Turf Trading Limited 14581215 false 2023-01-10 2024-01-31 2024-01-31 The principal activity of the company is that of a pub and restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true 14581215 2023-01-10 2024-01-31 14581215 2024-01-31 14581215 core:RetainedEarningsAccumulatedLosses 2024-01-31 14581215 core:ShareCapital 2024-01-31 14581215 core:CurrentFinancialInstruments 2024-01-31 14581215 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 14581215 core:Goodwill 2024-01-31 14581215 core:FurnitureFittingsToolsEquipment 2024-01-31 14581215 core:LandBuildings 2024-01-31 14581215 core:OtherPropertyPlantEquipment 2024-01-31 14581215 bus:SmallEntities 2023-01-10 2024-01-31 14581215 bus:AuditExemptWithAccountantsReport 2023-01-10 2024-01-31 14581215 bus:FullAccounts 2023-01-10 2024-01-31 14581215 bus:SmallCompaniesRegimeForAccounts 2023-01-10 2024-01-31 14581215 bus:RegisteredOffice 2023-01-10 2024-01-31 14581215 bus:Director1 2023-01-10 2024-01-31 14581215 bus:Director2 2023-01-10 2024-01-31 14581215 bus:PrivateLimitedCompanyLtd 2023-01-10 2024-01-31 14581215 core:Goodwill 2023-01-10 2024-01-31 14581215 core:FurnitureFittings 2023-01-10 2024-01-31 14581215 core:FurnitureFittingsToolsEquipment 2023-01-10 2024-01-31 14581215 core:LandBuildings 2023-01-10 2024-01-31 14581215 core:OtherPropertyPlantEquipment 2023-01-10 2024-01-31 14581215 core:PlantMachinery 2023-01-10 2024-01-31 14581215 core:ShipsBoats 2023-01-10 2024-01-31 14581215 countries:EnglandWales 2023-01-10 2024-01-31 iso4217:GBP xbrli:pure

Registration number: 14581215

Turf Trading Limited

Filleted Unaudited Financial Statements

for the Period from 10 January 2023 to 31 January 2024

 

Turf Trading Limited
(Registration number: 14581215)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Turf Trading Limited
(Registration number: 14581215)

Company Information

Directors

K F Feller

S J Stafford

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Turf Trading Limited
(Registration number: 14581215)

Balance Sheet as at 31 January 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

91,667

Tangible assets

5

1,032,831

 

1,124,498

Current assets

 

Stocks

6

13,602

Debtors

7

119,332

Cash at bank and in hand

 

31,471

 

164,405

Creditors: Amounts falling due within one year

8

(1,458,910)

Net current liabilities

 

(1,294,505)

Total assets less current liabilities

 

(170,007)

Provisions for liabilities

(53,611)

Net liabilities

 

(223,618)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(223,718)

Total equity

 

(223,618)

For the financial period ending 31 January 2024 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2024 and signed on its behalf by:
 

 

Turf Trading Limited
(Registration number: 14581215)

Balance Sheet as at 31 January 2024

.........................................
K F Feller
Director

 

Turf Trading Limited
(Registration number: 14581215)

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

Going concern

The financial statements have been prepared on a going concern basis. The director recognises the company's negative reserves but is satisfied that the company can pay its debts as they fall due for a period of at least 12 months from the date of approval. The director is owed more than the net deficit and remains committed to supporting the company.

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.

Tax

The tax expense for the period comprises deferred 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.

 

Turf Trading Limited
(Registration number: 14581215)

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Land and buildings

2% Straight line for buildings only

Plant and machinery

20% Straight line

Fixtures and fittings

10% Straight line

Boat

5% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

 

Turf Trading Limited
(Registration number: 14581215)

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Turf Trading Limited
(Registration number: 14581215)

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 26.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

100,000

100,000

At 31 January 2024

100,000

100,000

Amortisation

Amortisation charge

8,333

8,333

At 31 January 2024

8,333

8,333

Carrying amount

At 31 January 2024

91,667

91,667

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

789,873

58,134

213,917

1,061,924

At 31 January 2024

789,873

58,134

213,917

1,061,924

Depreciation

Charge for the period

3,868

6,895

18,330

29,093

At 31 January 2024

3,868

6,895

18,330

29,093

Carrying amount

At 31 January 2024

786,005

51,239

195,587

1,032,831

Included within the net book value of land and buildings above is £786,005 in respect of long leasehold land and buildings.
 

 

Turf Trading Limited
(Registration number: 14581215)

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

6

Stocks

2024
£

Other stocks

13,602

7

Debtors

2024
£

Other debtors

104,133

Prepayments and accrued income

15,199

Total current trade and other debtors

119,332

8

Creditors

2024
£

Due within one year

Trade creditors

78,967

Taxation and social security

4,177

Other creditors

1,343,728

Accrued expenses

32,038

1,458,910