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 |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
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 |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
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 |
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 |
Investments | 10 |
Current assets |
Debtors | 11 |
Cash at bank |
Creditors |
Amounts falling due within one year | 12 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
13 |
Net assets |
Capital and reserves |
Called up share capital | 16 |
Retained earnings | 17 |
Shareholders' funds |
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 |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2024 |
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 |
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 |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
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 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 38-39 Fitzwilliam Square, Dublin, Ireland |
Nature of business: |
% |
Class of shares: | holding |
11. | Debtors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 6,131,756 | 4,780,022 |
Amounts owed by group undertakings | - | - |
Other debtors | 203,114 | 148,346 |
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 |
11,828,074 | 10,019,293 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Accelerated capital allowances | 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 | - |
Hire purchase contracts (see note 15) | 145,245 | 154,989 |
Trade creditors | 679,555 | 400,568 |
Corporation tax | - | - |
Social security and other taxes | 629,585 | 580,074 |
VAT | 901,159 | 874,967 | 893,592 | 880,512 |
Other creditors | 117,899 | 109,098 |
Accruals and deferred income | 2,246,812 | 3,680,582 |
4,790,534 | 5,800,278 |
13. | Creditors: amounts falling due after more than one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 14) | 346,721 | - |
Hire purchase contracts (see note 15) | 34,838 | 151,892 |
Other creditors | 1,584,636 | 1,816,570 |
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 | - |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 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 |
Between one and five years |
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 |
Between one and five years |
In more than five years |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 |
Profit for the year |
At 31 May 2024 |
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. |