Turnell and Gigon Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 01789896

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Turnell and Gigon Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss M. Gigon

M.J. Gomez

M J Cotsford

Ms K I Hallam

Ms L K Crompton

J Khan

SECRETARY:

Ms K I Hallam

REGISTERED OFFICE:

410 The Chambers

Chelsea Harbour Design Centre

London

SW10 0XE

REGISTERED NUMBER:

01789896

ACCOUNTANTS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

FIXED ASSETS

Intangible assets

3

3,204

-

Tangible assets

4

206,309

229,991

Investments

5

1,421,429

1,630,942

1,651,420

CURRENT ASSETS

Stocks

84,195

Debtors

6

1,095,919

1,241,180

Cash at bank and in hand

245

270

1,180,359

1,325,645

CREDITORS

Amounts falling due within one year

7

2,094,363

2,263,323

NET CURRENT LIABILITIES

(914,004

)

(937,678

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

716,938

713,742

CREDITORS

Amounts falling due after more than one
year

8

355,511

172,461

NET ASSETS

361,427

541,281

CAPITAL AND RESERVES

Called up share capital

9

8,000

Share premium

10

192,731

Revaluation reserve

10

347,527

Retained earnings

10

(186,831

)

(6,977

)

SHAREHOLDERS' FUNDS

361,427

541,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 24 September 2025 and were signed on its behalf by:

M.J. Gomez - Director

1.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Consolidation

In the opinion of the directors the company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

4,005

At 31 December 2024

4,005

AMORTISATION

Charge for year

801

At 31 December 2024

801

NET BOOK VALUE

At 31 December 2024

3,204

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

COST

At 1 January 2024

234,311

420,879

71,833

727,023

Additions

-

3,153

37,242

40,395

At 31 December 2024

234,311

424,032

109,075

767,418

DEPRECIATION

At 1 January 2024

132,824

354,320

9,888

497,032

Charge for year

19,758

21,850

22,469

64,077

At 31 December 2024

152,582

376,170

32,357

561,109

NET BOOK VALUE

At 31 December 2024

81,729

47,862

76,718

206,309

At 31 December 2023

101,487

66,559

61,945

229,991

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

1,415,176

6,253

1,421,429

NET BOOK VALUE

At 31 December 2024

1,415,176

6,253

1,421,429

At 31 December 2023

1,415,176

6,253

1,421,429

Cost or valuation at 31 December 2024 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2011

347,527

-

347,527

Cost

1,067,649

6,253

1,073,902

1,415,176

6,253

1,421,429

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

93,450

120,253

Amounts owed by participating interests

644,166

709,795

Other debtors

204,597

222,003

Tax

60,048

Prepayments

93,658

129,081

1,095,919

1,241,180

Interest has been charged on the directors loans included in other debtors at the rate of 2.25% per annum. The directors loans will be repaid in the forthcoming year.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

731,734

685,846

Trade creditors

489,986

491,681

Amounts owed to participating interests

571,844

669,850

Corporation tax

(4,980

)

(4,968

)

Social security and other taxes

25,466

17,568

VAT

30,846

24,771

Other creditors

2,685

2,855

Accruals and deferred income

190,017

-

Accrued expenses

56,765

375,720

2,094,363

2,263,323

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Other loans - 2-5 years

355,511

172,461

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

8,000

Ordinary

£1

8,000

10.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

At 1 January 2024

(6,977

)

192,731

347,527

533,281

Deficit for the year

(179,854

)

(179,854

)

At 31 December 2024

(186,831

)

192,731

347,527

353,427

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the sum of £555,775 (2023 - £514,112 ) was owed to the company by Jean Monro Limited, a subsidiary.

The company was owed £381 (2023 £41,183) by Palestrina London Limited, a subsidiary.

The company was owed £88,010 (2023 £154,499) by Fabricut London Ltd (formerly Christian Lee Limited), a subsidiary.

The company owed the sum of £571,844 (2023 £669,850) to Tim Page Carpets Limited, a subsidiary.

12.	ULTIMATE CONTROLLING PARTY

The major shareholders are shown in the directors report. No one person has control.