2023-06-012024-05-312024-05-31false01128239TURNBULL (CORN SALES) 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TURNBULL (CORN SALES) LIMITED

Registered Number
01128239
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

TURNBULL (CORN SALES) LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

TURNBULL, Jane Elizabeth
TURNBULL, William John

Company Secretary

TURNBULL, William John

Registered Address

Burghwallis Grange
Off Green Lane
Skellow
DN6 8JX

Registered Number

01128239 (England and Wales)
TURNBULL (CORN SALES) LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments4992,688876,159
Investment property34,423,0004,423,000
5,415,6885,299,159
Current assets
Debtors556,02850,848
Cash at bank and on hand106,72279,384
162,750130,232
Creditors amounts falling due within one year6(14,572)(28,648)
Net current assets (liabilities)148,178101,584
Total assets less current liabilities5,563,8665,400,743
Provisions for liabilities7(842,000)(842,000)
Net assets4,721,8664,558,743
Capital and reserves
Called up share capital100100
Profit and loss account4,721,7664,558,643
Shareholders' funds4,721,8664,558,743
The financial statements were approved and authorised for issue by the Board of Directors on 23 August 2024, and are signed on its behalf by:
TURNBULL, William John
Director
Registered Company No. 01128239
TURNBULL (CORN SALES) LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis as modified by the inclusion of investment properties and listed investments at fair value unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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.
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are 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 the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year22
3.Investment property
Investment properties were revalued on an open market basis in January and February 2022. The agricultural properties were revalued by J H Pickup & Co. Ltd., Chartered Surveyors, and the commercial and other properties by Malcolm Stuart Property Consultants LLP. The historical cost of the property was £1,060,207.06. In the opinion of the directors the open market value of the investment properties at the balance sheet date is not significantly different to the disclosed amount.

£
Fair value at 01 June 234,423,000
At 31 May 244,423,000
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 June 23876,159876,159
Additions114,498114,498
Revaluations162,654162,654
Disposals(160,623)(160,623)
At 31 May 24992,688992,688
Net book value
At 31 May 24992,688992,688
At 31 May 23876,159876,159

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables33,65829,213
Other debtors22,37021,635
Total56,02850,848
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,6394,721
Taxation and social security67716,812
Accrued liabilities and deferred income7,2567,115
Total14,57228,648
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from the fair value adjustments on investment properties. Deferred tax has been provided at a rate of 25% (2023: 25%), this being the substantively enacted corporation tax rate at the reporting date.

2024

2023

££
Net deferred tax liability (asset)842,000842,000
Total842,000842,000