ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Company Registration Number: 07695623

VB TURNBULL LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2024

VB TURNBULL LIMITED

COMPANY INFORMATION

Directors	Mr M F Hogan
	Mr A J Turnbull
	Mrs M E McQuaid
	Mr M C Hogan (appointed 30 September 2024)
	Mr S F Mcquaid (appointed 30 September 2024)


Company secretary	Ms D A Rutherford Turnbull


Registered number	07695623


Registered office	Dere Street House
	Bowburn North Industrial Estate
	Bowburn
	Durham
	DH6 5PF


Independent auditors	Armstrong Watson Audit Limited
	Chartered Accountants & Statutory Auditors
	One Strawberry Lane
	Newcastle Upon Tyne
	NE1 4BX


Solicitors	Muckle LLP
	Time Central
	32 Gallowgate
	Newcastle Upon Tyne
	Tyne And Wear
	NE1 4BF

VB TURNBULL LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Comprehensive Income	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 19

VB TURNBULL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is investment in group companies.

Principal risks and uncertainties

The Company has a structured approach to risk management. The Company's activities expose it to a variety of financial risks and it has adopted risk management policies that seek to mitigate these risks in a cost effective manner.
Unit 2024 2023
Turnover £'000 1,262 1,185
(Loss)/profit for the year £'000 1,767 289
Financial risk management objectives and policies
The Company's operations expose it to a variety of financial risks including liquidity risk and interest rate risk.
Liquidity risk
The Company maintains sufficient cash reserves and open committed credit lines from lenders to meet its funding requirements.
Interest rate risk
The Company is exposed to interest rate risk on the current borrowings, the amounts drawn under banking facilities are at floating rates.

This report was approved by the board and signed on its behalf.

................................................

Mr A J Turnbull

Director

Date: 30 September 2025

Page 1

VB TURNBULL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Mr M F Hogan

Mr A J Turnbull

Mrs M E McQuaid

Mr M C Hogan (appointed 30 September 2024)

Mr S F Mcquaid (appointed 30 September 2024)

Objectives and policies

The Company finances its activites with a combination of cash and short term deposits alongside intercompany borrowings. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Company's operating activities.

Price risk, credit risk, liquidity risk and cash flow risk

See further disclosures within the Strategic Report in respect of the financial risk management of the Company.

Future developments

See further disclosures within the Strategic Report regarding future developments of the Company.

Page 2

VB TURNBULL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The financial statements have been prepared on a going concern basis.
The Company meets its day-to-day working capital requirements through cash generated from operations and shareholder borrowings.
The Company's forecasts and projections for the next twelve months show that the Company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out above the Directors believe that the Company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the Directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

................................................

Mr A J Turnbull

Director

Date: 30 September 2025

Page 3

VB TURNBULL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VB TURNBULL LIMITED

Opinion

We have audited the financial statements of VB Turnbull Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

VB TURNBULL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VB TURNBULL LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

VB TURNBULL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VB TURNBULL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the Company through discussions with directors and other management and review of appropriate industry knowledge;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;

∙tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis; and

∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation; and

∙enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 6

VB TURNBULL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VB TURNBULL LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Turner (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Newcastle Upon Tyne

30 September 2025

Page 7

VB TURNBULL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£

Turnover	4	1,262,301	1,185,065
Cost of sales		(532,143)	(717,994)
Gross profit		730,158	467,071
Administrative expenses		(126,183)	(252,552)
Operating profit		603,975	214,519
Income from fixed assets investments		1,377,586	235,000
Interest payable and similar expenses	8	(84,710)	(142,253)
Profit before tax		1,896,851	307,266
Tax on profit	9	(130,000)	(17,018)
Profit for the financial year		1,766,851	290,248

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 19 form part of these financial statements.

The above results were derived from continuing operations.

Page 8

VB TURNBULL LIMITED

REGISTERED NUMBER: 07695623

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	11		281,967		282,165
			281,967		282,165
Current assets
Stocks	12	994,947		1,425,498
Debtors: amounts falling due within one year	13	9,219,620		7,856,660
Cash at bank and in hand	14	811,800		1,657,586
		11,026,367		10,939,744
Creditors: amounts falling due within one year	15	(1,247,114)		(1,747,620)
Net current assets			9,779,253		9,192,124
Total assets less current liabilities			10,061,220		9,474,289
Net assets			10,061,220		9,474,289

Capital and reserves
Called up share capital	17	147	147
Share premium account		1,134,989	1,134,989
Profit and loss account		8,926,084	8,339,153
		10,061,220	9,474,289

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr A J Turnbull

Director

Date: 30 September 2025

The notes on pages 11 to 19 form part of these financial statements.

Page 9

VB TURNBULL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	147	1,134,989	8,048,905	9,184,041
Comprehensive income for the year
Profit for the year	-	-	290,248	290,248

At 1 January 2024	147	1,134,989	8,339,153	9,474,289
Comprehensive income for the year
Profit for the year	-	-	1,766,851	1,766,851
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,179,920)	(1,179,920)
At 31 December 2024	147	1,134,989	8,926,084	10,061,220

The notes on pages 11 to 19 form part of these financial statements.

Page 10

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The Company is a private company limited by shares, incorporated in England and Wales.
The address of its registered office is Dere Street House, Bowburn North Industrial Estate, Bowburn, Durham, DH6 5PF.
The Company's functional and presentational currency is Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 11

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 12

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Valuation of work in progress - management appraise all developments for technical, economic and financial feasability through an established internal criteria. Work in progress is based on transactional costs. Those projects that are in the planning stage are assessed by management as to both level of recoverability (planning success rate & value).

Sale of goods	1,262,301	1,185,065
	1,262,301	1,185,065

All turnover arose within the United Kingdom.

Audit of the financial statements

6,000

Other fees to auditors
Taxation compliance services	-	500
All other services	1,800	-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 13

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Wages and salaries	22,070	45,221

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administration and support	3	3

7.	Directors' remuneration
		2024	2023
		£	£

	Remuneration	20,771	43,735

8.	Interest payable and similar expenses
		2024	2023
		£	£

Interest expense on other finance liabilities

84,710

142,253

Corporation tax
Current tax on profits for the year	130,000	17,018
	130,000	17,018

Total current tax	130,000	17,018

	Deferred tax
	Total deferred tax	-	-


	Tax on profit	130,000	17,018

Page 14

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.Taxation (continued)

Profit on ordinary activities before tax

1,896,851

307,266

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	130,000	72,271
Effects of:
Effect of revenues exempt from taxation	-	(55,273)
Effect of expenses not deductible in determining taxable profit (tax loss)	-	20
Total tax charge for the year	130,000	17,018

10.	Dividends
		2024	2023
		£	£

Interim dividend of £Nil (2023 - £Nil) per ordinary share

1,179,920

Page 15

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	309,739
	Disposals	(198)
	At 31 December 2024	309,541
	Impairment
	At 1 January 2024	27,574
	At 31 December 2024	27,574
	Net book value
	At 31 December 2024	281,967
	At 31 December 2023	282,165

During the year the Company disposed of its investments in VBTH Limited, Longhirst Development Limited, and Palladian (Melbourne) Limited.

Page 16

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

Subsidiary undertakings
Dere Street Homes Limited
The principal activity of Dere Street Homes Limited is a housebuilder operating in the North East of England.
Wynyard Building Limited
The principal activity of Wynyard Building Limited is acquisition of land and property for sale and development.
Wheatley Hill Limited
The principal activity of Wheatley Hill Limited is acquisition of land and property for sale and development.
North East Building and Developments Limited
The principal activity of North East Building and Developments Limited is residential property development.
Timec 1334 Limited
The principal activity of Timec 1334 Limited is residential property development.
M62 Developments Limited
The principal activity of M62 Developments Limited is acquisition of land and property for sale and development.
Palladian (Marton) Limited
The principal activity of Palladian (Marton) Limited is acquisition of land and property for sale and development.
Palladian (Kilham) Limited
The principal activity of Palladian (Kilham) Limited is acquisition of land and property for sale and development.
VBT RM Limited
The principal activity of VBT RM Limited is acquisition of land and property for sale and development.
NGL (South Charlton) Limited
The principal activity of NGL (South Charlton) Limited is acquisition of land and property for sale and development.
Palladian (North East) Limited
The principal activity of Palladian (North East) Limited is acquisition of land and property for sale and development.
VBT HW (Aislaby) Limited
The principal activity of VBT HW (Aislaby) Limited is acquisition of land and property for sale and development.

12.	Stocks
		2024	2023
		£	£

	Work in progress (goods to be sold)	994,947	1,425,498

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VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.

Debtors

					2024	2023
					£	£


Trade debtors	-	13,590
Amounts owed by group undertakings	9,213,328	7,840,972
Other debtors	4,525	-
Prepayments	1,767	2,098
	9,219,620	7,856,660

14.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	811,800	1,657,586

15.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Loans and borrowings	743,993	1,494,993
Trade creditors	5,167	29,844
Amounts owed to group undertakings	321,277	158,458
Corporation tax liability	109,642	17,141
Social security and other taxes	-	24
Accrued expenses	67,035	47,160
	1,247,114	1,747,620

Page 18

VB TURNBULL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Current loans and borrowings
Bank borrowings	743,993	1,494,993

Bank borrowings
The carrying amount at the year-end is £743,993 (2023 - £1,494,993).
Bank loans are secured against the assets of the Company and those of certain subsiduary undertakings. Interest is charged on the loans at rates of 2.9% - 3.25% above base.

17.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

147 (2023 - 147) Ordinary shares of £1.00 each	147	147

18.

Related party transactions

Summary of transactions with entities with joint control or significant interest
During the year the company made purchases from companies with joint control for a total of £Nil - (2023: £Nil)
At the year end the company owed £31,109 (2023 - £31,034) to companies with joint control and was
owed £4,000,049 (2023 - £752,026) from companies with joint control.
Other than the transactions disclosed above, the company's other related party transactions were with
wholly owned subsidiaries and so have not been disclosed.

19.	Controlling party

The Company's immediate parent is Vestbrown Limited, incorporated in England and Wales.
The ultimate parent is Vestbrown (Newco) Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Vestbrown (Newco) Limited. These financial statements are available upon request from The Farm House, Hedley Hill Farm, Cornsay Colliery, County Durham, DH7 9EX.

Page 19