REGISTERED NUMBER: 01361393 (England and Wales)

TURNER R & D LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

A L Turner

J A E Turner

Mrs C A Pages

Mrs R H Rodd

SECRETARY:

Mrs C A Pages

REGISTERED OFFICE:

The Mill

Kings Coughton

Alcester

Warwickshire

B49 5QG

REGISTERED NUMBER:

01361393 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard James Beresford FCCA

AUDITORS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A L Turner

J A E Turner

Mrs C A Pages

Mrs R H Rodd

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

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

-	state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Charles Lovell & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A L Turner - Director

23 December 2025

Opinion

We have audited the financial statements of Turner R & D Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the nature of the industry and the sector in which they operate. We determined that the following laws and regulations were most significant; the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.

- We obtained an understanding of how the Company are complying with those legal and regulatory frameworks by making inquiries with the management of the Company and the Group's audit department.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Audit engagement team included:

- identifying and assessing the design effectiveness of controls that management has in place to

prevent and detect fraud.

- Understanding how those charged with governance considered and addressed the potential for

override of controls or other inappropriate influence over the financial reporting process.

- challenging assumptions and judgements made by management in its significant accounting

estimates.

- identifying and testing journal enteries and performing analytical procedures to identify any unusual

or unexpected relationships that may indicate risks of material misstatement due to fraud.

- assessing the extent of compliance with the relevant laws and regulations.

- We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Richard James Beresford FCCA (Senior Statutory Auditor)

for and on behalf of Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

23 December 2025

TURNOVER

370,725

401,009

Administrative expenses

325,490

317,109

45,235

83,900

Other operating income

316,427

322,118

OPERATING PROFIT

4

361,662

406,018

Interest receivable and similar income

13,075

613

374,737

406,631

Interest payable and similar expenses

44,454

53,704

PROFIT BEFORE TAXATION

330,283

352,927

Tax on profit

(11,398

)

(15,643

)

PROFIT FOR THE FINANCIAL YEAR

341,681

368,570

FIXED ASSETS

Tangible assets

5

4,933,531

4,987,432

Investments

6

100,200

100,100

5,033,731

5,087,532

CURRENT ASSETS

Debtors

7

1,385,499

973,064

Cash at bank and in hand

567,825

687,652

1,953,324

1,660,716

CREDITORS

Amounts falling due within one year

8

277,058

268,534

NET CURRENT ASSETS

1,676,266

1,392,182

TOTAL ASSETS LESS CURRENT LIABILITIES

6,709,997

6,479,714

CREDITORS

Amounts falling due after more than one year

9

(475,000

)

(575,000

)

PROVISIONS FOR LIABILITIES

(255,868

)

(267,266

)

NET ASSETS

5,979,129

5,637,448

CAPITAL AND RESERVES

Called up share capital

33,750

33,750

Share premium

300,943

300,943

Fair value reserve

11

2,105,929

2,105,929

Retained earnings

3,538,507

3,196,826

SHAREHOLDERS' FUNDS

5,979,129

5,637,448

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J A E Turner - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

33,750

2,828,256

300,943

2,105,929

5,268,878

Changes in equity

Total comprehensive income

-

368,570

-

-

368,570

Balance at 31 December 2023

33,750

3,196,826

300,943

2,105,929

5,637,448

Changes in equity

Total comprehensive income

-

341,681

-

-

341,681

Balance at 31 December 2024

33,750

3,538,507

300,943

2,105,929

5,979,129

1.	STATUTORY INFORMATION

Turner R & D 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.

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 as modified by the revaluation of certain assets.

Management has concluded that the financial statements give a true and fair view of the entity’s financial position and financial performance and that it has complied with FRS 102 or applicable legislation. Turner R&D Limited has not departed from a particular requirement of FRS 102 or applicable legislation to the extent necessary to give a true and fair view.

Preparation of consolidated financial statements

The financial statements contain information about Turner R & D Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Turner Group Holdings Limited, Mill House The Mill Industrial Park, Kings Coughton, Alcester, Warwickshire, United Kingdom, B49 5QG.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Investment properties

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

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

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

7,851

9,132

5.	TANGIBLE FIXED ASSETS

Fixtures

Investment

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 January 2024

4,841,610

808,753

124,230

Additions

-

17,501

-

At 31 December 2024

4,841,610

826,254

124,230

DEPRECIATION

At 1 January 2024

-

662,932

124,229

Charge for year

-

71,402

-

At 31 December 2024

-

734,334

124,229

NET BOOK VALUE

At 31 December 2024

4,841,610

91,920

1

At 31 December 2023

4,841,610

145,821

1

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

12,066

399

5,787,058

Additions

-

-

17,501

At 31 December 2024

12,066

399

5,804,559

DEPRECIATION

At 1 January 2024

12,066

399

799,626

Charge for year

-

-

71,402

At 31 December 2024

12,066

399

871,028

NET BOOK VALUE

At 31 December 2024

-

-

4,933,531

At 31 December 2023

-

-

4,987,432

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Investment

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2009

3,532,911

264,573

16,263

Valuation in 2010

-

30,000

-

Valuation in 2013

-

15,499

-

Valuation in 2014

1,234,282

49,452

-

Valuation in 2015

61,497

584,962

-

Valuation in 2016

(626,690

)

(177,599

)

-

Valuation in 2017

486,268

-

107,967

Valuation in 2018

43,914

-

-

Cost

109,428

59,367

-

4,841,610

826,254

124,230

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2009

-

-

3,813,747

Valuation in 2010

-

-

30,000

Valuation in 2013

-

399

15,898

Valuation in 2014

-

-

1,283,734

Valuation in 2015

-

-

646,459

Valuation in 2016

7,450

-

(796,839

)

Valuation in 2017

4,616

-

598,851

Valuation in 2018

-

-

43,914

Cost

-

-

168,795

12,066

399

5,804,559

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

2,239,649

2,239,649

The investment property was last professionally valued on 11 September 2020 by BNP Parabis Real Estate.

The directors are of the opinion that the current value of the property is in the region of £4,841,610 and this valuation has been reflected in the December 2024 accounts.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2024

635,510

Transfer to ownership

(635,510

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

521,516

Charge for year

63,551

Transfer to ownership

(585,067

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

113,994

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

100,100

Additions

100

At 31 December 2024

100,200

NET BOOK VALUE

At 31 December 2024

100,200

At 31 December 2023

100,100

As of 28 February 2018, Greenmech Limited became a group undertaking as part of the change in the group structure. There was no change in ownership of share capital.

As of 18 February 2024, Gan-Trac Limited became a group undertaking.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

226,838

367,591

Amounts owed by group undertakings

1,141,898

587,905

Other debtors

16,763

17,568

1,385,499

973,064

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

100,000

100,000

Hire purchase contracts

-

14,926

Trade creditors

25,054

10,827

Taxation and social security

9,241

10,885

Other creditors

142,763

131,896

277,058

268,534

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

475,000

575,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

175,000

275,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

575,000

675,000

Hire purchase contracts

-

14,926

575,000

689,926

Bank overdrafts and loans are secured by fixed and floating charges over the assets of the company.

Amounts owed under hire and lease purchase contracts are secured over the assets to which they relate.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

2,105,929