Company registration number 06949967 (England and Wales)
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,492
393
Investment property
4
3,480,633
3,384,078
Investments
5
3
3
3,482,128
3,384,474
Current assets
Debtors
6
28,140
7,783
Cash at bank and in hand
513,273
559,174
541,413
566,957
Creditors: amounts falling due within one year
7
(58,776)
(82,148)
Net current assets
482,637
484,809
Total assets less current liabilities
3,964,765
3,869,283
Creditors: amounts falling due after more than one year
8
(2,495,454)
(2,495,454)
Provisions for liabilities
(55,814)
(55,814)
Net assets
1,413,497
1,318,015
Capital and reserves
Called up share capital
9
100
100
Non-distributable profits reserve
10
167,200
167,200
Distributable profit and loss reserves
11
1,246,197
1,150,715
Total equity
1,413,497
1,318,015

The notes on pages 3 to 7 form part of these financial statements.

J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mrs C G Turner
Director
Company registration number 06949967 (England and Wales)
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

J & C Turner Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 382 Charminster Road, Bournemouth, Dorset, BH8 9SA.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable from operating leases net of VAT and is recognised at the fair value of the consideration received or receivable in the normal course of business. Rents receivable under leases are charged against income on a straight line basis over the lease term.

1.3
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 equipment
10% on cost

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

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

2024
2023
Number
Number
Total
2
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
5,090
Additions
1,367
At 31 March 2024
6,457
Depreciation and impairment
At 1 April 2023
4,697
Depreciation charged in the year
268
At 31 March 2024
4,965
Carrying amount
At 31 March 2024
1,492
At 31 March 2023
393
4
Investment property
2024
£
Fair value
At 1 April 2023
3,384,079
Additions
147,116
Revaluations
(50,562)
At 31 March 2024
3,480,633
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 6 -

Investment property comprises a portfolio of freehold residential properties held for lettings and investment. An adjustment has been included for the fair value movement on investment properties.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3

The company holds 3 £1 Ordinary Shares in The Willows (Pimperne) Management Company Limited, a UK based company involved in residential property management. The shareholding gives J & C Turner Properties Limited a 20% interest in the associated company.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,140
4,738
Other debtors
25,000
3,045
28,140
7,783
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
499
91
Corporation tax
47,561
42,041
Other creditors
10,716
40,016
58,776
82,148
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,495,454
2,495,454
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
J & C TURNER PROPERTIES LIMITED
FORMERLY WOODEND & FLYFORD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
167,200
294,092
Non distributable profits in the year
-
(126,892)
At the end of the year
167,200
167,200
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,150,715
880,658
Profit for the year
95,482
143,165
Current year profits transferred to non-distributable reserve
-
126,892
At the end of the year
1,246,197
1,150,715
12
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
2,167,143
2,167,143
Other related parties
329,013
329,013

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
25,000
-
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