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REGISTERED NUMBER: 02388381 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

A & B TURNEY (FOXTON) LIMITED

A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


A & B TURNEY (FOXTON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 March 2024







DIRECTORS: Mrs B Turney
Miss L Turney





SECRETARY: Mrs B Turney





REGISTERED OFFICE: Westleigh Farm
North Lane
Foxton
Market Harborough
Leicestershire
LE16 7RF





REGISTERED NUMBER: 02388381 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
Chartered Accountants
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,219,818 3,264,433
Investments 5 300 300
3,220,118 3,264,733

CURRENT ASSETS
Stocks 243,068 235,073
Debtors 6 52,629 81,437
Cash at bank 63,468 74,067
359,165 390,577
CREDITORS
Amounts falling due within one year 7 711,522 662,980
NET CURRENT LIABILITIES (352,357 ) (272,403 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,867,761

2,992,330

CREDITORS
Amounts falling due after more than one year 8 (730,646 ) (741,422 )

PROVISIONS FOR LIABILITIES (102,356 ) (107,836 )
NET ASSETS 2,034,759 2,143,072

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 710,525 710,525
Retained earnings 1,324,230 1,432,543
SHAREHOLDERS' FUNDS 2,034,759 2,143,072

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:



Mrs B Turney - Director


A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)

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

1. STATUTORY INFORMATION

A & B Turney (Foxton) Limited 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.

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 etc - 25% on reducing balance and 15% on reducing balance

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.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)

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

4. TANGIBLE FIXED ASSETS
Foxton
Foxton Locks
Freehold Locks Lodges
property Lodges Fixtures
£    £    £   
COST
At 1 April 2023 2,128,357 909,114 107,375
Additions 44,028 - 8,667
Disposals - - -
At 31 March 2024 2,172,385 909,114 116,042
DEPRECIATION
At 1 April 2023 135,750 130,755 71,735
Charge for year 30,452 13,466 6,538
Eliminated on disposal - - -
At 31 March 2024 166,202 144,221 78,273
NET BOOK VALUE
At 31 March 2024 2,006,183 764,893 37,769
At 31 March 2023 1,992,607 778,359 35,640

Plant and Motor
machinery Tractors vehicles Totals
£    £    £    £   
COST
At 1 April 2023 528,020 834,268 127,459 4,634,593
Additions 33,429 - - 86,124
Disposals (7,200 ) - (41,069 ) (48,269 )
At 31 March 2024 554,249 834,268 86,390 4,672,448
DEPRECIATION
At 1 April 2023 402,229 550,299 79,392 1,370,160
Charge for year 23,778 40,345 10,874 125,453
Eliminated on disposal (7,053 ) - (35,930 ) (42,983 )
At 31 March 2024 418,954 590,644 54,336 1,452,630
NET BOOK VALUE
At 31 March 2024 135,295 243,624 32,054 3,219,818
At 31 March 2023 125,791 283,969 48,067 3,264,433

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 300
NET BOOK VALUE
At 31 March 2024 300
At 31 March 2023 300

A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,405 41,251
Other debtors - 19,000
Tax 11,562 -
VAT 18,704 13,243
Prepayments 8,958 7,943
52,629 81,437

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 182,891 -
Loan re sale of Vera Road 182,241 221,071
Hire purchase contracts 10,775 26,417
Trade creditors 102,860 146,197
Tax - 36,171
Social security and other taxes 8,723 9,122
Wages control account 7,339 7,417
Pension creditor 602 465
Directors' loan accounts 189,871 189,871
Accrued expenses 26,220 26,249
711,522 662,980

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Barclays Agricultural Mortgage 707,000 707,000
Hire purchase contracts 23,646 34,422
730,646 741,422

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 182,891 -

The bank overdraft and loans are secured by a charge over the company's freehold land & property.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs B Turney
Balance outstanding at start of year (189,871 ) (189,871 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (189,871 ) (189,871 )

A & B TURNEY (FOXTON) LIMITED (REGISTERED NUMBER: 02388381)

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

11. RELATED PARTY DISCLOSURES

During the year ended 31st March 2012, Mr & Mrs Turney and Miss Turney sold a property in London and introduced the sales proceeds in to the company. At 31 March 2024 the company owed £182,241 (2023: £222,071) to the directors, this is shown within Other Creditors.