REGISTERED NUMBER: 15879966 (England and Wales)

TURNQUAY WHARF LTD

FINANCIAL STATEMENTS

FOR THE PERIOD 6 AUGUST 2024 TO 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R H Allan

G R J Walker

C E T A Weston-Baker

SECRETARY:

M Subs Limited

REGISTERED OFFICE:

40 - 42 Sisna Park Road

Plymouth

Devon

PL6 7FH

REGISTERED NUMBER:

15879966 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investment property

5

947,840

CURRENT ASSETS

Debtors

6

1,570

Cash at bank

3,457

5,027

CREDITORS

Amounts falling due within one year

7

61,397

NET CURRENT LIABILITIES

(56,370

)

TOTAL ASSETS LESS CURRENT LIABILITIES

891,470

CREDITORS

Amounts falling due after more than one year

8

955,188

NET LIABILITIES

(63,718

)

CAPITAL AND RESERVES

Called up share capital

4

Retained earnings

(63,722

)

(63,718

)

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 Board of Directors and authorised for issue on 4 May 2026 and were signed on its behalf by:

G R J Walker - Director

1.	STATUTORY INFORMATION

Turnquay Wharf 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention. At the balance sheet date, the company reported a loss for the year and net current liabilities however the company is in progress of renovating a property and once this is complete the directors expect to generate revenues and profits from the renting out of this property. Based on this the directors consider it appropriate to prepare the financial statements on a going concern basis.

Investment property

Investment property is initially recorded at cost. Whilst under renovation the property is held at initial cost plus the cost of capital elements of the renovation work. Once the works have been completed and the property is ready for rental, the property will be valued and will be subsequently held at valuation.

Any uplifts or impairments to valuation will be reflected in the Profit and Loss Account each year.

Impairment of Assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

947,840

At 31 December 2025

947,840

NET BOOK VALUE

At 31 December 2025

947,840

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

1,570

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

1,164

Other creditors

60,233

61,397

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

955,188

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

955,188

There are other loans shown as due in more than one year amounting to £955,188. These are loans owed to the two shareholder companies, who are funding the property purchase and renovation work. The loans are not repayable until 30 September 2034, and incur interest at the bank of England base rate. The loans are unsecured.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

10.	RELATED PARTY DISCLOSURES

Shareholders of the company made payments to Turnquay Wharf Ltd of £12,312, and purchased land and property on behalf of Turnquay Wharf Ltd for £890,607. Interest has been charged in the period amounting to £52,271 on the loans provided. The balance outstanding at the period end was £955,188, which is shown within other loans due in more than five years.

In addition, the shareholders incurred costs on behalf of the company of £57,233, which have been included in accruals.

11.	IMMEDIATE PARENT UNDERTAKING

Turnquay Wharf Ltd is a subsidiary undertaking of M Subs Ltd (reg no: 05874602), who owns 75% of the share capital and prepares consolidated financial statements, which are available at Companies House, Crown Way, Cardiff, CF14 3UZ.

12.	OPTION AGREEMENT

The company has pre-emption rights to purchase additional land and property, at market value, in the vicinity of the currently owned property. The price paid for these rights was £1. The agreement offers the company first refusal at purchase, but does not obligate them to buy the property.