Company registration number 09497381 (England and Wales)
TURN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TURN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TURN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
92,464
149,701
Investment property
5
2,643,407
1,445,000
Investments
6
100
100
2,735,971
1,594,801
Current assets
Debtors
7
649,374
1,229,214
Cash at bank and in hand
3,912
3,379
653,286
1,232,593
Creditors: amounts falling due within one year
8
(1,463,240)
(829,583)
Net current (liabilities)/assets
(809,954)
403,010
Total assets less current liabilities
1,926,017
1,997,811
Creditors: amounts falling due after more than one year
9
(628,112)
(630,254)
Net assets
1,297,905
1,367,557
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,297,903
1,367,555
Total equity
1,297,905
1,367,557
TURN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
M Lee
Director
Company registration number 09497381 (England and Wales)
TURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Turn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Revenue represents rental income from investment properties. Rental income from investment property leased out under operating is recognised on a straight-line basis over the term of the lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line
Computers
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

TURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
TURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Fair value gains
2024
2023
£
£
Fair value gains/(losses)
Gain on investment properties
-
551,881
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
301,800
Additions
520
At 31 March 2024
302,320
Depreciation and impairment
At 1 April 2023
152,099
Depreciation charged in the year
57,757
At 31 March 2024
209,856
Carrying amount
At 31 March 2024
92,464
At 31 March 2023
149,701
5
Investment property
2024
£
Fair value
At 1 April 2023
1,445,000
Additions
1,198,407
At 31 March 2024
2,643,407

The fair value of investment properties at the reporting date was based on a valuation carried out by the directors with the benefit of an independent firm of chartered surveyors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. No depreciation is provided for on these investment properties.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
TURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,510
Amounts owed by group undertakings
645,124
1,223,454
Other debtors
4,250
4,250
649,374
1,229,214
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
914,048
2,200
Other creditors
549,192
827,383
1,463,240
829,583

 

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
628,112
630,254

On 12 January 2024 the company entered into two mortgage agreements with Lendinvest Security Trustees Limited on 252 Archway Road, London N6 5AX and 173, 175, 177, 179 and 181 Stoke Newington Church Street, London N16 0UL secured by fixed charges over the respective properties.

10
Related party transactions

At the year end, the company owed £415,969 (2023 - £817,593) to the directors of the company, in respect of interest free loans which are repayable on demand.

 

At the year end the company was owed £645,124 (2023 - £1,223,454) by Turn Holdings Limited, the subsidiary company, in respect of an interest free loan which is repayable on demand.

11
Parent company

The company was under the control of the directors throughout the period.

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