Turner & Lovell Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06459856

TURNER & LOVELL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

TURNER & LOVELL LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		7,438		5,868

CURRENT ASSETS

Debtors	6	1,478,824	1,432,062
Cash at bank and in hand		37,453	30,348
		------------	------------
		1,516,277	1,462,410

CREDITORS: amounts falling due within one year	7	1,396,355		1,364,365
		------------		------------
NET CURRENT ASSETS			119,922		98,045
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			127,360		103,913
			---------		---------
NET ASSETS			127,360		103,913
			---------		---------

CAPITAL AND RESERVES

Called up share capital fully paid	2,290	2,290
Share premium account	444	444
Capital redemption reserve	100,000	100,000
Profit and loss account	24,626	1,179
	---------	---------
SHAREHOLDERS FUNDS	127,360	103,913
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TURNER & LOVELL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mr C Thompson
Director

Company registration number: 06459856

TURNER & LOVELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 133 Whitechapel High Street, London, E1 7QA.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 12 (2023: 11 ).

5. TANGIBLE ASSETS

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2024	3,443	10,094	13,537
Additions	1,578	4,095	5,673
	-------	--------	--------
At 31 December 2024	5,021	14,189	19,210
	-------	--------	--------
Depreciation
At 1 January 2024	661	7,008	7,669
Charge for the year	654	3,449	4,103
	-------	--------	--------
At 31 December 2024	1,315	10,457	11,772
	-------	--------	--------
Carrying amount
At 31 December 2024	3,706	3,732	7,438
	-------	--------	--------
At 31 December 2023	2,782	3,086	5,868
	-------	--------	--------

6. DEBTORS

	2024	2023
	£	£
Trade debtors	1,234,008	1,261,184
Other debtors	244,816	170,878
	------------	------------
	1,478,824	1,432,062
	------------	------------

7. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	103,565	149,241
Social security and other taxes	301,419	178,064
Other creditors	991,371	1,037,060
	------------	------------
	1,396,355	1,364,365
	------------	------------

Included in other creditors are amounts advanced in respect of invoice discounting of £989,866 (2023 - £970,775) which are secured by way of a fixed and floating charge over the company's assets.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr C Thompson	77,581	18,266	95,847
	--------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr C Thompson	48,220	29,361	77,581
	--------	--------	--------

Interest was charged at the official HMRC rate.

9. RELATED PARTY TRANSACTIONS

The Company's discounting facility is subject to a personal guarantee provided by the director which is limited to £25,000.