REGISTERED NUMBER: 09582991 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

TURNER FINE ARTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S W Turner

REGISTERED OFFICE:

1 Great Fernhill Barns

Gobowen

Oswestry

SY11 4NQ

REGISTERED NUMBER:

09582991 (England and Wales)

ACCOUNTANTS:

seven7seven

10 Kingswell Avenue

Arnold

Nottingham

NG5 6SY

FIXED ASSETS

Intangible assets

4

2,133

2,187

Tangible assets

5

1,549

1,787

3,682

3,974

CURRENT ASSETS

Stocks

93,610

81,997

Debtors

6

120

4,710

Cash at bank

8,200

11,172

101,930

97,879

CREDITORS

Amounts falling due within one year

7

96,545

90,477

NET CURRENT ASSETS

5,385

7,402

TOTAL ASSETS LESS CURRENT LIABILITIES

9,067

11,376

CREDITORS

Amounts falling due after more than one year

8

-

3,321

NET ASSETS

9,067

8,055

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

9,066

8,054

SHAREHOLDERS' FUNDS

9,067

8,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 3 January 2026 and were signed by:

S W Turner - Director

1.	STATUTORY INFORMATION

Turner Fine Arts Ltd 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.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2024

2,430

Additions

210

At 31 May 2025

2,640

AMORTISATION

At 1 June 2024

243

Charge for year

264

At 31 May 2025

507

NET BOOK VALUE

At 31 May 2025

2,133

At 31 May 2024

2,187

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2024

308

1,317

3,565

5,190

Additions

-

311

470

781

At 31 May 2025

308

1,628

4,035

5,971

DEPRECIATION

At 1 June 2024

119

563

2,721

3,403

Charge for year

28

160

831

1,019

At 31 May 2025

147

723

3,552

4,422

NET BOOK VALUE

At 31 May 2025

161

905

483

1,549

At 31 May 2024

189

754

844

1,787

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

4,500

Other debtors

120

210

120

4,710

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

3,401

3,443

Taxation and social security

18

-

Other creditors

93,126

87,034

96,545

90,477

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

3,321

9.	RELATED PARTY DISCLOSURES

During the year loans were made to and from the director. At the balance sheet date £91,802 (2024 : £85,680) was owed by the company.