G.B.TURNBULL LIMITED


Directors	TURNBULL, Jane Elizabeth
	TURNBULL, William John


Company Secretary	TURNBULL, William John


Registered Address	Burghwallis Grange
	Off Green Lane
	Skellow
	DN6 8JX


Registered Number	00607141 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis, as modified by the revaluation of certain financial assets and investment properties at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention on a going concern basis, as modified by the revaluation of certain financial assets and investment properties at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and rental income receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. The turnover shown in the profit and loss account represents amounts invoiced during the year. This is split between the two principle activities of farming £167,647 (2025: £127,639) and property management £574,627 (2025: £565,930).

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and rental income receivable.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

The turnover shown in the profit and loss account represents amounts invoiced during the year. This is split between the two principle activities of farming £167,647 (2025: £127,639) and property management £574,627 (2025: £565,930).

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	33

	Investments
	Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Investment property
	Investment property is carried at fair value based upon valuations by external professional valuers. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). Stocks of horses are measured at fair value less costs to sell. Fair value is determined by reference to the market value of horses.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	5		5

3.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 April 25	468,117	468,117
Additions	6,000	6,000
Disposals	(9,850)	(9,850)
At 31 March 26	464,267	464,267
Depreciation and impairment
At 01 April 25	286,194	286,194
Charge for year	63,020	63,020
On disposals	(9,600)	(9,600)
At 31 March 26	339,614	339,614
Net book value
At 31 March 26	124,653	124,653
At 31 March 25	181,923	181,923

4.	Investment property
	Investment properties were revalued on an open market basis for existing use in January 2026 by Malcolm Stuart Property Consultants LLP and Cooper Rural Ltd, both professional valuers and, in the opinion of the directors, the open market value of the properties at the balance sheet date is not significantly different to the disclosed amount. The historical cost of the investment properties was £2,301,263 (2025: £2,309,943).

Investment property

Investment properties were revalued on an open market basis for existing use in January 2026 by Malcolm Stuart Property Consultants LLP and Cooper Rural Ltd, both professional valuers and, in the opinion of the directors, the open market value of the properties at the balance sheet date is not significantly different to the disclosed amount. The historical cost of the investment properties was £2,301,263 (2025: £2,309,943).


		£
	Fair value at 01 April 25	15,537,895
	Disposals	(161,322)
	Fair value adjustments	463,427
	At 31 March 26	15,840,000

5.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 April 25	4,826,904	4,826,904
Additions	609,776	609,776
Revaluations	500,027	500,027
Disposals	(154,143)	(154,143)
At 31 March 26	5,782,564	5,782,564
Net book value
At 31 March 26	5,782,564	5,782,564
At 31 March 25	4,826,904	4,826,904

	Notes
	¹Other investments other than loans

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	304,946	46,144
Other debtors	132,200	162,000
Prepayments and accrued income	186,380	1,000
Total	623,526	209,144

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	15,812	19,189
Taxation and social security	70,669	83,982
Accrued liabilities and deferred income	7,661	6,760
Total	94,142	109,931

8.	Provisions for liabilities
	The provision for deferred tax arises from the fair value adjustments to investment properties and is calculated at the substantively enacted tax rate expected to apply when the deferred tax liability is reversed.

	2026	2025
	£	£
Net deferred tax liability (asset)	2,626,000	2,545,000
Total	2,626,000	2,545,000

9.	Events after reporting date
	After the year end a parcel of land, that had been valued in January 2026 on an open market basis for existing use at £671,000, was sold. The sale value after planning permission had been granted was £7.0m. The directors consider this to be a non-recurring transaction and are of the opinion that the remaining investment properties were not materially undervalued at the balance sheet date.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		124,653		181,923
Investments	5		5,782,564		4,826,904
Investment property	4		15,840,000		15,537,895
			21,747,217		20,546,722
Current assets
Stocks		122,450		127,580
Debtors	6	623,526		209,144
Cash at bank and on hand		2,978,002		120,950
		3,723,978		457,674
Creditors amounts falling due within one year	7	(94,142)		(109,931)
Net current assets (liabilities)			3,629,836		347,743
Total assets less current liabilities			25,377,053		20,894,465
Provisions for liabilities	8		(2,626,000)		(2,545,000)
Net assets			22,751,053		18,349,465
Capital and reserves
Called up share capital			34,598		34,598
Profit and loss account			22,716,455		18,314,867
Shareholders' funds			22,751,053		18,349,465