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REGISTERED NUMBER: 05248568 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Turf World Limited

Turf World Limited (Registered number: 05248568)






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


Turf World Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R N Winwood
J A Winwood





SECRETARY: Mrs T L Winwood





REGISTERED OFFICE: Pendeford Hall Farm
Pendeford Hall Lane
Coven
Wolverhampton
WV9 5BD





REGISTERED NUMBER: 05248568 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Turf World Limited (Registered number: 05248568)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,482,176 1,209,531
1,482,176 1,209,531

CURRENT ASSETS
Stocks 1,136,786 1,047,584
Debtors 6 101,611 104,302
Cash at bank and in hand 295 949
1,238,692 1,152,835
CREDITORS
Amounts falling due within one year 7 1,120,729 725,330
NET CURRENT ASSETS 117,963 427,505
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,600,139

1,637,036

CREDITORS
Amounts falling due after more than one
year

8

(621,380

)

(715,010

)

PROVISIONS FOR LIABILITIES (207,181 ) (229,810 )
NET ASSETS 771,578 692,216

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 771,478 692,116
SHAREHOLDERS' FUNDS 771,578 692,216

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.

Turf World Limited (Registered number: 05248568)

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 Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





R N Winwood - Director


Turf World Limited (Registered number: 05248568)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Turf World Limited is a private company, limited by shares , registered in England and Wales. 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 (£).


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 as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Subsequent to the depreciation charge, directors annually review the Net Book Value of tangible fixed assets. This value is amended to more accurately reflect the value of the assets through the reduction in the annual depreciation charge.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Turf World Limited (Registered number: 05248568)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, 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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 2,000
AMORTISATION
At 1 January 2023
and 31 December 2023 2,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Turf World Limited (Registered number: 05248568)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 1,347,997 200,990 - 1,548,987
Additions 349,143 49,500 1,421 400,064
Disposals (108,170 ) - - (108,170 )
At 31 December 2023 1,588,970 250,490 1,421 1,840,881
DEPRECIATION
At 1 January 2023 246,750 92,706 - 339,456
Charge for year 270,816 49,698 285 320,799
Eliminated on disposal (15,987 ) - - (15,987 )
Revaluation adjustments (243,178 ) (42,124 ) (261 ) (285,563 )
At 31 December 2023 258,401 100,280 24 358,705
NET BOOK VALUE
At 31 December 2023 1,330,569 150,210 1,397 1,482,176
At 31 December 2022 1,101,247 108,284 - 1,209,531

Cost or valuation at 31 December 2023 is represented by:

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Valuation in 2023 1,588,970 250,490 1,421 1,840,881

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 873,037 84,490 957,527
Additions 319,100 45,000 364,100
At 31 December 2023 1,192,137 129,490 1,321,627
DEPRECIATION
At 1 January 2023 42,234 16,206 58,440
Charge for year 270,815 25,898 296,713
Revaluation adjustments (187,988 ) (22,332 ) (210,320 )
At 31 December 2023 125,061 19,772 144,833
NET BOOK VALUE
At 31 December 2023 1,067,076 109,718 1,176,794
At 31 December 2022 830,803 68,284 899,087

Turf World Limited (Registered number: 05248568)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 97,212 98,357
Other debtors 4,399 5,945
101,611 104,302

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 256,856 207,115
Hire purchase contracts (see note 9) 202,499 179,852
Trade creditors 151,097 167,701
Amounts owed to participating interests - 80,072
Amounts owed to associates 188,027 -
Taxation and social security 82,072 88,390
Other creditors 240,178 2,200
1,120,729 725,330

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 621,380 564,473
Other creditors - 150,537
621,380 715,010

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 52,181 53,233

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 202,499 179,852
Between one and five years 569,199 511,240
In more than five years 52,181 53,233
823,879 744,325

As at the year end date the company was committed to paying £176,100 in relation to operating leases (2022 - £219,510).

Turf World Limited (Registered number: 05248568)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 256,856 207,115
Hire purchase contracts 823,879 744,325
1,080,735 951,440

The bank overdraft and hire purchase obligations are secured by a fixed and floating charge. The floating charge covers all the property or undertaking of the company. Contains negative pledge.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100