Caseware UK (AP4) 2023.0.135 2023.0.135 true2022-12-01falseNo description of principal activity77trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01661478 2022-12-01 2023-11-30 01661478 2021-12-01 2022-11-30 01661478 2023-11-30 01661478 2022-11-30 01661478 2021-12-01 01661478 c:CompanySecretary1 2022-12-01 2023-11-30 01661478 c:Director1 2022-12-01 2023-11-30 01661478 c:Director2 2022-12-01 2023-11-30 01661478 c:Director3 2022-12-01 2023-11-30 01661478 c:Director4 2022-12-01 2023-11-30 01661478 c:RegisteredOffice 2022-12-01 2023-11-30 01661478 c:Agent1 2022-12-01 2023-11-30 01661478 d:Buildings 2022-12-01 2023-11-30 01661478 d:Buildings 2023-11-30 01661478 d:Buildings 2022-11-30 01661478 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661478 d:PlantMachinery 2022-12-01 2023-11-30 01661478 d:PlantMachinery 2023-11-30 01661478 d:PlantMachinery 2022-11-30 01661478 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661478 d:MotorVehicles 2022-12-01 2023-11-30 01661478 d:MotorVehicles 2023-11-30 01661478 d:MotorVehicles 2022-11-30 01661478 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661478 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661478 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 01661478 d:FreeholdInvestmentProperty 2023-11-30 01661478 d:FreeholdInvestmentProperty 2022-11-30 01661478 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 01661478 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01661478 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01661478 d:ShareCapital 2023-11-30 01661478 d:ShareCapital 2022-11-30 01661478 d:RetainedEarningsAccumulatedLosses 2023-11-30 01661478 d:RetainedEarningsAccumulatedLosses 2022-11-30 01661478 c:OrdinaryShareClass1 2022-12-01 2023-11-30 01661478 c:OrdinaryShareClass1 2023-11-30 01661478 c:OrdinaryShareClass1 2022-11-30 01661478 c:FRS102 2022-12-01 2023-11-30 01661478 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 01661478 c:AbridgedAccounts 2022-12-01 2023-11-30 01661478 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01661478 2 2022-12-01 2023-11-30 01661478 6 2022-12-01 2023-11-30 01661478 d:OtherDeferredTax 2023-11-30 01661478 d:OtherDeferredTax 2022-11-30 01661478 3 2023-11-30 01661478 3 2022-11-30 01661478 f:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01661478










TURRET PROPERTY INVESTMENTS LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 November 2023

 
TURRET PROPERTY INVESTMENTS LIMITED
 

Company Information


Directors
A C Womack 
A D Womack 
S L Hawksworth 
T J Day 




Company secretary
A D Womack



Registered number
01661478



Registered office
70 Clarkehouse Road

Sheffield

S10 2LJ




Bankers
Lloyds Bank plc
High Street

Sheffield

S1 2GA





 
TURRET PROPERTY INVESTMENTS LIMITED
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Turret Property Investments Limited for the year ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turret Property Investments Limited for the year ended 30 November 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Turret Property Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Turret Property Investments Limited and state those matters that we have agreed to state to the Board of directors of Turret Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turret Property Investments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Turret Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Turret Property Investments Limited. You consider that Turret Property Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Turret Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



J S Bethell & Co
 
Chartered Accountants
  
70 Clarkehouse Road
Sheffield
S10 2LJ
28 August 2024
Page 1

 
TURRET PROPERTY INVESTMENTS LIMITED
Registered number: 01661478

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
154,703
115,835

Investments
  
6,907,200
7,310,200

  
7,061,903
7,426,035

Current assets
  

Stocks
  
16,500
16,500

Debtors
  
17,244
2,147

Current asset investments
 7 
127,098
108,018

Cash at bank and in hand
  
1,879,206
1,824,917

  
2,040,048
1,951,582

Creditors: amounts falling due within one year
  
(121,098)
(194,774)

Net current assets
  
 
 
1,918,950
 
 
1,756,808

Total assets less current liabilities
  
8,980,853
9,182,843

Deferred tax
  
(334,197)
(253,990)

Net assets
  
8,646,656
8,928,853


Capital and reserves
  

Called up share capital 
 10 
27,610
27,610

Profit and loss account
 11 
8,619,046
8,901,243

  
8,646,656
8,928,853


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.



T J Day
Director

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
TURRET PROPERTY INVESTMENTS LIMITED
Registered number: 01661478

Balance sheet (continued)
As at 30 November 2023


Page 3

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

Turret Property Investments Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight line
Plant & equipment
-
15%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 -7).

Page 7

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

4.


Tangible fixed assets





Freehold property
Plant & equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 December 2022
152,411
1,281
-
153,692


Additions
32,953
5,269
3,150
41,372



At 30 November 2023

185,364
6,550
3,150
195,064



Depreciation


At 1 December 2022
36,576
1,281
-
37,857


Charge for the year on owned assets
1,715
395
394
2,504



At 30 November 2023

38,291
1,676
394
40,361



Net book value



At 30 November 2023
147,073
4,874
2,756
154,703



At 30 November 2022
115,835
-
-
115,835


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 December 2022
200



At 30 November 2023
200






Net book value



At 30 November 2023
200



At 30 November 2022
200

Page 8

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
7,310,000


Disposals
(390,000)


Surplus on revaluation
(13,000)



At 30 November 2023
6,907,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,354,396
4,657,396

4,354,396
4,657,396


7.


Current asset investments

2023
2022
£
£

Listed investments
127,098
108,018

127,098
108,018



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,879,206
1,824,916

1,879,206
1,824,916


Page 9

 
TURRET PROPERTY INVESTMENTS LIMITED
 

 
Notes to the financial statements
For the year ended 30 November 2023

9.


Deferred taxation




2023
2022


£

£






At 1 December 2021
(253,990)
(163,740)


Charged to profit or loss
(80,207)
(90,250)



At 30 November 2022
(334,197)
(253,990)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised gain on property valuation
334,197
253,990

334,197
253,990


10.


Share capital

2023
2022
£
£
Authorised



50,000 (2022 -50,000) Ordinary shares of £1.00 each
50,000
50,000

Allotted, called up and fully paid



27,610 (2022 -27,610) Ordinary shares of £1.00 each
27,610
27,610



11.


Reserves

Profit and loss account
Included within the profit and loss account reserves are £2,218,407 (2022 - £2,398,614) of undistributable reserves relating to the revaluation of investment properties.


12.


Related party transactions

The company operates current accounts with the directors which are unsecured, interest free and repayable on demand. The balance at the year end included in other creditors within one year is £29,231 (2022 - £12,326).


Page 10