McAusland & Turner Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 11

McAusland & Turner Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	660	-
Tangible assets	5	93,220	95,138
Investments	6	200	200
		94,080	95,338
Current assets
Debtors	7	1,102,354	1,381,677
Cash at bank and in hand		115,537	356,989
		1,217,891	1,738,666
Creditors: Amounts falling due within one year	8	(330,684)	(422,663)
Net current assets		887,207	1,316,003
Total assets less current liabilities		981,287	1,411,341
Provisions for liabilities		6,210	(8,309)
Net assets		987,497	1,403,032
Capital and reserves
Called up share capital	9	2,666	2,666
Capital redemption reserve		1,334	1,334
Profit and loss account		983,497	1,399,032
Shareholders' funds		987,497	1,403,032

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

......................................... R B De Bruijn Director

Company Registration Number: 01197061

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cherry Tree Court
36 Ferensway
Hull
England
HU2 8NH

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Judgements

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessor are operating or finance leases. These decisions depend on an assessment of whether risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

- Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Trade debtors
Determine the recoverability of trade receivables via regular review in the light of the available economic information specific to each receivable with specific provisions recognised for balances considered to be irrecoverable.

- Revenue recognition on open cases
Determine the value of revenue to recognise on cases that remain open at the year end. This calculation is dependent on the number of case files open as well as the revenue assigned to each case file. The value assigned per case file is based on that historically achieved with the appropriateness of the value applied reviewed at regular intervals.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Fee income represents revenue earned under a wide variety of contracts to provide professional services. For those fees where the company acts as agent, it represents a handling fee on claims from insurance companies. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to the consideration in exchange for its performance under these contracts. It is measured at the fair vafue of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Over the useful life of the asset
Motor vehicles	25% straight line
Plant and machinery	10% - 50% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less and accumulated amortisation and any accumulated impairment losses.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Goodwill represents the excess of the cost of a business combination over the fair value of the group's share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of joint ventures and associates is included in the related equity accounted investment value.

Gains and losses on disposal of an entity include carrying the amount of goodwill relating to the entity sold. Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life. If a reliable estimate cannot be made the useful life of goodwill is presumed to be 10 years. Goodwill is being amortised to ‘administration expenses’ over periods ranging from 3 to 10 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight Line between 3 to 10 years
Trademarks	Straight Line between 3 to 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Provisions

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 32).

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 January 2024	1,775	-	1,775
Additions acquired separately	-	660	660
At 31 December 2024	1,775	660	2,435
Amortisation
At 1 January 2024	1,775	-	1,775
At 31 December 2024	1,775	-	1,775
Carrying amount
At 31 December 2024	-	660	660

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	129,581	55,755	59,243	244,579
Additions	-	-	29,622	29,622
Disposals	-	-	(3,336)	(3,336)
At 31 December 2024	129,581	55,755	85,529	270,865
Depreciation
At 1 January 2024	102,286	13,152	34,003	149,441
Charge for the year	-	13,939	16,896	30,835
Eliminated on disposal	-	-	(2,631)	(2,631)
At 31 December 2024	102,286	27,091	48,268	177,645
Carrying amount
At 31 December 2024	27,295	28,664	37,261	93,220
At 31 December 2023	27,295	42,603	25,240	95,138

Included within the net book value of land and buildings above is £27,295 (2023 - £27,295) in respect of long leasehold land and buildings.
 

McAusland & Turner Limited

Notes to the Financial Statements

Year Ended 31 December 2024

6	Investments

	2024 £	2023 £
Investments in subsidiaries	200	200