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REGISTERED NUMBER: SC129174 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TURNBERRY HOMES LIMITED

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TURNBERRY HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs E Mooney
C Laird
A Keenan



REGISTERED OFFICE: 18 Allerdyce Drive
Great Western Business Park
Glasgow
G15 6RY



REGISTERED NUMBER: SC129174 (Scotland)



ACCOUNTANTS: Bannerman Johnstone Maclay
Chartered Accountants
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: Bank of Scotland
42/44 Sylvania Way
Clydebank
Glasgow
G81 2TL



SOLICITORS: Gillespie Macandrew
163 West George Street
Glasgow
G2 2JJ

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 595,291 516,876
Investments 6 1,306,500 1,306,500
1,901,791 1,823,376

CURRENT ASSETS
Stocks 8,942,612 6,812,818
Debtors 7 552,821 2,965,092
Cash at bank 749,373 962,594
10,244,806 10,740,504
CREDITORS
Amounts falling due within one year 8 3,597,889 2,836,639
NET CURRENT ASSETS 6,646,917 7,903,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,548,708

9,727,241

CREDITORS
Amounts falling due after more than one
year

9

(27,105

)

(73,630

)

PROVISIONS FOR LIABILITIES (84,994 ) (83,397 )

ACCRUALS AND DEFERRED INCOME (13,635 ) (14,135 )
NET ASSETS 8,422,974 9,556,079

CAPITAL AND RESERVES
Called up share capital 10,204 10,204
Capital redemption reserve 9,796 9,796
Retained earnings 8,402,974 9,536,079
SHAREHOLDERS' FUNDS 8,422,974 9,556,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

BALANCE SHEET - continued
31 DECEMBER 2023


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 11 June 2024 and were signed on its behalf by:





Mrs E Mooney - Director


TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

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


1. STATUTORY INFORMATION

Turnberry Homes Limited is a private company, limited by shares , registered in Scotland. 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 (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Turnberry Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the property have passed to the buyer (usually upon legal completion), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the sale can be measured reliably.

Goodwill
Goodwill is the difference between the amount paid on acquisition of a business and the aggregate fair value of its separate net assets. Goodwill was acquired in 1998 and is now fully amortised.

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 the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is represented by costs incurred, net of amounts transferred to cost of sales, after deducting for foreseeable losses.

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

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 certain creditors and loans from related undertakings, 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.

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.


TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

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


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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 255,000
AMORTISATION
At 1 January 2023
and 31 December 2023 255,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 266,267 1,511,749 1,778,016
Additions - 249,867 249,867
Disposals - (133,888 ) (133,888 )
At 31 December 2023 266,267 1,627,728 1,893,995
DEPRECIATION
At 1 January 2023 121,477 1,139,663 1,261,140
Charge for year 5,325 163,740 169,065
Eliminated on disposal - (131,501 ) (131,501 )
At 31 December 2023 126,802 1,171,902 1,298,704
NET BOOK VALUE
At 31 December 2023 139,465 455,826 595,291
At 31 December 2022 144,790 372,086 516,876

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 270,017
DEPRECIATION
At 1 January 2023 47,705
Charge for year 69,735
At 31 December 2023 117,440
NET BOOK VALUE
At 31 December 2023 152,577
At 31 December 2022 222,312

TURNBERRY HOMES LIMITED (REGISTERED NUMBER: SC129174)

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


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,306,500
NET BOOK VALUE
At 31 December 2023 1,306,500
At 31 December 2022 1,306,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 174,100 2,484,065
Amounts owed by related undertakings 247,000 242,000
Other debtors 131,721 239,027
552,821 2,965,092

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 2,680,000 2,000,000
Hire purchase contracts 73,983 77,391
Trade creditors 96,731 88,027
Amounts owed to group undertakings 55,000 -
Corporation tax 171,236 -
Social security and other taxes 56,585 52,887
Other creditors 276,689 202,339
Directors' loan accounts 408 87,759
Accrued expenses 187,257 328,236
3,597,889 2,836,639

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 27,105 73,630

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Turnberry Holdings (Scotland)Limited.