Company registration number 06883191 (England and Wales)
TURNFIELD ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TURNFIELD ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TURNFIELD ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
50,000
60,000
Tangible assets
4
46,491
52,332
Current assets
Debtors
5
44,157
53,383
Cash at bank and in hand
15,393
17,004
59,550
70,387
Creditors: amounts falling due within one year
6
(111,676)
(105,674)
Net current liabilities
(52,126)
(35,287)
Total assets less current liabilities
44,365
77,045
Creditors: amounts falling due after more than one year
7
(7,581)
(11,593)
Provisions for liabilities
(8,627)
(9,622)
Net assets
28,157
55,830
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
28,057
55,730
Total equity
28,157
55,830
TURNFIELD ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

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 May 2024 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 17 October 2024 and are signed on its behalf by:
John Turner
Andrew Turner
Director
Director
Company Registration No. 06883191
TURNFIELD ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Turnfield Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Chancel Way, Moor Lane Industrial Estate, Witton, B6 7AU.

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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
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:

Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
25% 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.

1.5
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

TURNFIELD ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
200,000
Amortisation and impairment
At 1 June 2023
140,000
Amortisation charged for the year
10,000
At 31 May 2024
150,000
Carrying amount
At 31 May 2024
50,000
At 31 May 2023
60,000
TURNFIELD ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
189,780
Depreciation and impairment
At 1 June 2023
137,448
Depreciation charged in the year
5,841
At 31 May 2024
143,289
Carrying amount
At 31 May 2024
46,491
At 31 May 2023
52,332
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,657
51,883
Other debtors
1,500
1,500
44,157
53,383
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,799
11,017
Corporation tax
8,715
8,581
Other taxation and social security
14,163
13,451
Other creditors
82,999
72,625
111,676
105,674
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,581
11,593
2024-05-312023-06-01false17 October 2024CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr J TurnerMr A Turner068831912023-06-012024-05-31068831912024-05-31068831912023-05-3106883191core:NetGoodwill2024-05-3106883191core:NetGoodwill2023-05-3106883191core:OtherPropertyPlantEquipment2024-05-3106883191core:OtherPropertyPlantEquipment2023-05-3106883191core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3106883191core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3106883191core:CurrentFinancialInstruments2024-05-3106883191core:CurrentFinancialInstruments2023-05-3106883191core:Non-currentFinancialInstruments2024-05-3106883191core:Non-currentFinancialInstruments2023-05-3106883191core:ShareCapital2024-05-3106883191core:ShareCapital2023-05-3106883191core:RetainedEarningsAccumulatedLosses2024-05-3106883191core:RetainedEarningsAccumulatedLosses2023-05-3106883191bus:Director12023-06-012024-05-3106883191bus:Director22023-06-012024-05-3106883191core:Goodwill2023-06-012024-05-3106883191core:PlantMachinery2023-06-012024-05-3106883191core:FurnitureFittings2023-06-012024-05-3106883191core:MotorVehicles2023-06-012024-05-31068831912022-06-012023-05-3106883191core:NetGoodwill2023-05-3106883191core:NetGoodwill2023-06-012024-05-3106883191core:OtherPropertyPlantEquipment2023-05-3106883191core:OtherPropertyPlantEquipment2023-06-012024-05-3106883191core:WithinOneYear2024-05-3106883191core:WithinOneYear2023-05-3106883191bus:PrivateLimitedCompanyLtd2023-06-012024-05-3106883191bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3106883191bus:FRS1022023-06-012024-05-3106883191bus:AuditExemptWithAccountantsReport2023-06-012024-05-3106883191bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP