Company registration number 00592824 (England and Wales)
TURNERS (WEST BROMWICH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TURNERS (WEST BROMWICH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TURNERS (WEST BROMWICH) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,244,526
2,244,526
Current assets
Debtors
5
366,210
379,709
Cash at bank and in hand
37,149
19,771
403,359
399,480
Creditors: amounts falling due within one year
6
(73,901)
(104,275)
Net current assets
329,458
295,205
Total assets less current liabilities
2,573,984
2,539,731
Creditors: amounts falling due after more than one year
7
(1,278,317)
(1,310,797)
Net assets
1,295,667
1,228,934
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
1,275,667
1,208,934
Total equity
1,295,667
1,228,934
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 June 2025
Mr H F C Mason
Director
Company Registration No. 00592824
TURNERS (WEST BROMWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Turners (West Bromwich) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 High Street, Aldridge, Walsall, West Midlands, WS9 8LZ.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2024 are the first financial statements of Turners (West Bromwich) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for rent.
1.3
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.
1.4
Cash at bank and in hand
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.
1.5
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
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at cost, less any impairment.
TURNERS (WEST BROMWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,244,526
TURNERS (WEST BROMWICH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from group undertakings
160,000
160,000
Other debtors
206,210
219,709
366,210
379,709
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
51,451
89,075
Corporation tax
19,850
12,600
Other taxation and social security
2,600
2,600
73,901
104,275
The banks loans are secured by a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,278,317
1,310,797
The bank loans are secured by a fixed and floating charge over the assets of the company.
8
Related party relationships and transactions
Mr H F C Mason, director, is also a director of Mascot Hair Design Limited.
During the year the company charged rents amounting to £NIL (2022 - £NIL) to Mascot Hair Design Limited. There was no outstanding balance at the end of the year.
9
Control
The ultimate parent company is Discovery Bay Property Company Limited, a company registered in England and Wales. The ultimate controlling party is Mr H F C Mason by virtue of his shareholding.