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Registration number: 02998968

Turlough Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Turlough Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Turlough Limited

Company Information

Directors

J Taylor

A Wilson

Company secretary

J Taylor

Registered office

26 Berkeley Square
Clifton
Bristol
BS8 1HP

Accountants

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

 

Turlough Limited

(Registration number: 02998968)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,543

2,070

Investment property

6

5,100,000

4,116,000

Other financial assets

8

20,573

20,560

 

5,122,116

4,138,630

Current assets

 

Debtors

9

498,375

432,516

Cash at bank and in hand

 

188,112

225,879

 

686,487

658,395

Creditors: Amounts falling due within one year

10

(24,717)

(24,989)

Net current assets

 

661,770

633,406

Total assets less current liabilities

 

5,783,886

4,772,036

Creditors: Amounts falling due after more than one year

10

(1,371,949)

(1,371,949)

Provisions for liabilities

(783,272)

(365,345)

Net assets

 

3,628,665

3,034,742

Capital and reserves

 

Called up share capital

1,500

1,500

Retained earnings

3,627,165

3,033,242

Shareholders' funds

 

3,628,665

3,034,742

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Turlough Limited

(Registration number: 02998968)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 22 April 2024 and signed on its behalf by:
 

.........................................
J Taylor
Company secretary and director

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
26 Berkeley Square
Clifton
Bristol
BS8 1HP

These financial statements were authorised for issue by the Board on 22 April 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

The current income 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.

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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 and machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
In the current economic climate property values relevant to the property held by the company have remained static and the directors believe there has been no change in the fair value of the property.

Investments

Shares on the stock market have been revalued and included at the balance sheet date valuation. Realised gains or losses are taken to the Profit & Loss account. Unrealised loss on year end revaluation is written off to the Profit and Loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank balance that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

527

699

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

5,000

35,016

40,016

At 31 December 2023

5,000

35,016

40,016

Depreciation

At 1 January 2023

3,110

34,836

37,946

Charge for the year

473

54

527

At 31 December 2023

3,583

34,890

38,473

Carrying amount

At 31 December 2023

1,417

126

1,543

At 31 December 2022

1,890

180

2,070

6

Investment properties

2023
£

At 1 January

4,116,000

Fair value adjustments

984,000

At 31 December

5,100,000

There has been no valuation of investment property by an independent valuer.

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Other investments

The market value of the listed investments at 31 December 2023 was £20,573 (2022 - £20,560).

8

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

32,475

32,475

Fair value adjustments

(10,866)

(10,866)

Additions

1,535

1,535

Disposals

(2,571)

(2,571)

At 31 December 2023

20,573

20,573

Impairment

Carrying amount

At 31 December 2023

20,573

20,573

9

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

113

-

Amounts owed by related parties

449,309

381,515

Prepayments

 

8,531

6,925

Other debtors

 

40,422

44,076

   

498,375

432,516

 

Turlough Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

18,630

18,743

Accruals and deferred income

2,424

2,184

Other creditors

3,663

4,062

24,717

24,989

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

1,371,949

1,371,949

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,371,949

1,371,949