Company registration number 00682055 (England and Wales)
TURNER INVESTMENTS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TURNER INVESTMENTS LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TURNER INVESTMENTS LTD.
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
850,000
850,000
Current assets
Debtors
5
2,355,869
2,320,695
Cash at bank and in hand
882,975
859,615
3,238,844
3,180,310
Creditors: amounts falling due within one year
6
(98,187)
(82,058)
Net current assets
3,140,657
3,098,252
Net assets
3,990,657
3,948,252
Capital and reserves
Called up share capital
7
2,200,000
2,200,000
Profit and loss reserves
1,790,657
1,748,252
Total equity
3,990,657
3,948,252
For the financial year ended 30 September 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 16 May 2025 and are signed on its behalf by:
A B Turner
Director
Company registration number 00682055 (England and Wales)
TURNER INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Turner Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is One Dunston Court, Dunston Road, Chesterfield, Derbyshire, S41 8NL.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for property rental, and is shown net of VAT and other sales related taxes.
1.3
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, fittings & equipment
straight line over 3 to 10 years
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.
1.4
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. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
TURNER INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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. Financial assets classified as receivable within on year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
1.7
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
TURNER INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 October 2023 and 30 September 2024
7,490
Depreciation
At 1 October 2023 and 30 September 2024
7,490
Carrying amount
At 30 September 2024
At 30 September 2023
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
850,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,634
12,320
Amounts owed by undertakings in which the company has a participating interest
1,029,861
1,029,856
Other debtors
1,237,036
1,252,957
Prepayments and accrued income
83,338
25,562
2,355,869
2,320,695
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,270
319
Amounts due to group undertakings
6,127
6,127
Other taxation and social security
4,890
1,594
Other creditors
24,549
23,200
Accruals and deferred income
50,351
50,818
98,187
82,058
TURNER INVESTMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,200,000
2,200,000
2,200,000
2,200,000
8
Related party transactions
First Degree (Devonshire Works) Ltd
During the year, interest of £50,000 (2023: £50,000) was received from First Degree (Devonshire Works) Ltd, an associated company. The total amount owed to the company by First Degree (Devonshire Works) Ltd at the year-end was £1,025,061 (2023: £1,025,056) and is included within amounts owed by undertakings in which the company has a participating interest.
Cartledge Farms Limited
The total amount owed by Cartledge Farms Limited, a connected company, at the year-end was £388,334 (2023: £388,334) and is included within other debtors. No interest has been charged on the loan and there are no fixed repayment terms.
Cartledge Properties Limited
The total amount owed by Cartledge Properties Limited, a connected company, at the year-end was £190,160 (2023: £190,160) and is included within other debtors. No interest has been charged on the loan and there are no fixed repayment terms.
GPF (NOH) Ltd
During the year, interest receivable of £58,101 (2023: £24,923) was accrued as due from GPF (NOH) Ltd, an associated company. The total amount owed to the company by GPF (NOH) Ltd at the year-end was £658,543 (2023: £610,209) and is included within other debtors. There are no fixed repayment terms.
9
Parent company
The parent company of Turner Investments Ltd. is Newco HTS Limited and its registered office is One Dunston Court, Dunston Road, Chesterfield, Derbyshire, England, S41 8NZ.