Company registration number 02702690 (England and Wales)
TURNBULL SCOTT & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
TURNBULL SCOTT & COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
6 - 11
TURNBULL SCOTT & COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S. M. Turnbull
Mrs C. I. Turnbull
Mr J. M. Turnbull
Secretary
Mr. S. R. Ford
Company number
02702690
Registered office
5 Springlakes Estate
Deadbrook Lane
Aldershot
Hampshire
GU12 4UH
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
TURNBULL SCOTT & COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
222,359
249,442
Investments
5
4,720,631
4,687,943
4,942,990
4,937,385
Current assets
Debtors
6
1,085,260
1,215,787
Investments
7
3,940,384
4,168,890
Cash at bank and in hand
317,749
339,886
5,343,393
5,724,563
Creditors: amounts falling due within one year
8
(70,576)
(57,677)
Net current assets
5,272,817
5,666,886
Total assets less current liabilities
10,215,807
10,604,271
Provisions for liabilities
9
(81,217)
(166,586)
Net assets
10,134,590
10,437,685
Capital and reserves
Called up share capital
382,672
382,672
Share premium account
322,030
322,030
Revaluation reserve
243,650
385,311
Capital redemption reserve
8,715
8,715
Profit and loss reserves
9,177,523
9,338,957
Total equity
10,134,590
10,437,685
TURNBULL SCOTT & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2025 and are signed on its behalf by:
Mr S. M. Turnbull
Director
Company Registration No. 02702690
TURNBULL SCOTT & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
382,672
322,030
4,454,761
8,715
5,150,325
10,318,503
Year ended 31 March 2024:
Profit for the year
-
-
-
-
306,428
306,428
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(4,002,864)
-
-
(4,002,864)
Tax relating to other comprehensive income
-
-
(66,586)
-
-
0
(66,586)
Total comprehensive income for the year
-
-
(4,069,450)
-
306,428
(3,763,022)
Dividends
-
-
-
-
(120,660)
(120,660)
Transfers
-
-
-
0
-
4,002,864
4,002,864
Balance at 31 March 2024
382,672
322,030
385,311
8,715
9,338,957
10,437,685
TURNBULL SCOTT & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 5 -
Year ended 31 March 2025:
Profit for the year
-
-
-
-
17,674
17,674
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(127,030)
-
-
(127,030)
Tax relating to other comprehensive income
-
-
(14,631)
-
-
0
(14,631)
Total comprehensive income for the year
-
-
(141,661)
-
17,674
(123,987)
Dividends
-
-
-
-
(306,138)
(306,138)
Transfers
-
-
-
0
-
127,030
127,030
Balance at 31 March 2025
382,672
322,030
243,650
8,715
9,177,523
10,134,590
TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
1
Accounting policies
Company information

Turnbull Scott & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Springlakes Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5-10 years
Motor vehicles
4 years
Office Paintings
20 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
1.8
Provisions

The group had a liability in respect of its pensioners who were members of the Turnbull Scott Pension Scheme ("the Scheme").

The defined benefit scheme was based upon a final salary type arrangement and provided a defined benefit to its members. The scheme closed during the year and therefore the provision has been reduced to nil (2024: £100,000)

1.9
Investment valuations
The company's investments are exposed to valuation volatility. The directors have determined that the company needs to invest in such assets in order to earn an economic return but has decided that the reporting of investment values should not be open to such large market volatility. The directors therfore take a conservative view towards valuing the company's investments assets so that uplifts in value are not fully recognised. This has the effect of smoothing investment value volatility. At no point are investments values recognised which exceed the open market value at year end.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
4
3
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
1,111
(199,404)
TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Taxation
(Continued)
- 9 -

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of investments
14,631
66,586
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2024
534,457
Additions
667
Disposals
(108,489)
At 31 March 2025
426,635
Depreciation and impairment
At 1 April 2024
285,015
Depreciation charged in the year
2,242
Eliminated in respect of disposals
(82,981)
At 31 March 2025
204,276
Carrying amount
At 31 March 2025
222,359
At 31 March 2024
249,442
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings
2,201,268
2,201,268
Other investments not loans
2,519,363
2,486,675
4,720,631
4,687,943
TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2024
2,201,268
2,486,675
4,687,943
Valuation changes
-
32,688
32,688
At 31 March 2025
2,201,268
2,519,363
4,720,631
Carrying amount
At 31 March 2025
2,201,268
2,519,363
4,720,631
At 31 March 2024
2,201,268
2,486,675
4,687,943
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
7,962
Amounts owed by group undertakings
683,652
824,499
Other debtors
41,298
21,905
724,950
854,366
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
360,310
361,421
Total debtors
1,085,260
1,215,787
TURNBULL SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
7
Current asset investments
2025
2024
£
£
Listed Investments
3,884,753
3,708,303
Unlisted investments
55,631
460,587
3,940,384
4,168,890
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
39,361
22,234
Amounts owed to group undertakings
7,489
7,489
Taxation and social security
14,129
18,216
Other creditors
9,597
9,738
70,576
57,677
9
Provisions for liabilities
2025
2024
£
£
Company pension contributions
-
100,000
Deferred tax liabilities
81,217
66,586
81,217
166,586
10
Parent company

The ultimate controlling party is Mr S. M. Turnbull and family.

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