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Registration number: 06019829




D. Turner & Son (Machinery Removal) Ltd
Annual Report and
Unaudited Financial Statements

31 December 2023

 

D. Turner & Son (Machinery Removal) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 11

 

D. Turner & Son (Machinery Removal) Ltd

Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,206,372

1,591,243

Investments

5

715,420

580,113

 

2,921,792

2,171,356

Current assets

 

Debtors

6

2,260,751

2,367,609

Cash at bank and in hand

 

1,408,139

807,074

 

3,668,890

3,174,683

Creditors: Amounts falling due within one year

7

(1,485,611)

(931,549)

Net current assets

 

2,183,279

2,243,134

Total assets less current liabilities

 

5,105,071

4,414,490

Creditors: Amounts falling due after more than one year

7

(506,250)

(551,250)

Provisions for liabilities

(354,281)

(354,281)

Net assets

 

4,244,540

3,508,959

Capital and reserves

 

Called up share capital

2

2

Retained earnings

4,244,538

3,508,957

Shareholders' funds

 

4,244,540

3,508,959

 

D. Turner & Son (Machinery Removal) Ltd

Balance Sheet
31 December 2023

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr L D Turner
Director

Company Registration Number: 06019829

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
143A Green Lane
Heywood
Lancashire
OL10 2EW

The principal place of business is:
63 Boswell Way
Stakehill
Middleton
Manchester
M24 2RW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% on written down value

Fixtures and Fittings

25% on written down value

Tools and Equipment

25% on written down value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 34 (2022 - 31).

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

64,322

30,546

754,895

2,351,584

3,201,347

Additions

-

1,651

390,339

873,304

1,265,294

At 31 December 2023

64,322

32,197

1,145,234

3,224,888

4,466,641

Depreciation

At 1 January 2023

36,196

19,101

661,711

893,096

1,610,104

Charge for the year

12,864

2,915

136,670

497,716

650,165

At 31 December 2023

49,060

22,016

798,381

1,390,812

2,260,269

Carrying amount

At 31 December 2023

15,262

10,181

346,853

1,834,076

2,206,372

At 31 December 2022

28,126

11,445

93,184

1,458,488

1,591,243

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Included within the net book value of land and buildings above is £15,261 (2022 - £28,126) in respect of freehold land and buildings.
 

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

715,420

580,113

Subsidiaries

£

Cost or valuation

At 1 January 2023

580,113

Additions

135,307

At 31 December 2023

715,420

Provision

Carrying amount

At 31 December 2023

715,420

At 31 December 2022

580,113

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Atkin Machine Tool Maintenance Limited

England

Ordinary

100%

100%

         

The principal activity of Atkin Machine Tool Maintenance Limited is testing. Its financial period end is 31 May.

6

Debtors

 

D. Turner & Son (Machinery Removal) Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Current

Note

2023
£

2022
£

Trade debtors

 

1,227,939

1,539,359

Amounts owed by related parties

808,891

511,363

Prepayments

 

222,511

316,798

Other debtors

 

1,410

89

   

2,260,751

2,367,609

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

45,000

45,000

Trade creditors

 

973,484

499,208

Taxation and social security

 

119,781

143,356

Accruals and deferred income

 

54,566

85,695

Other creditors

 

292,780

158,290

 

1,485,611

931,549

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

356,250

401,250

Other non-current financial liabilities

 

150,000

150,000

 

506,250

551,250