value at 31 March 2022 1,120,605 1,120,605

6. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 2,040 2,600
Taxation and social security 10,350 6,977
Other creditors 105,028 120,718
117,418 130,295

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

At the year end, the company owed £nil (2022: £120,718) to the directors. The amount is unsecured and interest free.

Dividends totalling £101,693 (2022: £38,000) were paid to the directors during the year.