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REGISTERED NUMBER: 00725778 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

J W TURNER LIMITED

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J W TURNER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr A J Turner
Mr J Turner





SECRETARY: Mrs J Turner





REGISTERED OFFICE: 65 Studland Road
Kingsthorpe
Northampton
NN2 6NE





REGISTERED NUMBER: 00725778 (England and Wales)





ACCOUNTANTS: DNG Dove Naish LLP
Chartered Accountants
Eagle House
28 Billing Road
Northampton
NN1 5AJ

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 504,688 492,025

CURRENT ASSETS
Debtors 5 238,018 238,026
Cash at bank and in hand 6,528 104,586
244,546 342,612
CREDITORS
Amounts falling due within one year 6 122,320 209,860
NET CURRENT ASSETS 122,226 132,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

626,914

624,777

CREDITORS
Amounts falling due after more than one
year

7

(44,069

)

(41,136

)

PROVISIONS FOR LIABILITIES (70,661 ) (63,121 )
NET ASSETS 512,184 520,520

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 227,887 245,004
Retained earnings 284,097 275,316
SHAREHOLDERS' FUNDS 512,184 520,520

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





Mr A J Turner - Director


J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

J W Turner 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 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 as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover represents net invoiced sales of services rendered , excluding value added tax.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

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.
Freehold property - 4% on cost or valuation
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 30% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

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 statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

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.

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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.

Freehold property
Freehold property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value and the associated deferred tax are recognised in comprehensive income and revaluation reserve.

Grants
Government grant income is recognised as it is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2022 392,000 764 17,366 194,772 604,902
Additions - - - 61,469 61,469
Disposals - - - (30,043 ) (30,043 )
At 30 June 2023 392,000 764 17,366 226,198 636,328
DEPRECIATION
At 1 July 2022 - 464 7,997 104,416 112,877
Charge for year 15,680 33 1,525 30,051 47,289
Eliminated on disposal - - - (28,526 ) (28,526 )
At 30 June 2023 15,680 497 9,522 105,941 131,640
NET BOOK VALUE
At 30 June 2023 376,320 267 7,844 120,257 504,688
At 30 June 2022 392,000 300 9,369 90,356 492,025

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 1995 (19,836 ) - - - (19,836 )
Valuation in 1998 19,000 - - - 19,000
Valuation in 2002 43,000 - - - 43,000
Valuation in 2006 40,000 - - - 40,000
Valuation in 2010 (40,000 ) - - - (40,000 )
Valuation in 2014 16,000 - - - 16,000
Valuation in 2017 58,000 - - - 58,000
Valuation in 2020 56,000 - - - 56,000
Valuation in 2022 117,000 - - - 117,000
Cost 102,836 764 17,366 226,198 347,164
392,000 764 17,366 226,198 636,328

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 102,836 102,836
Aggregate depreciation 102,836 102,836

The freehold property was valued in 2022 on a market value basis by Hadland Commercial Surveyors Limited. Having regard to the market at 30 June 2023, the directors consider the valuation of the property to be £392,000.

The net book value of tangible fixed assets includes £ 61,815 (2022 - £ 20,191 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 184,767 165,615
Amounts recoverable on contract 7,275 22,088
Retentions 36,265 44,225
Tax 771 771
Prepayments and accrued income 8,940 5,327
238,018 238,026

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,972 9,758
Hire purchase contracts (see note 8) 10,785 4,755
Trade creditors 56,081 112,365
Social security and other taxes 13,011 11,437
VAT 15,923 24,634
Other creditors 10,037 19,612
Directors' current accounts - 20,152
Accruals and deferred income 6,511 7,147
122,320 209,860

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,215 9,972
Bank loans - 2-5 years 10,323 20,465
Hire purchase contracts (see note 8) 23,531 10,699
44,069 41,136

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 10,785 4,755
Between one and five years 23,531 10,699
34,316 15,454

Non-cancellable operating leases
2023 2022
£    £   
Within one year 10,785 10,146
Between one and five years 23,531 14,359
34,316 24,505

J W TURNER LIMITED (REGISTERED NUMBER: 00725778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 34,316 15,454

Net obligations under hire purchase contracts are secured on assets concerned.

The bank loans and overdrafts are secured by a fixed and floating charge over the company's freehold property and all assets and undertakings.