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Registered number: 00320293
Turnock Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Phillips Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00320293
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,140,028 1,137,228
1,140,028 1,137,228
CURRENT ASSETS
Stocks 5 552,040 566,547
Debtors 6 66,622 72,010
Cash at bank and in hand 54,886 12,229
673,548 650,786
Creditors: Amounts Falling Due Within One Year 7 (171,873 ) (152,871 )
NET CURRENT ASSETS (LIABILITIES) 501,675 497,915
TOTAL ASSETS LESS CURRENT LIABILITIES 1,641,703 1,635,143
Creditors: Amounts Falling Due After More Than One Year 8 (106,281 ) (113,665 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,775 ) (9,095 )
NET ASSETS 1,527,647 1,512,383
CAPITAL AND RESERVES
Called up share capital 9 19,201 19,201
Share premium account 73,574 73,574
Revaluation reserve 11 735,477 735,477
Capital redemption reserve 8,479 8,479
Profit and Loss Account 690,916 675,652
SHAREHOLDERS' FUNDS 1,527,647 1,512,383
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gordon Stone
Director
17/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Turnock Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00320293 . The registered office is Reaymer Close, Off Leamore Lane, Walsall, West Midlands, WS2 7QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost and 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on cost and 15% on reducing balance
Freehold property has not been depreciated as in the view of the directors any charge would be immaterial.
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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Page 4
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 1,192,746 954,195 179,187 2,326,128
Additions - 8,593 10,050 18,643
As at 30 June 2024 1,192,746 962,788 189,237 2,344,771
Depreciation
As at 1 July 2023 92,746 927,279 168,875 1,188,900
Provided during the period - 12,609 3,234 15,843
As at 30 June 2024 92,746 939,888 172,109 1,204,743
...CONTINUED
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Page 5
Net Book Value
As at 30 June 2024 1,100,000 22,900 17,128 1,140,028
As at 1 July 2023 1,100,000 26,916 10,312 1,137,228
5. Stocks
2024 2023
£ £
Materials 354,241 472,477
Finished goods 52,403 54,840
Work in progress 145,396 39,230
552,040 566,547
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,004 36,316
Prepayments and accrued income 43,618 35,694
66,622 72,010
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,744 62,533
Bank loans and overdrafts 16,902 15,600
Corporation tax 9,310 21,543
Other taxes and social security 38,922 17,938
Other creditors 24,796 5,604
Accruals and deferred income 18,730 28,351
Directors' loan accounts 469 1,302
171,873 152,871
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 106,281 113,665
Page 5
Page 6
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 19,201 19,201
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 28,800 22,000
11. Reserves
Revaluation Reserve
£
As at 1 July 2023 735,477
As at 30 June 2024 735,477
Page 6