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Registration number: 02998968

Turlough Limited
Annual Report and Unaudited Abridged Financial Statements
for the Year Ended 31 December 2025

Turlough Limited

Contents

Company Information | 1
Directors' Report | 2
Accountants' Report | 3
Abridged Balance Sheet | 4 to 5
Notes to the Unaudited Abridged Financial Statements | 6 to 10

Turlough Limited

Company Information

Directors | J Taylor A Wilson

Company secretary | J Taylor

Registered office | 26 Berkeley Square Clifton Bristol BS8 1HP

Accountants | Henry and Banwell Limited Chartered Accountants26 Berkeley Square Clifton Bristol BS8 1HP

Turlough Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the abridged financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

J Taylor - Company secretary and director

A Wilson

Principal activity

The principal activity of the company is property investment

Small companies provision statement

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

Approved and authorised by the Board on 6 April 2026 and signed on its behalf by:

......................................... J Taylor Company secretary and director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Turlough Limited
for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Turlough Limited for the year ended 31 December 2025 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Turlough Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Turlough Limited and state those matters that we have agreed to state to the Board of Directors of Turlough Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turlough Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Turlough Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Turlough Limited. You consider that Turlough Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Turlough Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

6 April 2026

Turlough Limited

(Registration number: 02998968)
Abridged Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 8,426 | 10,254
Investment property |  | 4,561,537 | 4,561,537
Other financial assets | 6 | 403 | 10,145
|  | 4,570,366 | 4,581,936
Current assets |  |  |
Debtors |  | 518,509 | 535,999
Cash at bank and in hand |  | 56,704 | 142,494
|  | 575,213 | 678,493
Prepayments and accrued income |  | - | 5,000
Creditors: Amounts falling due within one year |  | (86,426) | (109,160)
Net current assets |  | 488,787 | 574,333
Total assets less current liabilities |  | 5,059,153 | 5,156,269
Creditors: Amounts falling due after more than one year |  | (621,949) | (771,949)
Provisions for liabilities |  | (691,958) | (691,958)
Accruals and deferred income |  | (7,544) | (4,666)
Net assets |  | 3,737,702 | 3,687,696
Capital and reserves |  |  |
Called up share capital | 7 | 1,500 | 1,500
Retained earnings |  | 3,736,202 | 3,686,196
Shareholders' funds |  | 3,737,702 | 3,687,696

For the financial year ending 31 December 2025 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Turlough Limited

(Registration number: 02998968)
Abridged Balance Sheet as at 31 December 2025

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 April 2026 and signed on its behalf by:

......................................... J Taylor Company secretary and director

Turlough Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

1 | General information

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

The address of its registered office is:
26 Berkeley Square
Clifton
Bristol
BS8 1HP

These financial statements were authorised for issue by the Board on 6 April 2026.

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 abridged 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 abridged 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turlough Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery | 25% reducing balance
Motor Vehicles | 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
In the current economic climate property values relevant to the property held by the company have remained static and the directors believe there has been no change in the fair value of the property.

Investments

Shares on the stock market have been revalued and included at the balance sheet date valuation. Realised gains or losses are taken to the Profit & Loss account. Unrealised loss on year end revaluation is written off to the Profit and Loss.

Turlough Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank balance 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 at amortised cost using the effective interest method, 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.

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 and subsequently measured at amortised cost using the effective interest method.

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.

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.

Turlough Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

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 3 (2024 - 3).

4 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 2,796 | 3,449

5 | Tangible assets

| Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2025 | 11,325 | 35,851 | 47,176
Additions | - | 968 | 968
At 31 December 2025 | 11,325 | 36,819 | 48,144
Depreciation
At 1 January 2025 | 1,888 | 35,034 | 36,922
Charge for the year | 2,359 | 437 | 2,796
At 31 December 2025 | 4,247 | 35,471 | 39,718
Carrying amount
At 31 December 2025 | 7,078 | 1,348 | 8,426
At 31 December 2024 | 9,437 | 817 | 10,254

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings.

Turlough Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

Investment properties

| 2025 £
At 1 January | 4,561,537

There has been no valuation of investment property by an independent valuer.

6 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
At 1 January 2025 | 403 | 403
At 31 December 2025 | 403 | 403
Impairment
Carrying amount
At 31 December 2025 | 403 | 403

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 1,500 | 1,500 | 1,500 | 1,500