Company registration number 02835614 (England and Wales)
TURNERS ACCIDENT REPAIR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
TURNERS ACCIDENT REPAIR LIMITED
COMPANY INFORMATION
Directors
Mr S G Turner
Mrs S E Turner
Mr T Turner
Company number
02835614
Registered office
Barlby Junction
Barlby
Selby
North Yorkshire
YO8 5JE
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
TURNERS ACCIDENT REPAIR LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
TURNERS ACCIDENT REPAIR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the Business
The business delivered another year of profitability and growth. We continued to execute our strategy of organic growth in our 5 existing sites while also opening a brand new, state of the art 20,000sq ft facility near Ripon.
Investment in our highly skilled workforce, technology and top-class facilities has allowed us grow despite recent economic uncertainties, strengthening relationships and adding to our customer base in the UK Insurance market.
Industry Overview
The automotive repair industry experienced dynamic shifts in 2024, shaped by:
Increased vehicle complexity: With the rise of electric vehicles (EVs) and advanced driver-assistance systems (ADAS), repair services required specialised skills and equipment.
Sustainability pressures: customers and regulators emphasised eco-friendly repair practices.
Economic uncertainty: inflationary pressures and supply chain constraints persisted, challenging cost management and pricing strategies.
The business has responded to these shifts by investing in the training and equipment required for EV repairs and advanced diagnostic development. All our 6 sites have continued to be PAS2060 Carbon Neutral, and we are continually looking at ways to reduce our carbon footprint. We also have increased our use of green parts and follow a repair over replace methodology.
Risks and Uncertainties
As part of our ongoing business strategy, we continually look at identifying any risks to the ongoing success of the company.
Market Risk
The main risk facing the company is that uncertainty in the UK economy could adversely affect the performance of the business. The company has a broad customer base within the UK Insurance industry and excellent customer service which reduces exposure to temporary downturns in trade.
Staff Risk
The company is also exposed to risks relating to retaining key staff and recruitment in the face of a competitive labour market. This is mitigated through incentivising pay structures and a strong supportive culture which has developed over decades of family ownership. The company is committed to developing the next generation of workers though our apprenticeship programme. This ensures the company has a balanced mix of contemporary practices and proven industry experience.
Global events
The current war in Ukraine continues to lead to volatility in the supply of parts and the energy market, although this seems to have stabilised recently.
TURNERS ACCIDENT REPAIR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Key performance indicators
The key performance indicators the directors believe are important and most effectively show the performance of the company are: -
Analysis of KPIs
2024 2023
Turnover £19,694,317 £17,036,388
Operating profit £2,092,904 £2,083,684
Operating profit margin 10.63% 12.23%
Our KPI’s are generally moving in a positive direction and are expected to continue to do so over the next financial year.
The adverse movement in Operating Profit margin is due to the period of time it took the new Ripon site to become fully operational and profitable.
The net assets of the Company remained strong at £3,165,045 at the end of 2024 compared with £4,192,194 in 2023.
Despite the current economic and environmental uncertainties, the long term future outlook remains encouraging and the Directors expect that the financial results for 2025 will continue to show a healthy level of profitability. The Company is strongly positioned at the year end and the Directors seek to build on its strengths with business development activities and if conditions are right, further expansion.
Given the company’s latest results, recent developments, continued progress and present position, the Directors look to the future with confidence.
Mr T Turner
Director
30 April 2025
TURNERS ACCIDENT REPAIR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of a motor vehicle repairs.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £2,575,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S G Turner
Mrs S E Turner
Mr T Turner
Future developments
The directors expect the general activity of the company to remain broadly consistent in the forthcoming year. Further strong growth is expected as our Ripon site continues to shift towards maturity and we expand into the North-East through the opening of our next 16,000sq ft site at Chester-le-Street, County Durham in January 2025.
Auditor
Azets Audit Services Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr T Turner
Director
30 April 2025
TURNERS ACCIDENT REPAIR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TURNERS ACCIDENT REPAIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNERS ACCIDENT REPAIR LIMITED
- 5 -
Opinion
We have audited the financial statements of Turners Accident Repair Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 October 2024 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TURNERS ACCIDENT REPAIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNERS ACCIDENT REPAIR LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TURNERS ACCIDENT REPAIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNERS ACCIDENT REPAIR LIMITED (CONTINUED)
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's report 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.
Chris Woodroffe
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
1 May 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
TURNERS ACCIDENT REPAIR LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,694,317
17,036,388
Cost of sales
(14,815,620)
(12,702,829)
Gross profit
4,878,697
4,333,559
Administrative expenses
(2,792,990)
(2,258,592)
Other operating income
7,197
8,717
Operating profit
4
2,092,904
2,083,684
Interest receivable and similar income
7
371
Interest payable and similar expenses
8
(9,242)
(42,078)
Profit before taxation
2,084,033
2,041,606
Tax on profit
9
(536,182)
(474,498)
Profit for the financial year
1,547,851
1,567,108
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TURNERS ACCIDENT REPAIR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,547,851
1,567,108
Other comprehensive income
-
-
Total comprehensive income for the year
1,547,851
1,567,108
TURNERS ACCIDENT REPAIR LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,649,182
2,016,736
Current assets
Stocks
12
530,602
903,790
Debtors
13
2,564,886
2,641,584
Cash at bank and in hand
2,491,245
2,528,517
5,586,733
6,073,891
Creditors: amounts falling due within one year
14
(3,669,478)
(2,925,376)
Net current assets
1,917,255
3,148,515
Total assets less current liabilities
4,566,437
5,165,251
Creditors: amounts falling due after more than one year
15
(917,555)
(616,741)
Provisions for liabilities
Deferred tax liability
18
483,837
356,316
(483,837)
(356,316)
Net assets
3,165,045
4,192,194
Capital and reserves
Called up share capital
21
4,200
4,200
Profit and loss reserves
3,160,845
4,187,994
Total equity
3,165,045
4,192,194
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr T Turner
Director
Company registration number 02835614 (England and Wales)
TURNERS ACCIDENT REPAIR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
4,200
3,195,886
3,200,086
Year ended 31 October 2023:
Profit and total comprehensive income
-
1,567,108
1,567,108
Dividends
10
-
(575,000)
(575,000)
Balance at 31 October 2023
4,200
4,187,994
4,192,194
Year ended 31 October 2024:
Profit and total comprehensive income
-
1,547,851
1,547,851
Dividends
10
-
(2,575,000)
(2,575,000)
Balance at 31 October 2024
4,200
3,160,845
3,165,045
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
1
Accounting policies
Company information
Turners Accident Repair Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barlby Junction, Barlby, Selby, North Yorkshire, YO8 5JE.
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.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Turners (Holdings) Limited. These consolidated financial statements are available from its registered office.
1.2
Going concern
At the time of approving, the Directortrues have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Specifically, the directors have considered the impact of any supply chain disruptions, labour shortages, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of any disruption, the directors are confident that they have in place plans to deal with any implications that may arise.
The company continues to trade in line with expectations and has continued to generate profits and operating cash flows. Given this position, the Directors have options available to them in order to preserve cash flow and allow the business to settle its liabilities as they fall due, and with their continued support which has been obtained, the Directors therefore continue to adopt the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised upon completion of the repair to the vehicle.
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.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
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:
Leasehold improvements
4% -10% straight line
Plant and machinery
10% - 20% straight line
Motor vehicles
20% 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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Accident repair
19,694,317
17,036,388
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,694,317
17,036,388
2024
2023
£
£
Other significant revenue
Interest income
371
-
Grants received
7,197
7,197
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(7,197)
(7,197)
Fees payable to the company's auditor for the audit of the company's financial statements
22,900
21,800
Depreciation of owned tangible fixed assets
479,601
385,722
Depreciation of tangible fixed assets held under finance leases
11,949
28,609
Profit on disposal of tangible fixed assets
(14,473)
(45,472)
Operating lease charges
619,188
442,432
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct
91
82
Admin
23
20
Total
114
102
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,422,367
4,197,502
Social security costs
594,566
439,358
Pension costs
106,696
110,074
6,123,629
4,746,934
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
167,940
139,754
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
371
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
38,751
Interest on finance leases and hire purchase contracts
9,242
3,327
9,242
42,078
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
416,091
355,812
Adjustments in respect of prior periods
(7,430)
353
Total current tax
408,661
356,165
Deferred tax
Origination and reversal of timing differences
127,521
118,333
Total tax charge
536,182
474,498
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,084,033
2,041,606
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
521,008
459,770
Tax effect of expenses that are not deductible in determining taxable profit
14,559
22,904
Adjustments in respect of prior years
(7,430)
353
Effect of change in corporation tax rate
11,755
Group relief
(2,691)
Deferred tax adjustments in respect of prior years
(60)
Fixed asset differences
8,045
(17,533)
Taxation charge for the year
536,182
474,498
10
Dividends
2024
2023
£
£
Final paid
2,575,000
575,000
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
11
Tangible fixed assets
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
330,351
2,481,211
885,699
3,697,261
Additions
133,383
659,940
398,799
1,192,122
Disposals
(26,484)
(3,681)
(134,294)
(164,459)
At 31 October 2024
437,250
3,137,470
1,150,204
4,724,924
Depreciation and impairment
At 1 November 2023
101,333
1,237,535
341,657
1,680,525
Depreciation charged in the year
33,182
303,500
154,868
491,550
Eliminated in respect of disposals
(13,242)
(565)
(82,526)
(96,333)
At 31 October 2024
121,273
1,540,470
413,999
2,075,742
Carrying amount
At 31 October 2024
315,977
1,597,000
736,205
2,649,182
At 31 October 2023
229,018
1,243,676
544,042
2,016,736
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
119,941
12
Stocks
2024
2023
£
£
Work in progress
530,602
903,790
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,524,951
1,002,009
Amounts owed by group undertakings
845,107
1,471,195
Other debtors
44,665
48,102
Prepayments and accrued income
150,163
120,278
2,564,886
2,641,584
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
16,418
12,559
Other borrowings
16
373,121
237,583
Trade creditors
1,826,637
1,545,802
Corporation tax
165,538
160,248
Other taxation and social security
723,349
488,919
Government grants
19
7,197
7,197
Accruals and deferred income
557,218
473,068
3,669,478
2,925,376
Obligations under hire purchase and finance leases are secured on the assets concerned.
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
107,820
Other borrowings
16
783,149
582,958
Government grants
19
26,586
33,783
917,555
616,741
Obligations under hire purchase and finance leases are secured on the assets concerned.
16
Loans and overdrafts
2024
2023
£
£
Other loans
1,156,270
820,541
Payable within one year
373,121
237,583
Payable after one year
783,149
582,958
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
16,418
12,559
In two to five years
107,820
124,238
12,559
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Net obligations under hire purchase contracts are secured against the assets to which they relate.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
486,255
358,615
Short term timing differences
(2,418)
(2,299)
483,837
356,316
2024
Movements in the year:
£
Liability at 1 November 2023
356,316
Charge to profit or loss
127,521
Liability at 31 October 2024
483,837
19
Government grants
2024
2023
£
£
Arising from government grants
33,783
40,980
Included in the financial statements as follows:
Current liabilities
7,197
7,197
Non-current liabilities
26,586
33,783
33,783
40,980
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,696
110,074
The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £22,230 (2023: £18,532) were due to the fund. They are included in taxation and social security creditors.
21
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary of £1 each
300
300
900 A Ordinary of £1 each
900
900
2,000 B Ordinary of £1 each
2,000
2,000
1,000 C Ordinary of £1 each
1,000
1,000
4,200
4,200
The Ordinary and Ordinary 'A' shares have full voting rights and rights in respect of dividends.
The 'B' Ordinary shares carry no voting rights and have no rights in respect of dividends. At the discretion of the directors a dividend may be paid on the 'B' Ordinary shares.
The 'C' Ordinary shares carry no voting rights and have rights in respect of dividends.
Dividends at different rates may be declared on the respective classes of shares in issue.
22
Financial commitments, guarantees and contingent liabilities
On 10 May 2023 the company entered into a cross guarantee agreement along with its parent company, Turners (Holdings) Limited, relating to a bank loan totalling £2,500,000. The guarantee is secured by a fixed and floating charge over the company's assets.
TURNERS ACCIDENT REPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
704,014
687,917
Between two and five years
2,576,737
2,237,581
In over five years
3,538,927
3,079,571
6,819,678
6,005,069
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
429,957
15,300
25
Related party transactions
The company paid rent, on normal commercial terms, of £68,300 (2023: £68,300), to pension schemes, in which the directors are beneficiaries and trustees.
Included in other debtors is a loan due from the directors of £24,500 (2023: £24,500). The loan is interest free and repayable on demand.
As permitted by FRS 102, these financial statements do not disclose transactions with the parent undertaking, where 100% of the voting rights are held within the group.
26
Ultimate controlling party
The ultimate parent undertaking and controlling party is Turners (Holdings) Limited, which prepares group financial statements. The registered office of Turners (Holdings) Limited is Barlby Junction, Howden Road, Barlby, Selby, England, YO8 5JE.
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