Registration number: SC077476

Turret Villa Retirement Home Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Turret Villa Retirement Home Limited

Company Information

Directors

Cora Kilmartin Tim Kilmartin Denis Edward Kilmartin Sean Kilmartin

Registered office

6 Atholl Crescent PERTH PH1 5JN

Accountants

Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

Turret Villa Retirement Home Limited

(Registration number: SC077476)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	192,358	164,648
Current assets
Debtors	6	28,347	52,275
Cash at bank and in hand		84,061	137,989
		112,408	190,264
Creditors: Amounts falling due within one year	7	(151,068)	(180,078)
Net current (liabilities)/assets		(38,660)	10,186
Total assets less current liabilities		153,698	174,834
Creditors: Amounts falling due after more than one year	7	(20,674)	-
Provisions for liabilities		(2,306)	(2,306)
Net assets		130,718	172,528
Capital and reserves
Called up share capital	8	31,500	31,500
Capital redemption reserve		68,500	68,500
Retained earnings		30,718	72,528
Shareholders' funds		130,718	172,528

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Turret Villa Retirement Home Limited

(Registration number: SC077476)
Statement of Financial Position as at 31 December 2024

Approved and authorised by the Board on 7 October 2025 and signed on its behalf by:
 

......................................... Cora Kilmartin Director

......................................... Tim Kilmartin Director

......................................... Sean Kilmartin Director

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Atholl Crescent
PERTH
PH1 5JN

The principal place of business is:
Etal Road
Tweedmouth
Berwick-upon-Tweed
TD15 2EG

These financial statements were authorised for issue by the Board on 7 October 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The directors of Turret Villa Retirement Home Limited have confidence that they have adequate liquidity to ensure that the company can meet its liabilities as they fall due for the foreseeable future. On this basis the directors of Turret Villa Retirement Home Limited consider that it is appropriate to prepare these accounts on a going concern basis.

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current 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 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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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	Straight line over 49 years
Fixtures and Fittings	25% straight line
Plant and Equipment	20% straight line
Motor Vehicles	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. 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 costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 41).

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	24,709	12,190

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	289,712	301,265	48,273	639,250
Additions	-	7,420	44,999	52,419
At 31 December 2024	289,712	308,685	93,272	691,669
Depreciation
At 1 January 2024	138,359	287,970	48,273	474,602
Charge for the year	5,912	7,547	11,250	24,709
At 31 December 2024	144,271	295,517	59,523	499,311
Carrying amount
At 31 December 2024	145,441	13,168	33,749	192,358
At 31 December 2023	151,353	13,295	-	164,648

Included within the net book value of land and buildings above is £145,441 (2023 - £151,353) in respect of freehold land and buildings.
 

6

Debtors

Current	2024 £	2023 £
Trade debtors	6,936	24,141
Prepayments	21,311	20,011
Other debtors	100	8,123
	28,347	52,275

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	6,414	-
Trade creditors		5,467	5,148
Taxation and social security		12,709	13,119
Accruals and deferred income		66,219	82,955
Other creditors		60,259	78,856
		151,068	180,078

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	31,500	31,500	31,500	31,500

Turret Villa Retirement Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	20,674	-

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	6,414	-

10	Parent and ultimate parent undertaking

The ultimate controlling party is Denis Kilmartin.