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REGISTERED NUMBER: 02235387 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 May 2024

for

TURLEY ASSOCIATES LIMITED

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Contents of the Consolidated Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 10

Consolidated Income Statement 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


TURLEY ASSOCIATES LIMITED

Company Information
for the year ended 31 May 2024







Directors: C M R Poppitt
S C Bell
P G Deehan
R Mascall
R J Peters
A E Reeve
J M Turner





Secretary: C M R Poppitt





Registered office: Level 5
Transmission
6 Atherton Street
Manchester
M3 3GS





Registered number: 02235387 (England and Wales)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

Review of business
The results of the Group for the year are set out in the Statement of comprehensive income on page 11. During the year, the Group's turnover increased to £30.8m (2023: £30.0m), resulting in a profit before tax of £1.0m (2023: £1.2m). The turnover for the year reflects a slight increase in activity, with the resulting profit before tax being impacted by increased costs, predominantly as a result of inflation and cost of living salary increases. There was no bonus payable (2023: £1.5m).

The results include a charge for share based payments of £0.3m (2023: £0.4m) which represents a provision for committed distributions based on the recent trading performance of the Group and its increase in net assets over a 10-year period.

Performance for the year was a profit before tax of £1.0m (2023: £1.2m). The results are significantly influenced by distributions, particularly performance-related bonuses, but also employee ownership dividends and charitable donations.

The directors take a view each year which seeks to balance those distributions with a judgement as to the profit and cash to be retained in the business for reinvestment and to maintain its assets base.

Principal risks and uncertainties
The directors consider that the principal risks facing the business are:

- The loss of, or reduction in activity in the UK property market,

- The loss of, or reduction in activity by, key clients,

- The loss of, or failure to attract and retain, key personnel.

The directors have implemented strategies and actions to mitigate these risks to the extent that they are within their control. These include strategies for business development, client relationship management and people.


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024

Section 172(1) statement
Section 172 of the Companies Act 2006 requires directors to promote the success of the company for the benefit of shareholders as a whole. As an employee owned business, our people are at the heart of decision making, we aim to shape a more sustainable future, working collaboratively with our clients to deliver places and communities that thrive.

The new Company Strategy sets out an ambitious direction for the business. It identifies priorities where we see the greatest opportunity and need for focus, aligned with our vision, purpose and values (Compassionate, Collaborative, and Responsibility) which are supported by our attributes (behaviours).

Our strategy seeks to create space for and encourage broader contribution to our success - where co-owner entrepreneurialism is fostered, and all can play their part. This is captured in a number of 'catalysts' which include, employee ownership - how we make employee ownership even more meaningful; equity, diversity and inclusion; Environmental, Social and Governance, BCorp and beyond (considering regenerative practice); and our people focus.

The directors therefore consider our co-owners, clients, the environment and our communities to be our main stakeholders, and central to our considerations for any decision making to ensure the long-term success of the business.

- We are employee owned, with a clear focus on our people, promoting equity and social value alongside rewarding career development and progression to ensure we retain the best people in the business.

- We operate a distributed leadership model with Company Directors meeting bi-annually and our Leadership Team meeting once per month. Our Governance Framework sets out our governance approach to decision making and reviewing progress against our short, medium and longer-term goals. Company Directors maintain fiduciary duties and responsibility for financial and organisational health of the business, ESG and health and safety.

- We strive to shape more resilient and sustainable places, not just through the work that we do, but also how we work, we are looking to go beyond carbon neutrality and are working towards Science Based Targets with the aim of being a net zero business by 2050 (or sooner if we can). To support this, co-owners have commenced Carbon Literacy Training which will work towards our pledges for Carbon Literacy Silver level certification.

- We have a charitable trust funded by donations from the company and co-owners, that provides funds for the preservation, conservation and protection of the environment; the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and the promotion of sustainable means of achieving economic growth and regeneration (meeting the needs of the present without compromising the ability of future generations to meet their needs).

Following each financial year, the directors determine a distribution pool in line with our policy to combine the return of value to co-owners, support our charitable trust and retain sufficient funds within the business to support future growth and development in terms of our strategic aims.

Key performance indicators
The Group's key financial performance indicators during the year were turnover, profit before tax and cash at bank.

Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of co-owners (employees) becoming disabled, every effort is made to ensure that their employment within the Group continues and reasonable adjustments are made wherever possible and appropriate training is arranged.

Engagement with employees
As an employee owned group Turley's policy is to consult and discuss with co-owners, through forums and at meetings, matters likely to affect co-owners' interests.

Information about matters of concern to co-owners is given through information updates on the Group's intranet, reports and team meetings which seek to achieve a common awareness on the part of all co-owners of the financial and economic factors affecting the Group's performance.


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024

Corporate culture and ethics
Our Ethics Framework is informed by our Environmental, Social and Governance principles, and our ESG strategy is based on the following three principles:

1. Our employee-owned business will remain a force for good and we will maximise our positive impacts including:

Planet - the environment

People - our co-owners and clients

Places - the communities we serve

Profit - we strive to be a commercial and profitable business.

We make our own decisions about how we generate and manage our profit. This includes:

- Considering our values and ethics framework in accordance with our projects and client relationships
- Distributions to co-owners recognising contributions
- Re-investment in the company
- Supporting charities and social value within the communities that we serve
- Maintaining cash reserves to support business resilience.

2. We support the achievement of the United Nations Sustainable Development Goals (UNSDGs) through our work, projects, and carbon financing.

3. We are exploring B Corp certification and considering joining the community of organisations who, like Turley, are purpose-driven. We anticipate being a BCorp organisation during 24/25 having completed a provisional review and assessment during 23/24.

Compliance

We are governed by a system of controls that includes our Group's minimum standards. These standards are monitored by an internal audit process to ensure compliance in areas including risk management, control environment and activities, information and communication, and the evaluation and effectiveness to deliver robust commercial risk management.

Health, Safety and Environment

The business supports a culture where health, safety and co-owner wellbeing are important aspects of our culture. We have relevant policies, procedures, support, learning and development in place. People are encouraged to raise any concerns they may have with their line manager, Business Leader or a member of the People and Culture team.

Continual development and improvement of all risk management and control systems within the business and maintaining our full suite of externally accredited ISO certifications, is key to achieving best practice. Reduction of our carbon footprint and minimising operational waste to landfill remain priorities for the business.

Equity, Diversity and Inclusion (EDI)

The business is committed to developing, maintaining and supporting a culture of EDI. Training has been provided to senior leadership and an EDI plan is in place over the next three years to increase diversity at all levels in the Group. We are fully inclusive and supportive of all co-owners to enable them to develop their careers within our company.

EDI is an important aspect of our business strategy and we maintain our people focus to nurture talent, and build an even more inclusive, equitable and employee-owned company, to ensure we remain competitive to clients, co-owners and new recruits and to reflect the richness of society.

We will:

- Cultivate an even more inclusive and equitable culture to broaden diversity within our company.

- Promote gender equity; close our gender pay gap; and broaden diversity in leadership and decision-making.

- Implement Gender Mainstreaming (GM) across our products and services.

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024


- Drive inclusive business processes and recruitment practices.

Equal Opportunities

The company considers all forms of discrimination to be unacceptable in the workplace and is committed to providing equal opportunities throughout employment, including in the remuneration, recruitment, training and promotion of all co-owners.

The company is committed to ensuring that no co-owner receives less favourable treatment or is unlawfully discriminated against on grounds of age; disability; gender transition; marriage and civil partnership; pregnancy and maternity; race; religion or belief; sex; and sexual orientation.

We are committed to equity, diversity and inclusion in all aspects of recruitment and employment.


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024

Secr report 2023/24
Introduction

As a large unquoted company, Turley is obliged to report its UK energy use and associated greenhouse gas emissions relating to gas, electricity and transport fuel, as well as an intensity ratio and information relating to energy efficiency actions.

An 'operational control' approach has been used to define the Greenhouse Gas emissions boundary. This approach captures emissions associated with the operation of all Turley's UK offices, plus fuel used in personal/hire cars on business use (including fuel for which the organisation reimburses its employees following claims for business mileage).

This report covers UK operations only as required by SECR for Non Quoted Large companies.

Methodology

This report has been prepared in accordance with the March 2019 HM Government Environmental Reporting Guidelines (SECR Reporting Guidelines) . The Greenhouse Gas Protocol Corporate Accounting and Reporting Standard has been followed as the methodology to calculate the energy and carbon reporting and emissions factors sourced from the UK Government GHG Conversion Factors for Company Reporting 2023 have been utilised.

Energy totals are reported in kilowatt-hours (kWh) and GHG totals are reported in tonnes of carbon dioxide equivalent (tCO2e).

The chosen intensity measurement ratio is tCO2e per total £m sales revenue.

Table 1 below shows Turley's energy consumption and subsequent GHG emissions for the reporting period. A comparison to the previous reporting period is not provided as this is Turley's first mandatory reporting year.

Table 1 GHG assessment results


Reporting Parameter
Reporting Year1st June 2023 - 31st
May 2024
Energy consumption from combustion of gas (kWh) 106,635
Energy consumption from purchased electricity (kWh) 266,008
Energy consumption from business travel in rental cars or
employee-owned vehicles where company is responsible for purchasing
the fuel (kWh)


98,304
Total kWh 470,947

Emissions from combustion of gas tCO2e (Scope 1) 19.5
Emissions from purchased electricity (Scope 2, location-based), tCO2e 55.1
Emissions from business travel in rental cars or employee-owned vehicles
where company is responsible for purchasing the fuel (Scope 3), tCO2e

25.6
Total gross emissions (Scope 1, Scope 2 Location-Based, Scope 3)
(tCO2e)

100.2

Intensity ratio: tCO2e (total gross emissions) per total £m sales revenue 3.28
Methodology GHG Protocol

Energy efficiency actions

- Ongoing commitment to Science Based Targets (Scopes 1 & 2)
- Enhanced our approach to collecting data and preparation for submitting Scope 3 (SBTi)
- Implementing our ESG strategy
- Leadership Team undertook carbon literacy training and set pledges to support the achievement of net zero (by 2050 if not before)
- Commenced a programme of carbon literacy training for all co-owners
- 'Energy efficiencies' included into our office relocation criteria
- Manchester office relocated to an all-electric office (commitment to reduce gas consumption across our locations)
- Continuing ISO14001

On behalf of the board:

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Group Strategic Report
for the year ended 31 May 2024






P G Deehan - Director


13 February 2025

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Report of the Directors
for the year ended 31 May 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

Principal activity
The principal activity of the group in the year under review was that of the provision of planning and associated professional consultancy services.

Dividends
No dividends will be distributed for the year ended 31 May 2024.

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Future developments
The directors consider that current market conditions remain uncertain, and have carried out scenario planning for a variety of possible outcomes, with supporting contingency plans in place. The directors remain confident of the Group's underlying profitable performance for the year ending 31 May 2025.

Directors
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

C M R Poppitt
P G Deehan
R Mascall
R J Peters
A E Reeve
J M Turner

Other changes in directors holding office are as follows:

S C Bell - appointed 1 June 2023

D J Trimingham ceased to be a director after 31 May 2024 but prior to the date of this report.

Financial instruments
The Group holds or issues financial instruments in order to achieve three main objectives, being:

- To finance its operations,

- To manage its exposure to interest risks arising from its operations;

- For trading purposes

In addition, various financial instruments arise directly from the Group's operations.

The Group closely monitors its credit risk and considers that its current policy of credit checks, and active management of outstanding debt meets its objectives of managing exposure to credit risk.

Amounts shown in the Balance sheet represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Qualifying third party indemnity provisions
During the year, the company had both Directors' liability and Public indemnity insurance in place.

Going concern
After performing their assessment and making appropriate enquiries, the directors have a reasonable
expectation that the Group will remain a going concern for the foreseeable future and accordingly, the financial statements have been prepared on a going concern basis. The results and conclusions of the going concern assessment are described in more detail in note 3 of the Financial Statements.


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Report of the Directors
for the year ended 31 May 2024

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:





P G Deehan - Director


13 February 2025

Report of the Independent Auditors to the Members of
Turley Associates Limited


Opinion
We have audited the financial statements of Turley Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Turley Associates Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and unusual words;

- Assessing revenue recognition, we have tested a sample of sales in the year, ensuring they have led to sales in the financial statements as well as extended focus on cut off, WIP and accrued income; and

- Assessing managements estimates, in particular with regards to share based payments along with gathering evidence to corroborate management estimates and assumptions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Turley Associates Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David M Fort FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

13 February 2025

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Consolidated
Income Statement
for the year ended 31 May 2024

2024 2023
Notes £ £

Turnover 30,783,253 29,967,868

Cost of sales (16,799,021 ) (18,262,702 )
Gross profit 13,984,232 11,705,166

Administrative expenses (13,282,409 ) (10,821,942 )
701,823 883,224

Other operating income 107,899 294,218
Operating profit 5 809,722 1,177,442

Interest receivable and similar income 258,205 30,064
1,067,927 1,207,506

Interest payable and similar expenses 6 (31,575 ) (32,800 )
Profit before taxation 1,036,352 1,174,706

Tax on profit 7 (384,655 ) (248,432 )
Profit for the financial year 651,697 926,274

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Consolidated Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 9 785,090 470,894
Investments 10 - -
785,090 470,894

Current assets
Debtors 11 11,828,074 10,019,293
Cash at bank and in hand 8,594,022 11,077,313
20,422,096 21,096,606
Creditors
Amounts falling due within one year 12 4,790,534 5,800,278
Net current assets 15,631,562 15,296,328
Total assets less current liabilities 16,416,652 15,767,222

Creditors
Amounts falling due after more than one
year

13

1,966,195

1,968,462
Net assets 14,450,457 13,798,760

Capital and reserves
Called up share capital 16 100,000 100,000
Retained earnings 17 14,350,457 13,698,760
Shareholders' funds 14,450,457 13,798,760

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





P G Deehan - Director


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Company Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 9 784,056 470,545
Investments 10 90 90
784,146 470,635

Current assets
Debtors 11 12,750,422 11,629,417
Cash at bank 7,807,264 9,328,610
20,557,686 20,958,027
Creditors
Amounts falling due within one year 12 4,682,758 5,603,015
Net current assets 15,874,928 15,355,012
Total assets less current liabilities 16,659,074 15,825,647

Creditors
Amounts falling due after more than one
year

13

1,966,195

1,968,462
Net assets 14,692,879 13,857,185

Capital and reserves
Called up share capital 16 100,000 100,000
Retained earnings 17 14,592,879 13,757,185
Shareholders' funds 14,692,879 13,857,185

Company's profit for the financial year 835,694 1,049,723

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





P G Deehan - Director


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Consolidated Statement of Changes in Equity
for the year ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 June 2022 100,000 12,772,486 12,872,486

Changes in equity
Total comprehensive income - 926,274 926,274
Balance at 31 May 2023 100,000 13,698,760 13,798,760

Changes in equity
Total comprehensive income - 651,697 651,697
Balance at 31 May 2024 100,000 14,350,457 14,450,457

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Company Statement of Changes in Equity
for the year ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 June 2022 100,000 12,707,462 12,807,462

Changes in equity
Total comprehensive income - 1,049,723 1,049,723
Balance at 31 May 2023 100,000 13,757,185 13,857,185

Changes in equity
Total comprehensive income - 835,694 835,694
Balance at 31 May 2024 100,000 14,592,879 14,692,879

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Consolidated Cash Flow Statement
for the year ended 31 May 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (2,058,846 ) 1,532,893
Interest element of hire purchase payments
paid

(31,575

)

(32,800

)
Tax paid (330,078 ) (455,108 )
Taxation refund - 103,295
Net cash from operating activities (2,420,499 ) 1,148,280

Cash flows from investing activities
Purchase of tangible fixed assets (563,835 ) (102,446 )
Sale of tangible fixed assets 768 869
Interest received 258,205 30,064
Net cash from investing activities (304,862 ) (71,513 )

Cash flows from financing activities
New loans in year 417,000 -
Loan repayments in year - (385,902 )
Capital repayments in year (174,930 ) (209,069 )
Net cash from financing activities 242,070 (594,971 )

(Decrease)/increase in cash and cash equivalents (2,483,291 ) 481,796
Cash and cash equivalents at beginning
of year

2

11,077,313

10,595,517

Cash and cash equivalents at end of year 2 8,594,022 11,077,313

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 May 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 1,036,352 1,174,706
Depreciation charges 297,771 276,364
Profit on disposal of fixed assets (768 ) (869 )
Finance costs 31,575 32,800
Finance income (258,205 ) (30,064 )
1,106,725 1,452,937
(Increase)/decrease in trade and other debtors (1,863,358 ) 1,246,803
Decrease in trade and other creditors (1,302,213 ) (1,166,847 )
Cash generated from operations (2,058,846 ) 1,532,893

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31/5/24 1/6/23
£ £
Cash and cash equivalents 8,594,022 11,077,313
Year ended 31 May 2023
31/5/23 1/6/22
£ £
Cash and cash equivalents 11,077,313 10,595,517


3. Analysis of changes in net funds

Other
non-cash
At 1/6/23 Cash flow changes At 31/5/24
£ £ £ £
Net cash
Cash at bank
and in hand 11,077,313 (2,483,291 ) 8,594,022
11,077,313 (2,483,291 ) 8,594,022
Debt
Finance leases (306,881 ) 174,930 (48,132 ) (180,083 )
Debts falling due
within 1 year - (70,279 ) - (70,279 )
Debts falling due
after 1 year - (346,721 ) - (346,721 )
(306,881 ) (242,070 ) (48,132 ) (597,083 )
Total 10,770,432 (2,725,361 ) (48,132 ) 7,996,939

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements
for the year ended 31 May 2024


1. Statutory information

Turley Associates 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 General Information page.

2. Statement of compliance

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" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Group's financial statements are presented in sterling.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 20006 and had not presented its own Statement of comprehensive income.

Going concern

At the time of approving the financial statements, the directors have reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting preparing the financial statements.

Basis of consolidation
The Group consolidated financial statements include the financial statements of the Parent and its subsidiary undertakings made up to 31 May 2024

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Share based payment liability

The share based payment liability is calculated following an assessment of the valuation of the Group by the directors. The valuation is calculated using a maintainable earnings methodology, adjusted for excess working capital. The methodology is applied consistently year on year but updated for current expectations of future performance and relevant market data at each balance sheet date. The assessment is built upon a number of key assumptions, each of which are sensitive to the overall assessment, including the future trading expectations and multiples derived from market data for PE ratios for comparable sectors at the balance sheet date.

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


3. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
.
Turnover represents the fair value of professional services provided during the year to clients. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred but excludes value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - in accordance with the property
Fixtures and fittings - 7 years straight line
Computer equipment - 33% straight line

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Financial instruments
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank overdrafts 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 receipts discounted at a market rate of interest.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


3. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
The Group has issued share based payments to certain of its employees. The fair value is initially measured at grant date and spread over the period during which the employees become unconditionally entitled to payment. The fair value is measured based on an option pricing model taking into account the terms and conditions upon which the instruments were granted. The liability is revalued at each balance sheet date with any changes to fair value being recognised in the statement od comprehensive income.

4. Employees and directors
2024 2023
£ £
Wages and salaries 14,752,822 17,291,950
Social security costs 1,762,045 1,981,072
Other pension costs 1,101,570 1,324,787
17,616,437 20,597,809

The average number of employees during the year was as follows:
2024 2023

Technical 207 217
Admin 59 47
266 264

The average number of employees by undertakings that were proportionately consolidated during the year was 266 (2023 - 264 ) .

2024 2023
£ £
Directors' remuneration 1,773,389 1,291,821

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 342,534 310,033

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


5. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 1,137,788 1,096,673
Depreciation - owned assets 297,771 276,330
Profit on disposal of fixed assets (768 ) (869 )
Foreign exchange differences (12,310 ) 34,562

6. Interest payable and similar expenses
2024 2023
£ £
Leasing 31,575 32,800

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 185,266 317,774

Deferred tax 199,389 (69,342 )
Tax on profit 384,655 248,432

8. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


9. Tangible fixed assets

Group
Fixtures
Long and Computer
leasehold fittings equipment Totals
£ £ £ £
Cost
At 1 June 2023 1,923,382 432,962 2,228,658 4,585,002
Additions 341,606 102,441 167,920 611,967
At 31 May 2024 2,264,988 535,403 2,396,578 5,196,969
Depreciation
At 1 June 2023 1,865,067 395,386 1,853,655 4,114,108
Charge for year 54,361 18,856 224,554 297,771
At 31 May 2024 1,919,428 414,242 2,078,209 4,411,879
Net book value
At 31 May 2024 345,560 121,161 318,369 785,090
At 31 May 2023 58,315 37,576 375,003 470,894

Company
Fixtures
Long and Computer
leasehold fittings equipment Totals
£ £ £ £
Cost
At 1 June 2023 1,923,382 432,962 2,228,018 4,584,362
Additions 341,606 102,441 166,442 610,489
At 31 May 2024 2,264,988 535,403 2,394,460 5,194,851
Depreciation
At 1 June 2023 1,865,067 395,386 1,853,364 4,113,817
Charge for year 54,361 18,856 223,761 296,978
At 31 May 2024 1,919,428 414,242 2,077,125 4,410,795
Net book value
At 31 May 2024 345,560 121,161 317,335 784,056
At 31 May 2023 58,315 37,576 374,654 470,545

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


10. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 June 2023
and 31 May 2024 90
Net book value
At 31 May 2024 90
At 31 May 2023 90

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Turley Planning Ireland Limited
Registered office: 38-39 Fitzwilliam Square, Dublin, Ireland
Nature of business: professional consultancy services
%
Class of shares: holding
Ordinary 100.00


11. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 6,131,756 4,780,022 5,981,520 4,629,444
Amounts owed by group undertakings - - 1,532,465 2,180,005
Other debtors 203,114 148,346 169,980 148,214
Tax 358,649 312,879 - -
Deferred tax asset 403,388 503,735 403,388 503,735
Prepayments and accrued income 4,731,167 4,274,311 4,663,069 4,168,019
11,828,074 10,019,293 12,750,422 11,629,417

Deferred tax asset
Group Company
2024 2023 2024 2023
£ £ £ £
Accelerated capital allowances 403,388 503,735 403,388 503,735

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


12. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 14) 70,279 - 70,279 -
Hire purchase contracts (see note 15) 145,245 154,989 145,245 154,989
Trade creditors 679,555 400,568 579,238 388,294
Corporation tax - - 39,560 9,152
Social security and other taxes 629,585 580,074 626,338 572,802
VAT 901,159 874,967 893,592 880,512
Other creditors 117,899 109,098 100,411 109,098
Accruals and deferred income 2,246,812 3,680,582 2,228,095 3,488,168
4,790,534 5,800,278 4,682,758 5,603,015

13. Creditors: amounts falling due after more than one year

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (see note 14) 346,721 - 346,721 -
Hire purchase contracts (see note 15) 34,838 151,892 34,838 151,892
Other creditors 1,584,636 1,816,570 1,584,636 1,816,570
1,966,195 1,968,462 1,966,195 1,968,462

14. Loans

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 70,279 - 70,279 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 346,721 - 346,721 -

15. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 145,245 154,989
Between one and five years 34,838 151,892
180,083 306,881

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


15. Leasing agreements - continued

Company
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 145,245 154,989
Between one and five years 34,838 151,892
180,083 306,881

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 883,549 745,676
Between one and five years 1,736,271 1,333,595
In more than five years 984,571 47,278
3,604,391 2,126,549

Company
Non-cancellable
operating leases
2024 2023
£ £
Within one year 883,549 745,676
Between one and five years 1,736,271 1,333,595
In more than five years 984,571 47,278
3,604,391 2,126,549

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100,000 Ordinary £1 100,000 100,000

17. Reserves

Group
Retained
earnings
£

At 1 June 2023 13,698,760
Profit for the year 651,697
At 31 May 2024 14,350,457

TURLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02235387)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 May 2024


17. Reserves - continued

Company
Retained
earnings
£

At 1 June 2023 13,757,185
Profit for the year 835,694
At 31 May 2024 14,592,879


18. Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £1,101,570 (2023 - £1,324,787).

19. Share-based payment transactions

The Turley Employee Benefit Trust (ESOT) granted options mainly under an Enterprise Management Incentive scheme to directors and employees to acquire a proportion of the issued share capital of the Group. The options are exercisable at the earlier of retirement or death of the employee and 9 years., provided certain employment conditions are satisfied. Where share options have been exercised the ESOT may buy back the shares from the individual exercising the option. The Group and the ESOT have entered into a separate funding arrangement such that the Group will ensure that the ESOT will have sufficient funds to buy back those shares. On this basis, the options have been accounted for as a cash-settled share based payment under FRS 102, the details of which are shown below. The terms and conditions of grants are as follows:





Weighted
average
exercise
price
(pence)




Number
Weighted
average
exercise
price
(pence)




Number
2024 2024 2023 2023
Outstanding at the beginning of the year 0.66 2,513,000 0.67 2,690,100
Forfeited during the year 0.63 (544,700 ) 0.68 (56,500 )
Cancelled during the year - - - -
Exercised during the year 0.62 (300,300 ) 0.70 (120,300 )
Outstanding at the end of the year 0.63 (1,668,000 ) 0.66 2,513,000

The weighted average share price at the date of exercise of share options exercised during the year was 0.62 (2023: 0.66).

The options outstanding at 31 May 2024 had an exercise price ranging from 61p to 66p.