Company registration number 05440722 (England and Wales)
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
COMPANY INFORMATION
Directors
Mr I J Turner
Mr G P Turner
Mrs P E Turner
Secretary
Mr I J Turner
Company number
05440722
Registered office
Turner Motor Group
Tayfen Road
Bury St Edmunds
IP33 1TB
Accountants
Ensors Accountants LLP
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
CONTENTS
Page
Directors' report
1
Accountants' report
3
Profit and loss account
4
Group balance sheet
5 - 6
Company balance sheet
7 - 8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 24
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and the group continued to be that of lease of properties to businesses, mainly within the motor trade and retail sale of automotive fuel along side convenience goods, hot drinks and snacks.

Results and dividends

The results for the year are set out on page 4.

No ordinary dividends were paid. 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 I J Turner
Mr G P Turner
Mrs P E Turner
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr I J Turner
Director
5 August 2025
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turners (East Anglia) Limited and its Subsidiaries for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the accounting records and from information and explanations you have given 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Turners (East Anglia) Limited and its Subsidiaries, as a body, in accordance with the terms of our engagement letter dated 27 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Turners (East Anglia) Limited and its Subsidiaries and state those matters that we have agreed to state to the board of directors of Turners (East Anglia) Limited and its Subsidiaries, 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 Turners (East Anglia) Limited and its Subsidiaries and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Turners (East Anglia) Limited and its Subsidiaries has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Turners (East Anglia) Limited and its Subsidiaries. You consider that Turners (East Anglia) Limited and its Subsidiaries is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Turners (East Anglia) Limited and its Subsidiaries. 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 statutory financial statements.

Ensors Accountants LLP
Chartered Accountants
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
5 August 2025
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
8,250,811
-
8,250,811
8,141,710
14,332
8,156,042
Cost of sales
(7,348,387)
-
(7,348,387)
(7,228,673)
(28,224)
(7,256,897)
Gross profit
902,424
-
902,424
913,037
(13,892)
899,145
Administrative expenses
(1,037,848)
(57)
(1,037,905)
(1,172,535)
16,927
(1,155,608)
Other operating income
1,085,607
32,262
1,117,869
1,086,728
21,531
1,108,259
Operating profit
950,183
32,205
982,388
827,230
24,566
851,796
Interest receivable and similar income
4
76,748
-
76,748
65,960
-
65,960
Interest payable and similar expenses
-
-
-
(96)
(1,218)
(1,314)
Profit before taxation
1,026,931
32,205
1,059,136
893,094
23,348
916,442
Tax on profit
5
(266,524)
-
(266,524)
(209,806)
(15,881)
(225,687)
Profit for the financial year
14
760,407
32,205
792,612
683,288
7,467
690,755
Profit for the financial year is all attributable to the owners of the parent company.
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
6
1,788,906
1,861,159
Investment property
7
7,042,189
7,042,189
8,831,095
8,903,348
Current assets
Stocks
321,519
311,390
Debtors
10
149,303
175,823
Cash at bank and in hand
2,440,880
1,523,990
2,911,702
2,011,203
Creditors: amounts falling due within one year
11
(798,884)
(760,322)
Net current assets
2,112,818
1,250,881
Total assets less current liabilities
10,943,913
10,154,229
Provisions for liabilities
(206,939)
(209,867)
Net assets
10,736,974
9,944,362
Capital and reserves
Called up share capital
5,004
5,004
Revaluation reserve
14
1,956,770
1,956,770
Other reserves
14
1,991,724
1,991,724
Profit and loss reserves
14
6,783,476
5,990,864
Total equity
10,736,974
9,944,362
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 6 -

For the financial year ended 31 December 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr I J Turner
Director
Company registration number 05440722 (England and Wales)
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
222,948
228,996
Investment property
7
7,042,189
7,042,189
Investments
8
301,502
301,502
7,566,639
7,572,687
Current assets
Debtors
10
66,115
59,636
Cash at bank and in hand
1,973,247
1,242,250
2,039,362
1,301,886
Creditors: amounts falling due within one year
11
(2,798,117)
(2,552,055)
Net current liabilities
(758,755)
(1,250,169)
Total assets less current liabilities
6,807,884
6,322,518
Provisions for liabilities
(136,744)
(136,471)
Net assets
6,671,140
6,186,047
Capital and reserves
Called up share capital
5,004
5,004
Other reserves
14
1,970,066
1,970,066
Profit and loss reserves
14
4,696,070
4,210,977
Total equity
6,671,140
6,186,047
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £485,093 (2023 - £487,601 profit).

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

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.

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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr I J Turner
Director
Company registration number 05440722 (England and Wales)
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Revaluation reserve
Investment property revaluation reserve
Merger reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
5,004
1,956,770
1,940,728
50,996
5,300,109
9,253,607
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
690,755
690,755
Balance at 31 December 2023
5,004
1,956,770
1,940,728
50,996
5,990,864
9,944,362
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
792,612
792,612
Balance at 31 December 2024
5,004
1,956,770
1,940,728
50,996
6,783,476
10,736,974
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Investment property revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
5,004
1,970,066
3,723,376
5,698,446
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
487,601
487,601
Balance at 31 December 2023
5,004
1,970,066
4,210,977
6,186,047
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
485,093
485,093
Balance at 31 December 2024
5,004
1,970,066
4,696,070
6,671,140
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Turners (East Anglia) Limited (“the company”) is a private limited company by shares domiciled and incorporated in England and Wales. The registered office is Turner Motor Group, Tayfen Road, Bury St Edmunds, Suffolk, IP33 1TB.

 

The group consists of Turners (East Anglia) Limited and all of its subsidiaries.

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 of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

 

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,

11.48(a)(iii), 11.48(a)(iv), 11.48)b) and 11.48(c);

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),

12.29(b) and 12.29A; and

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Turners (East Anglia) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

Sale of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Other income

 

Rent receivable

Rental income from investment properties held for letting is recognised on a straight-line basis over the lease term.

 

Where lease contain rent-free periods or other incentives, total income receivable over the lease term is spread evenly, with the difference between income recognised and amounts actually received included as lease incentive debtors or creditors in the balance sheet.

 

Where rental income is received in advance of the period to which it relates, it is deferred and recognised as a liability within deferred income on balance sheet. Income is then released to the profit and loss accounts in the period to which it relates.

 

Conversely, where rental income is earned but not yet invoiced or received, it is accrued within debtors.

 

Income from short-term lets or non-operating leases is recognised in the profit and loss account in the period to which it relates.

Rental income is presented net of VAT (where applicable) and after deducting any discounts, void periods or other rental concessions.

 

Income from service charges and reimbursable expenses is recognised on an accrual basis.

1.6
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:

Freehold land and buildings
2% straight line
Leasehold land and buildings
Over the term of the lease
Plant and equipment
4 to 20 years straight line
Computers
25% straight line
Motor vehicles
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 recognised in the profit and loss account.

1.7
Investment property

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.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost for fuel is comprised of purchase cost on an actual basis.

 

Net realisable value is based on estimated selling price less additional costs to completion and disposal.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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 (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

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.

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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 leased asset are consumed.

TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

Investment property valuations are performed by the directors based on their many years of experience in property across the region and valuations are obtained from third parties from time to time. The directors refer to local market conditions, yield analysis and recent market transactions when considering value of the Group's investment properties.

3
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
19
20
3
3
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
76,748
65,960
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
269,452
240,853
Deferred tax
Origination and reversal of timing differences
(2,928)
(15,169)
Adjustment in respect of prior periods
-
0
3
Total deferred tax
(2,928)
(15,166)
Total tax charge
266,524
225,687

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
1,059,136
916,442
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
264,784
215,547
Tax effect of expenses that are not deductible in determining taxable profit
8,349
6,015
Effect of change in corporation tax rate
-
(807)
Permanent capital allowances in excess of depreciation
4,644
9,999
Deferred tax adjustments in respect of prior years
-
0
(327)
Deferred tax movement
(3,201)
(15,169)
Deferred tax not recognised
(8,052)
10,429
Taxation charge
266,524
225,687
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
6
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,546,138
245,644
688,186
1,099
265,428
2,746,495
Additions
-
0
-
0
9,459
-
0
-
0
9,459
Disposals
(42,088)
-
0
(289)
-
0
-
0
(42,377)
At 31 December 2024
1,504,050
245,644
697,356
1,099
265,428
2,713,577
Depreciation and impairment
At 1 January 2024
167,003
21,543
588,779
619
107,392
885,336
Depreciation charged in the year
18,231
4,903
16,215
275
-
0
39,624
Eliminated in respect of disposals
-
0
-
0
(289)
-
0
-
0
(289)
At 31 December 2024
185,234
26,446
604,705
894
107,392
924,671
Carrying amount
At 31 December 2024
1,318,816
219,198
92,651
205
158,036
1,788,906
At 31 December 2023
1,379,135
224,101
99,407
480
158,036
1,861,159
Company
Freehold land and buildings
Leasehold land and buildings
Computers
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
8,708
245,644
1,099
255,451
Depreciation and impairment
At 1 January 2024
4,293
21,543
619
26,455
Depreciation charged in the year
870
4,903
275
6,048
At 31 December 2024
5,163
26,446
894
32,503
Carrying amount
At 31 December 2024
3,545
219,198
205
222,948
At 31 December 2023
4,415
224,101
480
228,996
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Tangible fixed assets
(Continued)
- 20 -

Included within freehold & leasehold property is £600,000 (2023: £600,000) relating to land which is not depreciated.

 

The Group has elected to apply all amendments of FRS102, as set out in the triennial review published in December 2017. Under these amendments the Group has elected to recognise the freehold property at deemed cost and depreciate it in line with its remaining useful economic life.

 

If freehold property had not been included at deemed cost, they would have been included under the historical cost convention as follows:

 

2024
2023
£
£
Cost
1
1
Accumulated depreciation
(1)
(1)
-
-
7
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
7,042,189
7,042,189

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2018 by Carter Jonas, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have performed an internal valuation process at the year end and have updated the external valuations accordingly.

 

8
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
301,502
301,502
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
301,502
Carrying amount
At 31 December 2024
301,502
At 31 December 2023
301,502
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Turners Property Developments Limited
Turner Motor Group,
Tayfen Road, Bury St
Edmunds, Suffolk, IP33
1TB
Ordinary
100.00
Tothill Services Limited
Turner Motor Group,
Tayfen Road, Bury St
Edmunds, Suffolk, IP33
1TB
Ordinary
100.00
Turners (Ipswich) Limited
Turner Motor Group,
Tayfen Road, Bury St
Edmunds, Suffolk, IP33
1TB
Ordinary
100.00
M G Kerry Limited
Turner Motor Group,
Tayfen Road, Bury St
Edmunds, Suffolk, IP33
1TB
Ordinary
100.00
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
63,270
88,949
7,403
7,313
Other debtors
86,033
86,874
58,712
52,323
149,303
175,823
66,115
59,636
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
-
0
317
-
0
-
0
Trade creditors
300,846
194,703
32,094
22,720
Amounts owed to group undertakings
-
0
-
0
2,418,497
2,103,458
Corporation tax payable
189,388
242,053
89,102
153,634
Other taxation and social security
60,496
49,575
22,739
24,178
Other creditors
248,154
273,674
235,685
248,065
798,884
760,322
2,798,117
2,552,055
12
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
317
-
0
-
0
Payable within one year
-
317
-
-
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
26,431
29,359
Short term timing differences
(94)
(94)
Capital gains
180,602
180,602
206,939
209,867
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
12,623
12,350
Capital gains
124,121
124,121
136,744
136,471
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Deferred taxation
(Continued)
- 23 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
209,867
136,471
(Credit)/charge to profit or loss
(2,928)
273
Liability at 31 December 2024
206,939
136,744

The deferred tax liability set out above is expected to reverse within 12 months.

14
Reserves
Revaluation reserve

This reserve is used to record increases in the fair value of freehold land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. It is net of any deferred tax liability in relation to any revaluation surplus on the same asset.

 

Investment property revaluation reserve

This reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decrease relates to an increase on the same asset. It is net of any deferred tax liability in relation to any revaluation surplus on the same asset.

 

Merger Reserve

This reserve arose as part of a previous reconstruction of the Group.

 

Profit & loss account

Includes all current and prior year retained profit and losses less dividends paid.

 

15
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
2,355,672
2,637,304
2,355,672
2,637,304
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
8,246,859
9,179,039
8,246,859
9,179,039
TURNERS (EAST ANGLIA) LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Related party transactions

The Group has taken advantage of the exemption available under FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group.

 

All key management personnel are also Directors.

17
Controlling party

The ultimate controlling parties are Mr I J Turner and Mr G P Turner by way of their shareholdings in Turners (East Anglia) Limited.

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