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Registered number: 02698435
Turner Property Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—7
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Turner Property Holdings Limited for the year ended 31 October 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 Property Holdings Limited for the year ended 31 October 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Turner Property Holdings Limited , as a body, in accordance with the terms of our engagement letter dated 23 April 2025. Our work has been undertaken solely to prepare for your approval the accounts of Turner Property Holdings Limited and state those matters that we have agreed to state to the director of Turner Property Holdings Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turner Property Holdings Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Turner Property Holdings 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 or loss of Turner Property Holdings Limited . You consider that Turner Property Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Turner Property Holdings 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 financial statements.
Signed
9 May 2025
PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Page 1
Page 2
Balance Sheet
Registered number: 02698435
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,598 6,794
Investments 5 205,000 227,000
246,598 233,794
CURRENT ASSETS
Stocks 6 20,493 1,509,735
Debtors 7 2,016,414 1,527,451
Cash at bank and in hand 1,145,279 319,426
3,182,186 3,356,612
Creditors: Amounts Falling Due Within One Year 8 (63,511 ) (32,796 )
NET CURRENT ASSETS (LIABILITIES) 3,118,675 3,323,816
TOTAL ASSETS LESS CURRENT LIABILITIES 3,365,273 3,557,610
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (7,904 ) (1,291 )
NET ASSETS 3,357,369 3,556,319
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 3,357,367 3,556,317
SHAREHOLDERS' FUNDS 3,357,369 3,556,319
Page 2
Page 3
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dominic Turner
Director
9 May 2025
The notes on pages 5 to 7 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 November 2022 2 3,582,906 3,582,908
Loss for the year and total comprehensive income - (6,589 ) (6,589)
Dividends paid - (20,000) (20,000)
As at 31 October 2023 and 1 November 2023 2 3,556,317 3,556,319
Loss for the year and total comprehensive income - (186,350 ) (186,350)
Dividends paid - (12,600) (12,600)
As at 31 October 2024 2 3,357,367 3,357,369
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Page 5
Notes to the Financial Statements
1. General Information
Turner Property Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02698435 . The registered office is Copperbeech, St Clement, Truro, Cornwall, TR1 1TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% straight line
Fixtures & Fittings 15-25% straight line
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.7. Fixed asset investments (other)
Unlisted fixed asset investments including classic vehicles are stated at historical cost less provision for any impairment in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2023 7,440 10,396 17,836
Additions 97,139 325 97,464
Disposals (62,429 ) - (62,429 )
As at 31 October 2024 42,150 10,721 52,871
Depreciation
As at 1 November 2023 4,127 6,915 11,042
Provided during the period 11,900 1,761 13,661
Disposals (13,430 ) - (13,430 )
As at 31 October 2024 2,597 8,676 11,273
Net Book Value
As at 31 October 2024 39,553 2,045 41,598
As at 1 November 2023 3,313 3,481 6,794
5. Investments
Other
£
Cost
As at 1 November 2023 227,000
Disposals (22,000 )
As at 31 October 2024 205,000
Provision
As at 1 November 2023 -
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 205,000
As at 1 November 2023 227,000
6. Stocks
2024 2023
£ £
Stock - development properties - 1,462,920
Stock - display assets 20,493 46,815
20,493 1,509,735
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7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 331 -
Other loans from individuals 1,644,483 1,073,210
Other corporate loans 345,600 362,541
Director's loan account - 65,700
Amounts owed by group undertakings 26,000 26,000
2,016,414 1,527,451
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,327 12,544
Other taxes and social security 46 11,643
Other creditors - 5,971
Accruals and deferred income 59,064 2,638
Director's loan account 74 -
63,511 32,796
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 7,904 1,291
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Dominic Turner 65,700 37,916 103,688 - (74 )
The loan at the start of the accounting period of £65,700 was unsecured, interest free and repayable on demand. The loan was repaid in July 2024. 
A second sum loaned in August 2024 was unsecured, interest free and repayable on demand.  The loan was repaid in October 2024.
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