3 4 Turner Windows of Somerton Limited 07308662 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is window and conservatory installation Digita Accounts Production Advanced 6.30.9574.0 true true 07308662 2023-08-01 2024-07-31 07308662 2024-07-31 07308662 core:CurrentFinancialInstruments 2024-07-31 07308662 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 07308662 core:Non-currentFinancialInstruments 2024-07-31 07308662 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 07308662 core:MoreThanFiveYears 1 2024-07-31 07308662 core:FurnitureFittingsToolsEquipment 2024-07-31 07308662 core:LandBuildings 2024-07-31 07308662 core:MotorVehicles 2024-07-31 07308662 core:OtherPropertyPlantEquipment 2024-07-31 07308662 1 2024-07-31 07308662 2 2024-07-31 07308662 bus:SmallEntities 2023-08-01 2024-07-31 07308662 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07308662 bus:FilletedAccounts 2023-08-01 2024-07-31 07308662 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07308662 bus:RegisteredOffice 2023-08-01 2024-07-31 07308662 bus:Director1 2023-08-01 2024-07-31 07308662 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07308662 bus:Agent1 2023-08-01 2024-07-31 07308662 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 07308662 core:LandBuildings 2023-08-01 2024-07-31 07308662 core:MotorVehicles 2023-08-01 2024-07-31 07308662 core:OfficeEquipment 2023-08-01 2024-07-31 07308662 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 07308662 core:PlantMachinery 2023-08-01 2024-07-31 07308662 1 2023-08-01 2024-07-31 07308662 2 2023-08-01 2024-07-31 07308662 countries:England 2023-08-01 2024-07-31 07308662 2023-07-31 07308662 core:FurnitureFittingsToolsEquipment 2023-07-31 07308662 core:LandBuildings 2023-07-31 07308662 core:MotorVehicles 2023-07-31 07308662 core:OtherPropertyPlantEquipment 2023-07-31 07308662 2022-08-01 2023-07-31 07308662 2023-07-31 07308662 core:CurrentFinancialInstruments 2023-07-31 07308662 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07308662 core:Non-currentFinancialInstruments 2023-07-31 07308662 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07308662 core:MoreThanFiveYears 1 2023-07-31 07308662 core:FurnitureFittingsToolsEquipment 2023-07-31 07308662 core:LandBuildings 2023-07-31 07308662 core:MotorVehicles 2023-07-31 07308662 core:OtherPropertyPlantEquipment 2023-07-31 07308662 1 2023-07-31 07308662 2 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 07308662

Turner Windows of Somerton Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Turner Windows of Somerton Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Turner Windows of Somerton Limited

Company Information

Director

C A Turner

Registered office

Unit 3
Bancombe Trading Estate
Somerton
Somerset
TA11 6SB

Accountants

Gilbie Roberts Limited
Chartered Certified accountants1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Turner Windows of Somerton Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Turner Windows of Somerton Limited for the year ended 31 July 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Turner Windows of Somerton Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Turner Windows of Somerton Limited and state those matters that we have agreed to state to the Board of Directors of Turner Windows of Somerton Limited , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turner Windows of Somerton Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Turner Windows of Somerton Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Turner Windows of Somerton Limited . You consider that Turner Windows of Somerton Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Turner Windows of Somerton Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gilbie Roberts Limited
Chartered Certified accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

25 February 2025

 

Turner Windows of Somerton Limited

(Registration number: 07308662)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

183,511

189,984

Current assets

 

Stocks

5

32,611

27,966

Debtors

6

69,324

61,208

Cash at bank and in hand

 

41,934

92,855

 

143,869

182,029

Creditors: Amounts falling due within one year

7

(128,961)

(147,482)

Net current assets

 

14,908

34,547

Total assets less current liabilities

 

198,419

224,531

Creditors: Amounts falling due after more than one year

7

(84,155)

(102,488)

Provisions for liabilities

(1,619)

(2,076)

Net assets

 

112,645

119,967

Capital and reserves

 

Called up share capital

1

1

Retained earnings

112,644

119,966

Shareholders' funds

 

112,645

119,967

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 February 2025
 

.........................................
C A Turner
Director

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 3
Bancombe Trading Estate
Somerton
Somerset
TA11 6SB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance method

Motor vehicles

25% reducing balance method

Office equipment

3 years straight line basis

Freehold property

2%pa straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

203,475

15,627

59,940

19,684

298,726

Additions

-

895

-

170

1,065

At 31 July 2024

203,475

16,522

59,940

19,854

299,791

Depreciation

At 1 August 2023

-

13,691

54,094

16,540

84,325

Charge for the year

28,487

1,344

1,462

662

31,955

At 31 July 2024

28,487

15,035

55,556

17,202

116,280

Carrying amount

At 31 July 2024

174,988

1,487

4,384

2,652

183,511

At 31 July 2023

179,058

1,936

5,846

3,144

189,984

Included within the net book value of land and buildings above is £174,988 (2023 - £179,058) in respect of freehold land and buildings.
 

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Stocks

2024
£

2023
£

Other inventories

32,611

27,966

6

Debtors

Current

2024
£

2023
£

Trade debtors

66,772

60,131

Prepayments

1,077

1,077

Other debtors

1,475

-

 

69,324

61,208

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,728

19,530

Trade creditors

 

83,865

93,885

Taxation and social security

 

23,887

28,537

Accruals and deferred income

 

2,002

2,002

Other creditors

 

479

3,528

 

128,961

147,482

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,270 (2023- £17,161).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

84,155

102,488

2024
£

2023
£

Due after more than five years

After more than five years by instalments

19,729

25,284

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £102,424 (2023 - £119,649).

 

Turner Windows of Somerton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Creditors include bank loans repayable by instalments of £19,729 (2023 - £25,284). due after more than five years.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

84,155

102,488

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,270

17,161

Other borrowings

458

2,369

18,728

19,530

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 4%%, and the final instalment is due on 13 September 2029. The carrying amount at year end is £70,017 (2023 - £81,686).

The loan is secured by a first legal charge over Unit 3, Bancombe Trading Estate, Somerton, Somerset,

The Bounce back loan is denominated in sterling with a nominal interest rate of 2.5%%, and the final instalment is due on 11 May 2030. The carrying amount at year end is £32,408 (2023 - £37,963).

The loan is unsecured and was provided as part of the response to the COVID 19 pandemic in 2020.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

These consist of a secured bank loan with monthly repayments of £1,274 and an interest rate of 4% and an unsecured bank loan with monthly repayments of £463 and an interest rate of 2.5%.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,047 (2023 - £6,142).