REGISTERED NUMBER: 12763723 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TURNER TOOLS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr R J Stanton-Gleaves

SECRETARY:

Mrs V Billingsley

REGISTERED OFFICE:

40 High Street

West Malling

Kent

ME19 6QR

REGISTERED NUMBER:

12763723 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Intangible assets

4

119,083

139,793

Tangible assets

5

5,437

10,231

124,520

150,024

CURRENT ASSETS

Stocks

179,198

138,283

Debtors

237,154

186,656

Cash at bank

6,216

10,273

422,568

335,212

CREDITORS

Amounts falling due within one year

701,576

603,486

NET CURRENT LIABILITIES

(279,008

)

(268,274

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(154,488

)

(118,250

)

PROVISIONS FOR LIABILITIES

37,220

-

NET LIABILITIES

(191,708

)

(118,250

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(191,808

)

(118,350

)

SHAREHOLDERS' FUNDS

(191,708

)

(118,250

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 15 September 2025 and were signed by:

Mr R J Stanton-Gleaves - Director

1.	STATUTORY INFORMATION

Turner Tools 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.

Assessment of going concern

Th company made a loss for the year of £26,013 and has net liabilities of £181,483 at the balance sheet date. The parent undertaking has agreed to provide financial support to the company for the forseeable future. The financial statements do not include any adjustment that would result from the withdrawal of the financial support.

The financial statements have been prepared on a going concern basis, as described in the Director's Report. This assumes that sufficient funds will be available for the company to continue in operational existence for the forseeable future.

Turnover

Turnover represents the invoiced value of goods and services supplied to external customers, excluding value added tax. Turnover is recognised and a debtor recorded as accrued income once all obligations under the sales order have been performed. Turnover is recognised when goods and services are delivered and legal title is passed to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

33% on cost and 10% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are fully impaired.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price.

Debt instruments are recognised at initial transaction price.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets that are held by company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight­ line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

207,100

AMORTISATION

At 1 January 2024

67,307

Amortisation for year

20,710

At 31 December 2024

88,017

NET BOOK VALUE

At 31 December 2024

119,083

At 31 December 2023

139,793

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

38,790

Additions

910

Disposals

(4,473

)

At 31 December 2024

35,227

DEPRECIATION

At 1 January 2024

28,559

Charge for year

2,837

Eliminated on disposal

(1,606

)

At 31 December 2024

29,790

NET BOOK VALUE

At 31 December 2024

5,437

At 31 December 2023

10,231

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

30,000

30,000

Between one and five years

42,411

72,411

72,411

102,411

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion on financial statements

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the last accounting period. We were therefore unable to satisfy ourselves by alternative audit procedures concerning the opening inventories held at 1 January 2024, which were included in prior year balance sheet at £138,283. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

During our audit of the current year, we observed that the company conducted a physical stock count during the year. However, the results of this count identified multiple misstatements in the inventory records, including discrepancies in quantities and valuation errors. While management has made adjustments to some of these misstatements, we were unable to obtain sufficient appropriate audit evidence that all discrepancies were fully identified and corrected. Accordingly, inventory is misstated, which also impacts the cost of sales and net profit for the year.

Nicola McGuffie FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

8.	CONTINGENT LIABILITIES

There were no contingent liabilities at the current or prior year balance sheet date.

9.	CAPITAL COMMITMENTS

There were no capital commitments at the current year or prior year balance sheet date.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	PARENT COMPANY

The ultimate parent company is R Stanton-Gleaves UK Limited by virtue of ownership of the company's entire share capital.