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Registered number: 00607154










P A TURNEY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
P A TURNEY LIMITED
 

COMPANY INFORMATION


Directors
P Turney (deceased 16 August 2023)
J A Turney 
M A Armstrong (resigned 17 November 2023) 
E T Evans 




Registered number
00607154



Registered office
Middleton Stoney

Bicester

Oxford

OX25 4AB




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG




Bankers
Barclays Bank Plc
PO Box 773

Wytham Court

11 West Way

Botley

Oxfordshire

OX2 0JB





 
P A TURNEY LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Notes to the financial statements
 
12 - 26


 
P A TURNEY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Principal activity and business review
 
The principal activity of the Company continues to be the supply and servicing of agricultural and ground care machinery.
The Company's trading results for 2023 as detailed on the following pages represent a marginally positive outcome for the business in a year in which the agricultural sector has faced a number of on-going challenges. With the UK's supply chain returning to normal many dealers found themselves with unusually high levels of stock at the start of the year. The effect of this coupled with the continually rising interest rates which have seen businesses and customers under increased pressure.
Overall, whole goods sales were up year on year by 16% when compared to the previous year. This was primarily driven by the availability of product to sell within both our Agricultural and Ground care businesses. 
Although year over year turnover was ahead the gross margin had reduced by 1.3% as a result of competitors also having greater stock availability and therefore increased competition within the market place. 
Turnover increased by 16% in our Groundcare division when compared to the previous year which was again largely due to product availability.
Continued investment into our service and parts businesses have had a positive impact with combined sales increasing year over year by 11.7%.
The Company continues to focus its efforts on maximising profit based on a sustainable growth plan and to continue to develop from within its existing markets, products and locations.

Financial key performance indicators
 
The Company's turnover for the year was £21,203,595 (2022: £17,931,752).
The gross profit for the year was £4,061,063 (2022: £3,686,103).
The profit before tax for the year was £7,623 (2022: £182,181).
The Company held cash and cash equivalents of £175,462 at 31 December 2023 (2022: £984,948).
The net current assets of the Company at 31 December 2023 were £3,024,541 (2022: £2,918,208).

Non-financial key performance indicators
 
The directors of the business, operate stringent monitoring of headcount, based against:
• Monthly
• Cumulatively
• Staff costs as a % of each division and total of overall turnover
Total headcount stood at 64 as at 31 December 2023, compared with 62 in 2022.

Health and safety

The Company continues to use an external risk management specialist in this important area, that has implemented an on-line portal system. This has been a key focus of the business throughout the year as we endeavour to provide a user-friendly system, that is regularly updated with any new process or procedures. The Company's primary objective is to continually improve the standards of health and wellbeing of its staff, safety and welfare for the Company, customers and visitors.

Page 1

 
P A TURNEY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Employees

Our people, make us the business we are. Our long-term future success as a Company is centred around retaining, and where applicable, attracting new highly focused, enthusiastic individuals who have a true passion to succeed, but not at the expense of continuing to maintain the level of service our customers both expect and deserve.
To continue to provide for the future, whether through growth, or succession planning, we operate a team of apprentices within our service departments.

Principal risks and uncertainties
 
The Company is exposed to a variety of financial risks which result from its operating activities. These include the continuing uncertainties within the supply chain which are a consequence of both the UK's exit from the European Union and the lasting effects of the global pandemic. The increasingly unstable weather patterns that the UK is experiencing is also a major factor for our customers and therefore a risk we are very conscious of.  Whilst the Company has no control over these risks the board and management are responsible minimising the effect on the Company through monitoring of the Company's key performance indicators and adapting the Company strategy accordingly and securing the Company's short to medium term cash flows.
Financial risk management objectives and policies
The Company uses financial instruments, other than derivatives, comprising cash and various other items such as trade debtors and creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company’s operations. The main risk arising from the Company’s financial instruments is liquidity risks.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. The main risk to liquidity is the level of stock held by the Company. The directors and the management team have paid particular attention to this risk and have actively managed stocks throughout the year and continue to do so. The Company’s policy throughout the year has been to ensure continuity of funding through management of cash balances. Short term flexibility is achieved by utilising overdraft facilities and stock asset financing which are available as required. 


This report was approved by the board and signed on its behalf.



J A Turney
Director

Date: 9 July 2024

Page 2

 
P A TURNEY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

P Turney (deceased 16 August 2023)
J A Turney 
M A Armstrong (resigned 17 November 2023)
E T Evans 

Results and dividends

The loss for the year, after taxation, amounted to £8,343 (2022 - profit £159,206).

No dividends were authorised by the directors and distributed by the Company during the year (2022: £26,964).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Further details of the Company's future strategy can be found in the Strategic Report.

Page 3

 
P A TURNEY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




J A Turney
Director

Date: 9 July 2024

Page 4

 
P A TURNEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED
 

Opinion


We have audited the financial statements of P A Turney Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
P A TURNEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.



 
Page 6

 
P A TURNEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED (CONTINUED)


The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sue Staunton MA FCA CF (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

7 August 2024
Page 7

 
P A TURNEY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,203,595
17,931,752

Cost of sales
  
(17,142,532)
(14,245,649)

Gross profit
  
4,061,063
3,686,103

Administrative expenses
  
(3,980,882)
(3,621,802)

Other operating income
 5 
136,539
135,564

Operating profit
 6 
216,720
199,865

Interest receivable and similar income
 10 
66
1,436

Interest payable and similar expenses
 11 
(209,163)
(19,120)

Profit before tax
  
7,623
182,181

Tax on profit
 12 
(15,966)
(22,975)

(Loss)/profit for the financial year
  
(8,343)
159,206

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 8

 
P A TURNEY LIMITED
REGISTERED NUMBER: 00607154

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,233,969
1,379,080

Investment property
 15 
1,450,000
1,450,000

  
2,683,969
2,829,080

Current assets
  

Stocks
 16 
7,621,574
5,435,884

Debtors: amounts falling due within one year
 17 
2,025,708
2,124,238

Cash at bank and in hand
 18 
175,462
984,948

  
9,822,744
8,545,070

Creditors: amounts falling due within one year
 19 
(6,798,203)
(5,626,862)

Net current assets
  
 
 
3,024,541
 
 
2,918,208

Total assets less current liabilities
  
5,708,510
5,747,288

Creditors: amounts falling due after more than one year
 20 
-
(30,435)

Provisions for liabilities
  

Deferred tax
 23 
(71,859)
(71,859)

  
 
 
(71,859)
 
 
(71,859)

Net assets
  
5,636,651
5,644,994


Capital and reserves
  

Called up share capital 
 24 
179,763
179,763

Revaluation reserve
 25 
370,447
370,447

Investment property revaluation reserve
 25 
835,141
835,141

Profit and loss account
 25 
4,251,300
4,259,643

  
5,636,651
5,644,994


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J A Turney
Director

Date: 9 July 2024


The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
P A TURNEY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
179,763
370,447
835,141
4,259,643
5,644,994


Comprehensive income for the year

Loss for the year
-
-
-
(8,343)
(8,343)


At 31 December 2023
179,763
370,447
835,141
4,251,300
5,636,651



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
179,763
370,447
835,141
4,127,401
5,512,752


Comprehensive income for the year

Profit for the year
-
-
-
159,206
159,206

Dividends: Equity capital
-
-
-
(26,964)
(26,964)


At 31 December 2022
179,763
370,447
835,141
4,259,643
5,644,994


The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
P A TURNEY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(8,343)
159,206

Adjustments for:

Depreciation of tangible assets
72,159
104,439

Profit on disposal of tangible assets
(29,609)
(5,855)

Interest paid
209,163
19,120

Interest received
(66)
(1,436)

Taxation charge
15,966
22,975

(Increase) in stocks
(2,185,690)
(1,940,907)

Decrease/(increase) in debtors
98,530
(284,457)

Increase in creditors
1,199,102
2,294,305

Corporation tax (paid)
(16,027)
(21,022)

Net cash (used in) / generated from operating activities

(644,815)
346,368


Cash flows from investing activities

Purchase of tangible fixed assets
(7,051)
(19,854)

Sale of tangible fixed assets
109,612
13,827

Interest received
66
1,436

HP interest paid
(2,787)
(8,094)

Net cash from investing activities

99,840
(12,685)

Cash flows from financing activities

Repayment of other loans
-
(113,913)

Repayment of finance leases
(58,135)
(122,121)

Dividends paid
-
(26,964)

Interest paid
(206,376)
(11,026)

Net cash used in financing activities
(264,511)
(274,024)

Net (decrease)/increase in cash and cash equivalents
(809,486)
59,659

Cash and cash equivalents at beginning of year
984,948
925,289

Cash and cash equivalents at the end of year
175,462
984,948


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
175,462
984,948

175,462
984,948


Page 11

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

P A Turney Limited is a private company limited by share capital and incorporated in England and Wales.  The address of the registered office and principal place of business is Middleton Stoney, Bicester, Oxford, OX25 4AB.
The principal activity of the Company is the supply and servicing of agricultural and ground care machinery.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date the Company had net assets of £5,636,651 (2022: £5,644,994) which includes net current assets of £3,024,541 (2022: £2,918,208) having made a loss after tax in the year of £8,343 (2022: £159,206 profit). The directors have considered financial forecasts and available capital and believe it is appropriate to prepare the financial statements on a going concern basis. 

 
2.3

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:

For sale of goods this is when goods are delivered or made available for collection by the customer.
Revenue from servicing and repairs is recognised as the required work is performed.
Revenue is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales tax.

Page 12

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings including office equipment
-
20%
reducing balance and 25% 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.

  
2.5

Investment property

Investment property is carried at fair value determined annually by the directors or 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 the Statement of comprehensive income.

 
2.6

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 purchases on a first in, first out basis.
In the case of finished goods and good for resale, cost means purchase price less trade discounts. In the case of work in progress, cost consists of direct material and labour. 
Net realisable value means estimated selling price (less trade discounts) less al further costs to complete.
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 profit or loss.

Page 13

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Page 14

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

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.

 
2.13

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

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

  
2.16

Finance lease agreements

Where the Company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the Statement of Financial Position as a tangible fixed asset and is depreciated in accordance with the depreciation policies above. Future installments payable under such leases, net of finance charges, are included within creditors. Rental payments are apportioned between the finance element, which is charged to the Statement of Comprehensive Income as a constant proportion of the capital outstanding, and the capital element which reduces the outstanding obligation for future installments.

Page 15

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.17

Rental income

Lease income is recognised on a straight line basis over the duration of the lease, net of any incentives.

 
2.18

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.

 
2.19

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 reporting 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 reporting 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 reporting date.

Page 16

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historic experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments within the next financial year are included below.
Critical judgements that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Stocks
Management estimates the net realisable value of stock, taking into account the most reliable evidence at each reporting date.
Provisions 
In recognising provisions, the Company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.
Deferred tax assets
The recognition of deferred tax assets is based on forecasts of future taxable profit. The measurement of future taxable profit for the purposes of determining whether or not to recognise deferred tax assets depends on many factors, including the Company's ability to generate such profits and the implementation of effective tax planning strategies. The occurrence or non-occurrence of such events in the future may lead to significant changes in the measurement of deferred tax assets.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. 
Investment property valuation
The Company carries its investment property asset at fair value. The property was valued by reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the property.
Freehold property classification
Some properties are on the site of commercial properties and are either used in the production or supply of goods or services or share utilities. Management consider that these properties are non-separable as in their view they cannot be sold separately or leased out separately under a finance lease and therefore these properties have been classified as tangible fixed assets in accordance with FRS 102.

Page 17

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Supply and servicing of agricultural and horticultural machinery
21,203,595
17,931,752


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
21,139,779
17,654,144

Rest of Europe
63,816
277,608

21,203,595
17,931,752



5.


Other operating income

2023
2022
£
£

Net rents receivable
135,138
135,300

Commissions receivable
1,401
264

136,539
135,564



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
19,650
20,681

Depreciation
72,159
104,439


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,500
12,900
Page 18

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,504,764
2,298,626

Social security costs
252,847
242,160

Cost of defined contribution scheme
54,065
49,865

2,811,676
2,590,651


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Service staff
32
29



Sales staff
24
22



Administrative staff
8
11

64
62


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
266,699
255,579

Company contributions to defined contribution pension schemes
2,862
2,311

269,561
257,890


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £95,845 (2022 - £104,590).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,761 (2022 - £NIL).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
66
1,436

Page 19

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,694
-

Other loan interest payable
204,682
11,026

Finance leases and hire purchase contracts
2,787
8,094

209,163
19,120


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
15,966
24,589

Adjustments in respect of previous periods
-
(1,614)


15,966
22,975


Total current tax
15,966
22,975

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
15,966
22,975
Page 20

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,623
182,181


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%)
1,793
34,614

Effects of:


Fixed asset differences
1,161
1,487

Expenses not deductible for tax purposes
849
1,532

Deferred tax asset not recognised
15,007
(17,163)

Adjustments to tax charge in respect of prior periods
-
(1,614)

Remeasurement of deferred tax for changes in tax rates
(888)
4,119

Marginal relief
(1,956)
-

Total tax charge for the year
15,966
22,975


13.


Dividends

2023
2022
£
£


Dividends: Equity capital
-
26,964

Page 21

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,434,222
145,184
794,165
190,143
2,563,714


Additions
-
1,650
-
5,401
7,051


Disposals
-
-
(287,824)
(22,880)
(310,704)



At 31 December 2023

1,434,222
146,834
506,341
172,664
2,260,061



Depreciation


At 1 January 2023
366,302
121,640
558,965
137,727
1,184,634


Charge for the year on owned assets
9,184
2,401
2,327
33,386
47,298


Charge for the year on financed assets
-
-
24,861
-
24,861


Disposals
-
-
(213,819)
(16,882)
(230,701)



At 31 December 2023

375,486
124,041
372,334
154,231
1,026,092



Net book value



At 31 December 2023
1,058,736
22,793
134,007
18,433
1,233,969



At 31 December 2022
1,067,920
23,544
235,200
52,416
1,379,080




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,058,736
1,067,920


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
94,459
152,876

Page 22

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,450,000



At 31 December 2023
1,450,000

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
543,000
543,000

Accumulated depreciation and impairments
(181,262)
(173,832)

361,738
369,168


16.


Stocks

2023
2022
£
£

Work in progress
197,993
272,246

Finished goods and goods for resale
7,423,581
5,163,638

7,621,574
5,435,884



 


17.


Debtors

2023
2022
£
£


Trade debtors
855,202
801,636

Other debtors
13,005
338,777

Prepayments and accrued income
1,157,501
983,825

2,025,708
2,124,238


Page 23

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
175,462
984,948



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,390,633
5,107,518

Corporation tax
15,966
16,027

Other taxation and social security
65,844
71,737

Obligations under finance lease and hire purchase contracts
17,508
45,208

Other creditors
21,128
12,704

Accruals and deferred income
287,124
373,668

6,798,203
5,626,862



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
30,435



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
17,508
45,208

Between 1-5 years
-
30,435

17,508
75,643

Page 24

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,450,000
1,450,000

Financial assets that are debt instruments measured at amortised cost
1,043,669
2,125,361

2,493,669
3,575,361


Financial liabilities


Financial liabilities measured at amortised cost
(6,698,885)
(5,493,890)


Financial assets measured at fair value through profit or loss comprise investment properties.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and cash.


Financial liabilities measured at amortised cost comprise bank overdrafts & loans, trade creditors, other creditors and accruals.


23.


Deferred taxation




2023


£






At beginning of year
(71,859)



At end of year
(71,859)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(71,859)
(71,859)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



179,763 (2022 - 179,763) Ordinary shares of £1.00 each
179,763
179,763


Page 25

 
P A TURNEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Reserves

Revaluation reserve

The revaluation reserve includes revaluations of tangible fixed asset movements as permitted under previous UK GAAP, pre FRS102 adoption.

Investment property revaluation reserve

The investment property revaluation reserve includes the fair value increases in the valuation of investment properties, following the adoption of FRS102.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


26.


Pension commitments

The Company operates defined contribution pension schemes for the benefit of employees. The assets of the schemes are administered by trustees in a fund independent from those of the Company.
Contributions are made by the Company to its nominal Stakeholder pension arrangement for employees who opt to join, and contribute to, that arrangement.
The contributions charged to the profit and loss account for the year ended 31 December 2023 amounted to £54,065 (2022: £49,865)


27.


Related party transactions

During the period the Company made sales to the Directors of £7,649 (2022: £2,085). The total amount due to the Company by Directors at 31 December 2023 was £91 (2022: £122).


Page 26