Company Registration No. 02580416 (England and Wales)
TURNHOLD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
TURNHOLD PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
TURNHOLD PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
27,417
29,181
Investments
5
2,868,234
3,542,217
2,895,651
3,571,398
Current assets
Trade and other receivables
9
18,909,300
15,898,691
Cash and cash equivalents
528,879
4,443,409
19,438,179
20,342,100
Current liabilities
10
(4,191,992)
(4,501,291)
Net current assets
15,246,187
15,840,809
Total assets less current liabilities
18,141,838
19,412,207
Equity
Called up share capital
22,500
22,500
Capital redemption reserve
12,710
12,710
Other reserves
(3,508,365)
(2,727,627)
Retained earnings
21,614,993
22,104,624
Total equity
18,141,838
19,412,207
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 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 30 January 2025 and are signed on its behalf by:
G Simpson
Director
Company Registration No. 02580416
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Turnhold Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1345 High Road, Whetstone, London, N20 9HR.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Revenue
Turnover represents receipts for the sale of properties.
Sales are recognised on unconditional exchange of contracts.
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Property, plant and equipment
Property, plant and equipment 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:
Fixtures, fittings & equipment
20% 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.
1.4
Non-current 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
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 statement of financial position 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 trade and other receivables 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.
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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 trade and other payables, 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 payables 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 payables 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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 10).
4
Property, plant and equipment
Fixtures, fittings & equipment
£
Cost
At 1 May 2023
201,750
Additions
5,089
At 30 April 2024
206,839
Depreciation and impairment
At 1 May 2023
172,568
Depreciation charged in the year
6,854
At 30 April 2024
179,422
Carrying amount
At 30 April 2024
27,417
At 30 April 2023
29,181
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,868,234
3,542,217
Movements in non-current investments
Shares in subsidiaries, associates and joint ventures
£
Cost or valuation
At 1 May 2023
3,542,217
Additions
227
Valuation changes
(674,210)
At 30 April 2024
2,868,234
Carrying amount
At 30 April 2024
2,868,234
At 30 April 2023
3,542,217
6
Subsidiaries
These financial statements are separate company financial statements for Turnhold Properties Limited.
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Roseview (London) Ltd
England and Wales
Ordinary
80.00
Sitehold Developments Ltd
England and Wales
Ordinary
100.00
Landhold Developments Ltd
England and Wales
Ordinary
100.00
Landcom North London Ltd
England and Wales
Ordinary
100.00
Site Acquisitions Ltd
England and Wales
Ordinary
100.00
Sitehold Acquisitions Ltd
England and Wales
Ordinary
100.00
Metrosite Properties Ltd
England and Wales
Ordinary
70.00
Roseview Residential Ltd
England and Wales
Ordinary
100.00
St.Margarets Road Developments Ltd
England and Wales
Ordinary
100.00
7
Associates
These financial statements are separate company financial statements for Turnhold Properties Ltd.
Details of the company's associates at 30 April 2024 are as follows:
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Associates
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
JGN Property Ltd
England & Wales
Ordinary
50.00
Landcorp (UK) Ltd
England & Wales
Ordinary
50.00
Hold Land (London) Ltd
England & Wales
Ordinary
40.00
Turnhold Estates Ltd
England & Wales
Ordinary
45.00
Totteridge Propco Ltd
England & Wales
Ordinary
40.00
Landcorp (London) Ltd
England & Wales
Ordinary
33.33
NPLH Edenbridge Ltd
England & Wales
Ordinary
50.00
NPLH Bickley Ltd
England & Wales
Ordinary
50.00
NPLH Midland Ltd
England & Wales
Ordinary
50.00
Leyton Clubs (London) Ltd
England & Wales
Ordinary
30.00
Bowes Road Ltd
England & Wales
Ordinary
50.00
Dalston Propco Ltd
England & Wales
Ordinary
50.00
Beckenham Road Ltd
England & Wales
Ordinary
50.00
Beckenham Road Commercial Ltd
England & Wales
Ordinary
50.00
Church Farm Barnet Ltd
England & Wales
Ordinary
50.00
Land and Site Ltd
England & Wales
Ordinary
50.00
Surefire Estates Ltd
England & Wales
Ordinary
25.00
8
Joint ventures
These financial statements are separate company financial statements for Turnhold Properties Ltd.
Details of the company's joint ventures at 30 April 2024 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
GHL (Hackney Wick) Ltd
England & Wales
"D" Ordinary
0.50
9
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
151,559
279,085
Amounts owed by group undertakings
6,216,774
2,910,921
Other receivables
12,535,711
12,704,030
Prepayments and accrued income
5,256
4,655
18,909,300
15,898,691
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
1,098
Other borrowings
1,681,210
1,300,000
Payments received on account
319,011
Trade payables
33,524
17,186
Amounts owed to group undertakings
398,318
Taxation and social security
10,624
39,327
Other payables
1,742,792
3,138,230
Accruals and deferred income
6,513
5,450
4,191,992
4,501,291
Within other payables the amount of £664,076 is due to the director G Simpson. This amount is interest free and due on demand.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
16,820
16,820
Between two and five years
67,280
16,820
84,100
33,640
12
Related party transactions
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
398,318
-
Other related parties
786,450
2,279,810
TURNHOLD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Related party transactions
(Continued)
- 9 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
6,216,774
2,910,921
Other related parties
9,711,754
10,735,724
13
Controlling party
The ultimate controlling party is G Simpson by virtue of his majority shareholding.
14
Directors' transactions
During the year, Turnhold Properties Ltd received an interest free loan from Garry Simpson, a director, amounting to £664,076. The loan is unsecured and repayable on demand. As the loan is provided by a director it is considered a related party transaction.
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