REGISTERED NUMBER: 14651693 (England and Wales)

TURRELL PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

E Lee

Mrs D B M Lee

Ms C Lee

REGISTERED OFFICE:

Frame Farm

Iden Green Road

Benenden

United Kingdom

TN17 4EZ

REGISTERED NUMBER:

14651693 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Tangible assets

4

1,231

1,448

Investments

5

2,352,435

2,352,435

Investment property

6

2,800,000

3,100,000

5,153,666

5,453,883

CURRENT ASSETS

Debtors

7

4,808

22,561

Cash at bank

42,094

19,779

46,902

42,340

CREDITORS

Amounts falling due within one year

8

1,895,588

2,241,213

NET CURRENT LIABILITIES

(1,848,686

)

(2,198,873

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,304,980

3,255,010

PROVISIONS FOR LIABILITIES

33,437

41,177

NET ASSETS

3,271,543

3,213,833

CAPITAL AND RESERVES

Called up share capital

9

12

12

Revaluation reserve

10

93,540

116,617

Retained earnings

3,177,991

3,097,204

SHAREHOLDERS' FUNDS

3,271,543

3,213,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2025 and were signed on its behalf by:

Ms C Lee - Director

1.	STATUTORY INFORMATION

Turrell Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Turrell Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover consists of rental income receivable on investment properties excluding letting charges and rebates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 March 2024

and 28 February 2025

1,704

DEPRECIATION

At 1 March 2024

256

Charge for year

217

At 28 February 2025

473

NET BOOK VALUE

At 28 February 2025

1,231

At 29 February 2024

1,448

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2024

and 28 February 2025

2,352,435

NET BOOK VALUE

At 28 February 2025

2,352,435

At 29 February 2024

2,352,435

Turrell Properties Limited UK is the parent company for Turrell Properties Ltd BVI Co (OE013513). The company issued new shares in settlement of debt owed to the new UK parent company. Properties were distributed on 30th March 2023 to the parent company via a distribution in specie (at historical cost value), by means of capital and reserves, as allowed under BVI law.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2024

3,100,000

Disposals

(300,000

)

At 28 February 2025

2,800,000

NET BOOK VALUE

At 28 February 2025

2,800,000

At 29 February 2024

3,100,000

Freehold property with a cost of £2,673,023 (2023: £2,942,206) was revalued to fair value at 29 February 2024 by the director. The director deemed this revaluation to be correct as of 28 February 2025.

Fair value at 28 February 2025 is represented by:

£

Valuation in 2024

126,977

Cost

2,673,023

2,800,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

4,808

22,561

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

2

-

Trade creditors

-

288

Taxation and social security

24,159

25,468

Other creditors

1,871,427

2,215,457

1,895,588

2,241,213

Within other creditors is NIL (2024: £160,000) owed to Ms C Lee. The interest was being paid annually at 2.5% per annum and the loan is fully repayable.

Also included is a loan of £1,837,424 (2024: £2,052,424) from Ms C Lee. There are no terms attached to this loan.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

12

Ordinary

1

12

12

10.

RESERVES

Revaluation

reserve

£

At 1 March 2024

116,617

Deferred tax transfer

7,740

Transfer between reserves

(30,817

)

At 28 February 2025

93,540

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 February 2025 and the period ended 29 February 2024:

2025

2024

£

£

Ms C Lee

Balance outstanding at start of year

2,434

-

Amounts advanced

3,392

3,466

Amounts repaid

(27,329

)

(1,032

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(21,503

)

2,434

The balance owed to the director is interest free and fully repayable.

12.	RELATED PARTY DISCLOSURES

Included within other debtors is a balance of £3,583 owed from Turrell Properties Ltd BVI Co (OE013513). In 2024, this was a liability of £9. The company has claimed exemption from disclosing detailed related party transactions as the above named company is a wholly owned subsidiary.

Also included in other debtors are loans to three minority shareholders of £198 each, totalling to £594 (2023: NIL). There are no terms attached to these loans.