Turners of Erlestoke Limited 05344868 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the sale and maintenance of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 05344868 2023-04-01 2024-03-31 05344868 2024-03-31 05344868 core:CurrentFinancialInstruments 2024-03-31 05344868 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05344868 core:Goodwill 2024-03-31 05344868 core:FurnitureFittings 2024-03-31 05344868 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 05344868 core:PlantMachinery 2024-03-31 05344868 bus:SmallEntities 2023-04-01 2024-03-31 05344868 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05344868 bus:FilletedAccounts 2023-04-01 2024-03-31 05344868 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05344868 bus:RegisteredOffice 2023-04-01 2024-03-31 05344868 bus:Director2 2023-04-01 2024-03-31 05344868 bus:Director3 2023-04-01 2024-03-31 05344868 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05344868 core:Goodwill 2023-04-01 2024-03-31 05344868 core:FurnitureFittings 2023-04-01 2024-03-31 05344868 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05344868 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 05344868 core:LeaseholdImprovements 2023-04-01 2024-03-31 05344868 core:PlantMachinery 2023-04-01 2024-03-31 05344868 core:KeyManagementPersonnel 2023-04-01 2024-03-31 05344868 countries:EnglandWales 2023-04-01 2024-03-31 05344868 2023-03-31 05344868 core:Goodwill 2023-03-31 05344868 core:FurnitureFittings 2023-03-31 05344868 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05344868 core:PlantMachinery 2023-03-31 05344868 2022-04-01 2023-03-31 05344868 2023-03-31 05344868 core:CurrentFinancialInstruments 2023-03-31 05344868 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05344868 core:Goodwill 2023-03-31 05344868 core:FurnitureFittings 2023-03-31 05344868 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 05344868 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05344868

Turners of Erlestoke Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Turners of Erlestoke Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Turners of Erlestoke Limited

(Registration number: 05344868)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,356

21,356

Tangible assets

5

63,255

65,134

 

74,611

86,490

Current assets

 

Stocks

6

201,579

209,789

Debtors

7

22,557

21,065

Cash at bank and in hand

 

139,162

147,621

 

363,298

378,475

Creditors: Amounts falling due within one year

8

(148,321)

(109,880)

Net current assets

 

214,977

268,595

Total assets less current liabilities

 

289,588

355,085

Provisions for liabilities

(9,977)

(10,114)

Net assets

 

279,611

344,971

Capital and reserves

 

Called up share capital

100

100

Retained earnings

279,511

344,871

Shareholders' funds

 

279,611

344,971

 

Turners of Erlestoke Limited

(Registration number: 05344868)
Balance Sheet as at 31 March 2024

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 23 July 2024 and signed on its behalf by:
 

Mr D B Turner
Director

Mrs C Turner
Director

 
     
 

Turners of Erlestoke 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 and Wales.

The address of its registered office is:
Turners Garage
37 High Street
Erlestoke
Devizes
Wiltshire
SN10 5TZ
UK

These financial statements were authorised for issue by the Board on 23 July 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts 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 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.

 

Turners of Erlestoke 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Leasehold property improvements

10% reducing balance

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

15% reducing balance and 25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years from the date of transition to FRS 102

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.

 

Turners of Erlestoke Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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

A 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.

 

Turners of Erlestoke Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

200,000

200,000

At 31 March 2024

200,000

200,000

Amortisation

At 1 April 2023

178,644

178,644

Amortisation charge

10,000

10,000

At 31 March 2024

188,644

188,644

Carrying amount

At 31 March 2024

11,356

11,356

At 31 March 2023

21,356

21,356

 

Turners of Erlestoke Limited

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

5

Tangible assets

Short leasehold land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

30,139

48,846

137,198

216,183

Additions

-

293

11,473

11,766

Disposals

-

(10,748)

-

(10,748)

At 31 March 2024

30,139

38,391

148,671

217,201

Depreciation

At 1 April 2023

16,876

38,213

95,960

151,049

Charge for the year

1,326

2,028

7,368

10,722

Eliminated on disposal

-

(7,825)

-

(7,825)

At 31 March 2024

18,202

32,416

103,328

153,946

Carrying amount

At 31 March 2024

11,937

5,975

45,343

63,255

At 31 March 2023

13,263

10,633

41,238

65,134

Included within the net book value of land and buildings above is £11,937 (2023 - £13,263) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

201,579

209,789

7

Debtors

2024
£

2023
£

Trade debtors

8,215

7,990

Other debtors

328

-

Prepayments

14,014

13,075

22,557

21,065

 

Turners of Erlestoke Limited

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

8

Creditors

Due within one year

2024
£

2023
£

Trade creditors

47,475

31,439

Social security and other taxes

17,443

17,610

Other creditors

77,003

54,703

Accruals

6,400

6,128

148,321

109,880

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £12,000 (2023 - £12,000).

10

Related party transactions

Loans from related parties

Other transactions with directors

During the year the company received a loan from the directors. The loan is interest free and repayable on demand. The balance as at 31 March 2024 was £75,790 (2023 £48,453).