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Turner (Winterbourne Stoke) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 07366769

 

Turner (Winterbourne Stoke) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Turner (Winterbourne Stoke) Limited

Company Information

Directors

Mr R L Turner

Mrs F E Turner

Mr M E Turner

Ms P L Turner

Registered office

Manor Farm
Winterbourne Stoke
Salisbury
Wiltshire
SP3 4SZ

Accountants

PKF Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Turner (Winterbourne Stoke) Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

430,843

448,243

Current assets

 

Stocks

6

3,400

6,998

Debtors

7

548,182

250,414

Cash at bank and in hand

 

250,779

374,696

 

802,361

632,108

Creditors: Amounts falling due within one year

8

(202,585)

(83,421)

Net current assets

 

599,776

548,687

Total assets less current liabilities

 

1,030,619

996,930

Creditors: Amounts falling due after more than one year

8

(26,358)

(45,092)

Provisions for liabilities

(81,802)

(85,098)

Net assets

 

922,459

866,740

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

922,359

866,640

Shareholders' funds

 

922,459

866,740

 

Turner (Winterbourne Stoke) Limited

Balance Sheet

31 March 2023

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr R L Turner
Director

.........................................
Mrs F E Turner
Director

.........................................
Mr M E Turner
Director

.........................................
Ms P L Turner
Director

Company Registration Number: 07366769

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Manor Farm
Winterbourne Stoke
Salisbury
Wiltshire
SP3 4SZ

These financial statements were authorised for issue by the Board on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted under FRS102. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Fixture & Fittings

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 5).

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

23,789

844

Deferred taxation

Arising from origination and reversal of timing differences

(3,296)

9,858

Tax expense in the income statement

20,493

10,702

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

81,103

   
 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

86,892

475

942,056

1,029,423

Additions

10,081

-

54,100

64,181

At 31 March 2023

96,973

475

996,156

1,093,604

Depreciation

At 1 April 2022

49,979

71

531,130

581,180

Charge for the year

11,765

61

69,755

81,581

At 31 March 2023

61,744

132

600,885

662,761

Carrying amount

At 31 March 2023

35,229

343

395,271

430,843

At 31 March 2022

36,913

404

410,926

448,243

6

Stocks

2023
£

2022
£

Other inventories

3,400

6,998

7

Debtors

2023
£

2022
£

Trade debtors

42,000

42,000

Prepayments

502,008

10,967

Other debtors

4,174

197,447

548,182

250,414

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

21,837

21,837

Trade creditors

 

17,189

12,906

Corporation tax

 

23,787

844

Taxation and social security

 

2,179

3,031

Other creditors

 

80,644

-

Accruals and deferred income

 

56,949

44,803

 

202,585

83,421

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,837

43,675

Deferred income

 

4,521

1,417

 

26,358

45,092

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

HP and finance lease liabilities

21,837

43,675

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

21,837

21,837

 

Turner (Winterbourne Stoke) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Ms P L Turner

-

(50,751)

39,671

(11,080)

         
       

 

Summary of transactions with other related parties

Loans to directors are repayable on demand and subject to interest of 2%.