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REGISTERED NUMBER: 09112947 (England and Wales)














Ray Turner Energy Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Ray Turner Energy Limited (Registered number: 09112947)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


Ray Turner Energy Limited

Company Information
for the Year Ended 31 July 2023







Director: Mr J H Turner





Registered office: Bank House
Broad street
Spalding
Lincolnshire
PE11 1TB





Business address: Barr Farm
Main Road
Deeping St Nicholas
Spalding
Lincolnshire
PE11 3HA





Registered number: 09112947 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Ray Turner Energy Limited (Registered number: 09112947)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 912,789 960,831

Current assets
Stocks 6 36,402 33,421
Debtors 7 163,807 153,817
200,209 187,238
Creditors
Amounts falling due within one year 8 265,615 322,402
Net current liabilities (65,406 ) (135,164 )
Total assets less current liabilities 847,383 825,667

Creditors
Amounts falling due after more than one
year

9

1,064,300

1,072,371
Net liabilities (216,917 ) (246,704 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings (217,017 ) (246,804 )
Shareholders' funds (216,917 ) (246,704 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Ray Turner Energy Limited (Registered number: 09112947)

Statement of Financial Position - continued
31 July 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 income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2024 and were signed by:





Mr J H Turner - Director


Ray Turner Energy Limited (Registered number: 09112947)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. Statutory information

Ray Turner Energy 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. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
At the end of the accounting period, the total liabilities of the company exceeded the total assets by £217,017 (2022: £246,804). The accounts have been prepared under the going concern basis, which assumes the continued support of the company's parent company and the company's bankers as well as its directors.

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

Government grants

Coronavirus Job Retention Scheme (CJRS)
Accrual model
Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 5% on reducing balance
Fixtures and fittings - 5% on reducing balance

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 Statement of Income and Retained Earnings, 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.

Ray Turner Energy Limited (Registered number: 09112947)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


3. Accounting policies - continued

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.

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.

4. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

5. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1 August 2022
and 31 July 2023 1,346,512 154 1,346,666
Depreciation
At 1 August 2022 385,681 154 385,835
Charge for year 48,042 - 48,042
At 31 July 2023 433,723 154 433,877
Net book value
At 31 July 2023 912,789 - 912,789
At 31 July 2022 960,831 - 960,831

6. Stocks
2023 2022
£    £   
Stocks 36,402 33,421

Ray Turner Energy Limited (Registered number: 09112947)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


7. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 27,678 12,740
Amounts owed by group undertakings 50 50
Deferred tax asset 43,465 -
Prepayments 92,614 97,562
163,807 110,352

Amounts falling due after more than one year:
Deferred tax asset - 43,465

Aggregate amounts 163,807 153,817

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 107,903 137,991
Trade creditors 13,860 58,651
Amounts owed to group undertakings 120,990 118,799
Social security and other taxes 538 481
Pension creditor 87 113
VAT account 6,018 139
Other creditors 21 -
Accruals and deferred income 16,198 6,228
265,615 322,402

Included within creditors due within one year are bank loans and hire purchase contracts. These are secured on the company's assets.

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 73,139 167,145
Bank loans - 2-5 years 231,855 255,460
Bank loans 759,306 649,766
1,064,300 1,072,371

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 759,306 649,766

Included within creditors due more than one year are bank loans and hire purchase contracts. These are secured on the company's assets.

Ray Turner Energy Limited (Registered number: 09112947)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

11. Related party disclosures

The company was under the control of the directors throughout the current and previous year .

During the year the company provided and received interest free short term finance from Spalding Pallets Limited, a company in which one of the directors has an interest. At the year end, the balance owed to Spalding Pallets Limited was £120,990 (2022 - £118,799).

One of the directors has given a personal guarantee over the company's total bank borrowings which at 31st July 2023 totalled £1,113,806 (2022 - £1,121,157).

Spalding Pallets Limited has provided an additional guarantee over the company's bank loan supported by a debenture. The balance on the bank loan was £1,102,523 at 31st July 2023.