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REGISTERED NUMBER: 03574316 (England and Wales)















TURNER'S OF HORNCASTLE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2024






TURNER'S OF HORNCASTLE LIMITED (REGISTERED NUMBER: 03574316)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


TURNER'S OF HORNCASTLE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTOR: P J Bell





SECRETARY: N H Soulby





REGISTERED OFFICE: The Depot
Hemingby Lane
Horncastle
Lincolnshire
LN9 5PN





REGISTERED NUMBER: 03574316 (England and Wales)

TURNER'S OF HORNCASTLE LIMITED (REGISTERED NUMBER: 03574316)

BALANCE SHEET
31ST JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,495 94,626

CURRENT ASSETS
Stocks 98,449 113,808
Debtors 5 99,323 51,175
Cash at bank and in hand 137,597 108,139
335,369 273,122
CREDITORS
Amounts falling due within one year 6 175,230 185,842
NET CURRENT ASSETS 160,139 87,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,634

181,906

PROVISIONS FOR LIABILITIES 8,379 9,267
NET ASSETS 235,255 172,639

CAPITAL AND RESERVES
Called up share capital 4 4
Capital redemption reserve 99 99
Retained earnings 235,152 172,536
SHAREHOLDERS' FUNDS 235,255 172,639

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

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

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26th February 2025 and were signed by:




P J Bell - Director


TURNER'S OF HORNCASTLE LIMITED (REGISTERED NUMBER: 03574316)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024

1. STATUTORY INFORMATION

Turner's of Horncastle Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Building extensions Hemingby Lane - 2% on cost
Show conservatories - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

TURNER'S OF HORNCASTLE LIMITED (REGISTERED NUMBER: 03574316)

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

4. TANGIBLE FIXED ASSETS
Building
extensions Fixtures
Hemingby Show and
Lane conservatories fittings
£    £    £   
COST
At 1st August 2023
and 31st July 2024 74,702 6,445 52,372
DEPRECIATION
At 1st August 2023 25,723 2,606 44,110
Charge for year 1,494 128 1,239
At 31st July 2024 27,217 2,734 45,349
NET BOOK VALUE
At 31st July 2024 47,485 3,711 7,023
At 31st July 2023 48,979 3,839 8,262

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st August 2023
and 31st July 2024 49,050 6,433 189,002
DEPRECIATION
At 1st August 2023 16,666 5,271 94,376
Charge for year 8,096 174 11,131
At 31st July 2024 24,762 5,445 105,507
NET BOOK VALUE
At 31st July 2024 24,288 988 83,495
At 31st July 2023 32,384 1,162 94,626

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 95,039 42,533
Other debtors - 1,568
Prepayments 4,284 7,074
99,323 51,175

TURNER'S OF HORNCASTLE LIMITED (REGISTERED NUMBER: 03574316)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 56,902 29,409
Tax 27,008 21,045
Social security and other taxes 1,854 1,362
VAT 15,176 6,873
Other creditors 3,658 3,658
Directors' current accounts 36,139 63,951
Accrued expenses 34,493 59,544
175,230 185,842

7. OTHER FINANCIAL COMMITMENTS

The company is committed to paying rent of £5,000 per annum under an operating lease expiring on an annual basis.