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Registration number: 10695617

RKG Turner Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

RKG Turner Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

RKG Turner Limited

Company Information

Directors

R K Turner

G M Turner

J Turner

K Dowling

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

RKG Turner Limited

(Registration number: 10695617)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

76,919

82,641

Current assets

 

Debtors

5

3,696

100

Cash at bank and in hand

 

32,024

47,303

 

35,720

47,403

Creditors: Amounts falling due within one year

6

(60,618)

(78,912)

Net current liabilities

 

(24,898)

(31,509)

Total assets less current liabilities

 

52,021

51,132

Provisions for liabilities

(992)

(1,323)

Net assets

 

51,029

49,809

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

50,929

49,709

Shareholders' funds

 

51,029

49,809

For the financial year ending 31 March 2024 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

 

RKG Turner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Going concern

The financial statements show net current liabilities of £24,898 (2023 - £31,509). However, a company in which the directors have a controlling interest has provided a loan of £45,407 (2023 - £47,889) and has indicated its willingness to continue supporting the company to meet its day to day liabilities for the foreseeable future. Therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income recognised on an accrual basis.

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.

 

RKG Turner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Land and buildings are property interests held under an operating lease and 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.

Depreciation is charged so as to write off the cost of the asset over the the lease term of 25 years.

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

4% straight line

Motor Vehicles

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 for rents receivable.

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.

 

RKG Turner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

99,573

16,500

116,073

At 31 March 2024

99,573

16,500

116,073

Depreciation

At 1 April 2023

23,893

9,539

33,432

Charge for the year

3,982

1,740

5,722

At 31 March 2024

27,875

11,279

39,154

Carrying amount

At 31 March 2024

71,698

5,221

76,919

At 31 March 2023

75,680

6,961

82,641

Included within the net book value of land and buildings above is £71,698 (2023 - £75,680) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,625

-

Other debtors

1,071

100

 

3,696

100

 

RKG Turner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

45,407

47,889

Taxation and social security

 

2,251

2,521

Accruals and deferred income

 

6,412

12,353

Other creditors

 

6,548

16,149

 

60,618

78,912

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

During the period one of the directors received an interest free advance which is considered repayable on demand

-

1,971

(1,000)

971

 

Other transactions with directors

During the period the directors continued to provide the company with interest free advances which are considered repayable on demand, balances owing to the directors are £1,500 (2023 - 12,149).