Company Registration No. 06991187 (England and Wales)
J.A. & G.F. TURNOCK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J.A. & G.F. TURNOCK LTD
COMPANY INFORMATION
Directors
Mr J A Turnock
Mrs G F Turnock
Secretary
Mrs G F Turnock
Company number
06991187
Registered office
Cantlop Farm
Cantlop Road
Condover
Shrewsbury
Shropshire
SY5 7DB
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
J.A. & G.F. TURNOCK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
J.A. & G.F. TURNOCK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
735,768
537,740
Investments
3
1,748
1,748
737,516
539,488
Current assets
Stocks
103,690
195,475
Debtors
5
105,148
105,123
Cash at bank and in hand
35,270
3,174
244,108
303,772
Creditors: amounts falling due within one year
6
(359,259)
(225,696)
Net current (liabilities)/assets
(115,151)
78,076
Total assets less current liabilities
622,365
617,564
Provisions for liabilities
(40,833)
(34,496)
Net assets
581,532
583,068
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
581,432
582,968
Total equity
581,532
583,068
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 21 May 2024 and are signed on its behalf by:
Mr J A Turnock
Mrs G F Turnock
Director
Director
Company Registration No. 06991187
J.A. & G.F. TURNOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
J.A. & G.F. Turnock Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cantlop Farm, Cantlop Road, Condover, Shrewsbury, Shropshire, SY5 7DB.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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 on the following bases:
Buildings
5% reducing balance
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
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 profit or loss.
The dairy herd is not depreciated, and is accounted for on a FIFO herd accounting basis.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
J.A. & G.F. TURNOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 profit and loss account 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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,748
1,748
J.A. & G.F. TURNOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
586,406
594,395
145,984
1,326,785
Additions
192,443
78,105
270,548
Disposals
(6,050)
(6,050)
At 31 December 2023
778,849
666,450
145,984
1,591,283
Depreciation and impairment
At 1 January 2023
230,221
447,242
111,580
789,043
Depreciation charged in the year
27,432
33,312
8,601
69,345
Eliminated in respect of disposals
(2,873)
(2,873)
At 31 December 2023
257,653
477,681
120,181
855,515
Carrying amount
At 31 December 2023
521,196
188,769
25,803
735,768
At 31 December 2022
356,185
147,152
34,403
537,740
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
85,379
91,951
Other debtors
17,871
10,605
Prepayments and accrued income
1,898
2,567
105,148
105,123
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
123,608
1,032
Corporation tax
4,040
2,464
Other creditors
221,124
218,400
Accruals and deferred income
10,487
3,800
359,259
225,696
J.A. & G.F. TURNOCK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's directors.