Company Registration No. 02459112 (England and Wales)
TURCK BANNER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
TURCK BANNER LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
TURCK BANNER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
84,609
50,164
Current assets
Stocks
1,544,527
1,094,431
Debtors
7
1,615,731
1,557,242
Cash at bank and in hand
934,460
981,222
4,094,718
3,632,895
Creditors: amounts falling due within one year
8
(1,242,140)
(1,324,303)
Net current assets
2,852,578
2,308,592
Total assets less current liabilities
2,937,187
2,358,756
Provisions for liabilities
(25,000)
(25,000)
Net assets
2,912,187
2,333,756
Capital and reserves
Called up share capital
599,000
599,000
Profit and loss reserves
2,313,187
1,734,756
Total equity
2,912,187
2,333,756

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
A Coghlan
Director
Company Registration No. 02459112
TURCK BANNER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
599,000
1,384,944
1,983,944
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
749,812
749,812
Dividends
-
(400,000)
(400,000)
Balance at 31 December 2022
599,000
1,734,756
2,333,756
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
878,431
878,431
Dividends
-
(300,000)
(300,000)
Balance at 31 December 2023
599,000
2,313,187
2,912,187
TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Turck Banner Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The registered office is Blenheim House, Hurricane Way, Wickford, SS11 8YT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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 at least twelve months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents sales to external customers at invoiced amount less value added tax or local taxes on sales. Turnover is recognised when there is a transfer of the risks and rewards of owning the goods, which is typically at the time of dispatch of goods to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method.

 

Depreciation is provided on the following basis:

Leasehold property
over the term of the lease
Plant and machinery etc
10% - 50% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

 

At each reporting 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 the statement of comprehensive income.

TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6

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.

1.7
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.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

 

 

TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9

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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period in which it arises.

TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Pensions

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 payment obligations.

 

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

1.15
Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

1.16
Foreign exchange

Foreign currency transactions are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to the statement of comprehensive income.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In preparing these financial statements, the directors have considered the requirement for any provision for impairment in respect of stock held at the balance sheet date. To identify any impairment, the difference between the cost and net realisable value of stock is considered. Judgement is required to estimate the future net realisable value, for which the directors use their experience of the industry, anticipated sales patterns and potential costs to completion and disposals of the stock to estimate the achievable net realisable value.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
13,250
TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
31
28
5
Directors' remuneration
2023
2022
£
£
Directors' emoluments
117,246
121,061
Directors' pension costs
32,260
20,880

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

6
Tangible fixed assets
Leasehold property
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
13,530
204,728
218,258
Additions
14,079
55,754
69,833
Disposals
-
0
(18,611)
(18,611)
At 31 December 2023
27,609
241,871
269,480
Depreciation and impairment
At 1 January 2023
13,530
154,564
168,094
Depreciation charged in the year
2,744
30,668
33,412
Eliminated in respect of disposals
-
0
(16,635)
(16,635)
At 31 December 2023
16,274
168,597
184,871
Carrying amount
At 31 December 2023
11,335
73,274
84,609
At 31 December 2022
-
0
50,164
50,164
TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,518,867
1,355,020
Amounts owed by participators
-
0
119,212
Other debtors
-
0
24,166
Prepayments and accrued income
72,698
58,844
1,591,565
1,557,242
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
24,166
-
0
Total debtors
1,615,731
1,557,242
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
221,675
145,328
Amounts owed to participators
310,062
484,767
Corporation tax
276,902
181,930
Other taxation and social security
146,261
279,224
Other creditors
287,240
233,054
1,242,140
1,324,303

At the year end, the company has an outstanding bank guarantee of £24,000 in relation to duty deferment in favour of HMRC.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Shaun Roberts and the auditor was LB Group Limited (Colchester).
10
Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those in the company in an independently administered fund. The pension charge amounted to £141,946 (2022: £92,589). Outstanding pension contributions at the year end amounted to £80,355 (2022: £35,919).

TURCK BANNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
270,704
94,550
12
Related party transactions

At the year end, the company owed £160,376 (2022 - £238,962) to Banner Engineering Corporation and £6,359 (2022 - £16,562) to Banner Electronics (Suzhou) Co. Ltd, a subsidiary of Banner Engineering Corporation. In addition, at the year end, the company owed £84,787 (2022 - £140,026) to Hans Turck GmbH & Co. KG, £58,540 (2022 - £85,047) to Turck Incorporated, £Nil (2022 - £1,043) to Turck Vilant Systems Oy and £Nil (2022 - £3,127) to Turck Holding GmbH all of which are part of the Turck Group. The above amounts are due to those companies for the provision of goods during the normal course of the company's activities. These amounts have been included within amounts owed to participators per note 8 in the accounts.

 

During the year, the company made purchases from Banner Engineering Corporation of £2,612,090 (2022 - £2,329,796) and from Banner Electronics (Suzhou) Co. Ltd of £150,761 (2022 - £189,002). In addition, the company made purchases from Turck Group companies, Hans Turck GmbH & Co. KG of £3,455,830 (2022 - £2,242,005), Turck Incorporated of £1,069,340 (2022 - £991,874), Turck Vilant Systems Oy of £Nil (2022 - £1,043) and Turck Holding GmbH of £12,426 (2022 - £15,139).

 

At the year end, the company was owed £Nil (2022 - £118,178) from Hans Turck GmbH & Co. KG for commission income and £Nil (2022 - £1,034) from Turck Banner S.r.l. These amounts are included in amounts owed by participators in 2022 as invoiced before the year end, included in note 7 to the accounts.

 

During the year, the company made sales to Turck Korea Co., Ltd of £48 (2022 - £Nil), and Turck Vilant Systems GmbH of £Nil (2022 - £3,569) both part of the Turck Group and to Turck Banner S.r.l. of £Nil (2022 - £1,034) a joint venture between Banner Engineering Corporation and Hans Turck GmbH & Co KG.

 

13
Parent company

The company is owned and controlled equally by Banner Engineering Corporation incorporated in the USA and Turck Beteiligungs GmbH (part of the Turck Group) incorporated in Germany.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Turck Holding GmbH, incorporated in Germany. Details can be obtained from Witzlebenstr 7, 45472 Mulheim an der Ruhr, Germany.

 

Due to the ownership structure of the entity there is no controlling party.

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