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REGISTERED NUMBER: 00477536 (England and Wales)









C.E.TURNER(ENGINEERS)LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


C.E.TURNER(ENGINEERS)LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A J Lines
M J Southworth





REGISTERED OFFICE: 2 Hudson Road
Saxby Road Industrial Estate
Melton Mowbray
Leicestershire
LE13 1BS





REGISTERED NUMBER: 00477536 (England and Wales)





ACCOUNTANTS: UHY Hacker Young (Bham) LLP
9-11 Vittoria Street
Birmingham
B1 3ND

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 944,286 1,264,775

CURRENT ASSETS
Stocks 5 460,243 317,624
Debtors 6 838,920 1,418,576
Cash at bank and in hand 457 177,038
1,299,620 1,913,238
CREDITORS
Amounts falling due within one year 7 2,251,022 2,085,826
NET CURRENT LIABILITIES (951,402 ) (172,588 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,116

)

1,092,187

CREDITORS
Amounts falling due after more than
one year

8

730,370

2,174,151
NET LIABILITIES (737,486 ) (1,081,964 )

CAPITAL AND RESERVES
Called up share capital 11 6,352 6,352
Share premium 100,299 100,299
Capital redemption reserve 2,673 2,673
Retained earnings (846,810 ) (1,191,288 )
SHAREHOLDERS' FUNDS (737,486 ) (1,081,964 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





A J Lines - Director


C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

C.E.TURNER(ENGINEERS)LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Managing Director and Ultimate Controlling Party has committed to providing financial support to satisfy the cashflow requirements of the company.

This support has been provided alongside;
- a strong order book
- engagement of external accounting expertise
- continuing operational capacity and quality assessments and enhancements

Therefore, the directors consider that the company has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is also recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% straight line

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost re reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Government grants
Grant income is recognised in the profit and loss at the time at which all conditions of the grant have been satisfied.

Grant income relating to capital purchases is deferred and released to the profit and loss account over the life of the asset of which it was received to fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2023 - 65 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 4,441,631 60,244 55,955 157,312 4,715,142
Additions - - 27,893 - 27,893
At 31 March 2024 4,441,631 60,244 83,848 157,312 4,743,035
DEPRECIATION
At 1 April 2023 3,273,425 53,902 16,686 106,354 3,450,367
Charge for year 292,051 1,660 16,209 38,462 348,382
At 31 March 2024 3,565,476 55,562 32,895 144,816 3,798,749
NET BOOK VALUE
At 31 March 2024 876,155 4,682 50,953 12,496 944,286
At 31 March 2023 1,168,206 6,342 39,269 50,958 1,264,775

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 3,857,967 8,025 3,865,992
Additions - 27,893 27,893
At 31 March 2024 3,857,967 35,918 3,893,885
DEPRECIATION
At 1 April 2023 2,738,511 5,953 2,744,464
Charge for year 279,864 6,910 286,774
At 31 March 2024 3,018,375 12,863 3,031,238
NET BOOK VALUE
At 31 March 2024 839,592 23,055 862,647
At 31 March 2023 1,119,456 2,072 1,121,528

5. STOCKS
2024 2023
£    £   
Stocks 82,044 79,317
Work-in-progress 302,104 196,989
Finished goods 76,095 41,318
460,243 317,624

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 717,737 1,377,113
Amounts owed by group undertakings 65,357 -
Other debtors 2,056 2,056
Prepayments 53,770 39,407
838,920 1,418,576

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 28,281 108,771
Hire purchase contracts 392,867 355,462
Trade creditors 425,940 622,554
Amounts owed to group undertakings 488,700 -
Social security and other taxes 507,935 197,124
Other creditors 12,398 28,831
Invoice discounting facility 269,927 625,765
Accrued expenses 124,974 132,189
Deferred income - 15,130
2,251,022 2,085,826

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 23,290 30,838
Hire purchase contracts 557,080 963,313
Chiltern Industries Ltd 150,000 1,180,000
730,370 2,174,151

On 28 March 2024 Chiltern Industries Limited discharged the company from its obligations to repay a loan of £1,180,000. Also on 28 March 2024, Invictus Engineering Group Limited purchased 100% of the share capital in C.E. Turner (Engineers) Limited. Both Chiltern Industries Limited and Invictus Engineering Group Limited are controlled by AJ Lines.

A loan of £150,000 made by Chiltern Industries Limited to C.E. Turner (Engineers Limited) does not have defined terms but will not be repaid until other liabilities have been settled.

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 28,281 108,771

Amounts falling due between one and two years:
Bank loans - 1-2 years 23,290 30,838

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 51,571 139,609
Hire purchase contracts 949,947 1,318,775
Invoice discounting facility 269,927 625,765
1,271,445 2,084,149

Obligations under hire purchase contracts are secured on the assets to which they relate.

There is a fixed and floating charge over the company and its associated assets dated 25 September 2019 securing all monies due or to become due to Close Brothers Limited.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,364 'A' Ordinary 1 2,364 2,364
3,988 'B' Ordinary 1 3,988 3,988
6,352 6,352

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Chiltern Industries Limited is a company in which a Director Arnold James Lines is also a Director. As at 31 March 2024, a balance was owed to Chiltern Industries Limited of £150,000 (2023: £1,180,000). This amount outstanding is unsecured with no formal agreement in place.

Tim Harrison, a Director of C.E. Turner (Engineers) Limited (Resigned 31 July 2023) incurred expenses during the period of £357 (2023: £594). Of which, an amount outstanding as at the period ending 31 March 2024 was £Nil (2023: £594)

Jeremy Rowson, a Director of C.E. Turner (Engineers) Limited incurred expenses during the period of £Nil (2023: £471). Of which, an amount outstanding as at the period ending 31 March 2024 was £ Nil (2023: 471l).

C.E.TURNER(ENGINEERS)LIMITED (REGISTERED NUMBER: 00477536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Lines, following the acquisition of 100% shareholding in Invictus Engineering Group Limited, the parent company of C.E.Turner (Engineers) Limited on 28 March 2024.