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REGISTERED NUMBER: 09582991 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

TURNER FINE ARTS LTD

TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TURNER FINE ARTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: S W Turner





REGISTERED OFFICE: 1 Great Fernhill Barns
Gobowen
Oswestry
SY11 4NQ





REGISTERED NUMBER: 09582991 (England and Wales)





ACCOUNTANTS: seven7seven
10 Kingswell Avenue
Arnold
Nottingham
NG5 6SY

TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,187 -
Tangible assets 5 1,787 2,324
3,974 2,324

CURRENT ASSETS
Stocks 81,997 63,976
Debtors 6 4,710 -
Cash at bank 11,172 37,228
97,879 101,204
CREDITORS
Amounts falling due within one year 7 90,477 83,984
NET CURRENT ASSETS 7,402 17,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,376

19,544

CREDITORS
Amounts falling due after more than one
year

8

3,321

6,732
NET ASSETS 8,055 12,812

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8,054 12,811
SHAREHOLDERS' FUNDS 8,055 12,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

BALANCE SHEET - continued
31 MAY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:





S W Turner - Director


TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Turner Fine Arts Ltd 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.

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.

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

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 2,430
At 31 May 2024 2,430
AMORTISATION
Charge for year 243
At 31 May 2024 243
NET BOOK VALUE
At 31 May 2024 2,187

TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023 308 1,328 3,534 5,170
Additions - 189 508 697
Disposals - (200 ) (477 ) (677 )
At 31 May 2024 308 1,317 3,565 5,190
DEPRECIATION
At 1 June 2023 85 526 2,235 2,846
Charge for year 34 133 963 1,130
Eliminated on disposal - (96 ) (477 ) (573 )
At 31 May 2024 119 563 2,721 3,403
NET BOOK VALUE
At 31 May 2024 189 754 844 1,787
At 31 May 2023 223 802 1,299 2,324

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,500 -
Other debtors 210 -
4,710 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,443 3,443
Taxation and social security - 370
Other creditors 87,034 80,171
90,477 83,984

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 3,321 6,732

TURNER FINE ARTS LTD (REGISTERED NUMBER: 09582991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. RELATED PARTY DISCLOSURES

During the year loans were made to and from the director. At the balance sheet date £85,680 (2023 : £78,850) was owed by the company in respect of these transactions.