Company Registration No. 02747038 (England and Wales)
R. Turnbull & Sons Ltd.
Unaudited accounts
for the year ended 31 October 2023
R. Turnbull & Sons Ltd.
Statement of financial position
as at 31 October 2023
Tangible assets
40,296
202,569
Cash at bank and in hand
136,018
156,326
Creditors: amounts falling due within one year
(169,057)
(163,352)
Net current assets
134,075
165,449
Total assets less current liabilities
174,432
376,752
Creditors: amounts falling due after more than one year
(84,199)
(122,964)
Provisions for liabilities
Deferred tax
(1,083)
(30,427)
Called up share capital
21,020
21,020
Profit and loss account
68,130
202,341
Shareholders' funds
89,150
223,361
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
M Turnbull
Director
Company Registration No. 02747038
R. Turnbull & Sons Ltd.
Notes to the Accounts
for the year ended 31 October 2023
R. Turnbull & Sons Ltd. is a private company, limited by shares, registered in England and Wales, registration number 02747038. The registered office is 8 Linnet Court Cawledge Business Park, Hawfinch Drive, Alnwick, Northumberland, NE66 2GD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Due to the cessation of business after the reporting date, the depreciation rate of plant and machinery has been updated to 20% straight line on original cost to reflect no residual value of assets deemed to be obsolete as a consequence of the business cessation. Assets with a residual value are depreciated to the value expected to be realised in the subsequent accounting period:
Plant & machinery
20% straight line
Motor vehicles
25% on reducing balance
Fixtures & fittings
6% straight line
Computer equipment
3 year straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill has been amortised in full as at the balance sheet date due to the cessation of trading in the subsequent reporting period and deemed to have no residual value.
R. Turnbull & Sons Ltd.
Notes to the Accounts
for the year ended 31 October 2023
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2022
496,929
70,812
83,518
15,033
666,292
Disposals
(375,497)
(16,750)
-
(15,033)
(407,280)
At 31 October 2023
121,432
54,062
83,518
-
259,012
At 1 November 2022
365,017
44,119
44,508
10,079
463,723
Charge for the year
109,895
16,688
26,760
4,954
158,297
On disposals
(375,496)
(12,775)
-
(15,033)
(403,304)
At 31 October 2023
99,416
48,032
71,268
-
218,716
At 31 October 2023
22,016
6,030
12,250
-
40,296
At 31 October 2022
131,912
26,693
39,010
4,954
202,569
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
12,166
29,464
- Motor vehicles
5,530
21,670
6
Investments
Other investments
Valuation at 1 November 2022
61
Valuation at 31 October 2023
61
R. Turnbull & Sons Ltd.
Notes to the Accounts
for the year ended 31 October 2023
Amounts falling due within one year
Trade debtors
126,583
131,133
Accrued income and prepayments
1,802
1,538
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
19,800
26,051
Obligations under finance leases and hire purchase contracts
5,530
17,079
Trade creditors
82,676
60,637
Taxes and social security
12,422
12,282
Loans from directors
877
867
Deferred income
12,250
2,170
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
5,530
Loans from directors
66,000
66,000
10
Transactions with related parties
Transactions with Turnbull's Northumbrian Foodhall Ltd during the year
Sales £640,844 (2022:£580,823)
Staff costs recharged £628,563 (2022:£570,114)
Equipment rental costs recharged £117,557 (2022:£117,922)
All transactions undertaken at commercial rates.
Amounts owed to directors in respect of director current account balances as at 31 October 2023 were £877 (2022: £867)
Amounts owed to directors in respect of director loan account balances as at 31 October 2023 were £66,000 (2022: £66,000). The loan is considered to be repayable in more than one year from the balance sheet date.
11
Post balance sheet events
The business retail premises closed in the subsequent reporting period with a view to a permanent cessation of trading.
12
Average number of employees
During the year the average number of employees was 34 (2022: 37).