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Registration number: 05289108

Turners Mildenhall Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Turners Mildenhall Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Turners Mildenhall Limited

Company Information

Directors

R K Turner

J Turner

Company secretary

K Dowling

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Turners Mildenhall Limited

(Registration number: 05289108)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,127

70,321

Current assets

 

Debtors

5

52,128

52,853

Cash at bank and in hand

 

83,061

52,268

 

135,189

105,121

Creditors: Amounts falling due within one year

6

(19,373)

(22,114)

Net current assets

 

115,816

83,007

Total assets less current liabilities

 

174,943

153,328

Provisions for liabilities

(1,528)

(2,037)

Net assets

 

173,415

151,291

Capital and reserves

 

Called up share capital

7

500

500

Retained earnings

172,915

150,791

Shareholders' funds

 

173,415

151,291

For the financial year ending 30 November 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.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
R K Turner
Director

 

Turners Mildenhall Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

The principal place of business is:
The Firs
Brandon Road
Mildenhall
Suffolk
IP28 7JQ
United Kingdom

These financial statements were authorised for issue by the Board on 19 August 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.

Revenue recognition

Turnover comprises rental income which is recognised in the profit and loss account on an accruals basis over the periods to which it relates.

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.

 

Turners Mildenhall Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Land and buildings are property interest held under an operating lease and are stated in the statement of financial position at cost, less any subsequent accumulated depreciation. Buildings under construction are not depreciated until construction is complete.

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

Land and buildings

10 years straight line

Furniture Fixtures & Fittings

3 years straight line

Motor vehicles

25% reducing balance

Other property plant & equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments 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 tenants.

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.

 

Turners Mildenhall Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Turners Mildenhall Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

95,633

699

3,000

39,901

139,233

At 30 November 2023

95,633

699

3,000

39,901

139,233

Depreciation

At 1 December 2022

36,034

698

2,547

29,633

68,912

Charge for the year

8,514

-

113

2,567

11,194

At 30 November 2023

44,548

698

2,660

32,200

80,106

Carrying amount

At 30 November 2023

51,085

1

340

7,701

59,127

At 30 November 2022

59,599

1

453

10,268

70,321

Included within the net book value of land and buildings above is £51,085 (2022 - £59,599) in respect of short leasehold land and buildings.
 

 

Turners Mildenhall Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

8,972

-

Prepayments

8,397

4,965

Other debtors

34,759

47,888

 

52,128

52,853

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

498

180

Taxation and social security

8,723

5,744

Accruals and deferred income

10,152

14,261

Other creditors

-

1,929

19,373

22,114

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

       

8

Related party transactions

Other transactions with directors

During the period a director provided the Company with an interest free loan considered repayable upon demand. Amounts owing at the balance sheet date were £nil (2022 - £814).