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Registered number: 00607154 P A TURNEY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
P A TURNEY LIMITED COMPANY INFORMATION
Directors | J A Turney
| E T Evans
| P K H Bush
Registered number | 00607154
Registered office | Middleton Stoney
| Bicester
| Oxfordshire
| OX25 4AB
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| 201 Cumnor Hill
| Cumnor
| Oxford
| Oxfordshire
| OX2 9PJ
Bankers | Barclays Bank Plc
| PO Box 773
| Wytham Court
| 11 West Way
| Botley
| Oxfordshire
| OX2 0JB
P A TURNEY LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Statement of cash flows | 12
Notes to the financial statements | 13 - 28
P A TURNEY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The principal activity of the Company continues to be the supply and servicing of agricultural, ground care and garden machinery. The trading results for 2025 demonstrate a steady performance despite ongoing challenges within the agricultural sector. Market conditions remained volatile due to fluctuating interest rates, unpredictable weather patterns, and changes in agricultural policies. Overall, whole goods sales decreased by 13.2% year over year, supported by relative demand in both the Agricultural and Groundcare divisions. While competition remained intense, effective inventory planning allowed the Company to capitalise on available stock and meet customer demand. The Company remains focused on sustainable growth, leveraging its established market presence and strong customer relationships to drive profitability and long-term stability.
Financial key performance indicators
•Turnover: £21,393,659 (2024: £21,270,824) • Gross profit: £4,443,802 (2024: £4,435,656) • (Loss) / profit before tax: (£217,409) (2024: £243,208) • Cash and cash equivalents: £140,559 (2024: £770,738) • Net current assets: £2,834,274 (2024: £3,297,512)
Other key performance indicators
The Company continues to closely monitor headcount and staff costs, ensuring efficiency and sustainable operations. • Total headcount: 67 (2024: 63)
Health and safety
The Company remains committed to the health, safety, and well-being of its employees, customers, and visitors. We continue to work with external risk management specialists to uphold the highest safety standards. Regular training and updates ensure compliance with evolving safety regulations, reinforcing our commitment to a secure work environment.
Employees
Our workforce remains at the core of our success. The Company prioritises staff retention and professional development, ensuring that employees are equipped with the skills and knowledge to excel in their roles. To support future growth and succession planning, we maintain a structured apprenticeship program within our service departments, fostering the next generation of skilled professionals. Page 1
P A TURNEY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The Company operates in a dynamic industry, facing several external risks, including: • Economic and interest rate fluctuations: The cost of borrowing continues to impact purchasing decisions for customers and business investment strategies. • Supply chain challenges: While improvements have been noted, occasional disruptions in product availability and lead times persist. The Company remains proactive in managing inventory levels to mitigate potential shortages. • Political and input cost pressures: The Company recognises the current pressure from government policy and input costs have a significant impact on the economic climate that our customers operate within. • Weather variability: Changing weather patterns influence customer buying behaviour and equipment utilisation, necessitating adaptability in product offerings and market approach. While these risks remain beyond direct control, the Board actively monitors key performance indicators and adjusts strategy accordingly to secure the Company’s short to medium-term financial health. Financial risk management objectives and policies The Company manages its financial risks through prudent liquidity management and structured financial planning. Key strategies include: • Maintaining adequate liquidity to support operational needs and investments. • Managing stock levels effectively to balance availability with financial exposure. • Utilising credit facilities, such as overdrafts and asset financing, to ensure financial flexibility. Liquidity risk The Company carefully monitors cash flow and working capital to ensure sufficient funds are available for business operations. Stock levels are closely managed to mitigate liquidity risks, and financial strategies are continuously evaluated to support long-term stability. Future developments The directors and senior management team are collaborating closely with our main suppliers CNH and Textron to further develop our long-term strategic goals, whilst investing time and resources into developing our team and modernising our business. The Company continues to thoroughly evaluate any opportunities for sustainable growth or development that may become available. This report was approved by the board and signed on its behalf.
J A Turney Director
Date: 30 July 2026
Page 2
P A TURNEY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who served during the year were:
J A Turney
E T Evans
P K H Bush
Results and dividends
The loss for the year, after taxation, amounted to £196,777 (2024 - profit £217,310).
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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 to 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.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 3
P A TURNEY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J A Turney Director
Date: 30 July 2026
Page 4
P A TURNEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED
Opinion
We have audited the financial statements of P A Turney Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 2025 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 5
P A TURNEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED (CONTINUED)
Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have 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 Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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. Page 6
P A TURNEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED (CONTINUED)
Auditor's 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 an Auditor's report 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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of Company staff to identify any instances of non-compliance with laws and regulations; ∙Reviewing minutes of meetings of those charged with governance; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 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 Auditor's report. Page 7
P A TURNEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P A TURNEY LIMITED (CONTINUED)
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 an Auditor's report 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. Sue Staunton MA FCA CF (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 201 Cumnor Hill Cumnor Oxford Oxfordshire OX2 9PJ 30 July 2026 Page 8
P A TURNEY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 21,393,659 | 21,270,824
Cost of sales |  | (16,866,229) | (16,835,168)
Gross profit |  | 4,527,430 | 4,435,656
Administrative expenses |  | (4,913,614) | (4,105,288)
Other operating income | 5 | 137,268 | 139,908
Fair value movements |  | 250,000 | -
Operating profit | 6 | 1,084 | 470,276
Interest receivable and similar income | 10 | 1,204 | 66
Interest payable and similar expenses | 11 | (219,697) | (227,134)
(Loss)/profit before tax |  | (217,409) | 243,208
Tax on (loss)/profit | 12 | 20,632 | (25,898)
(Loss)/profit for the financial year |  | (196,777) | 217,310
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 13 to 28 form part of these financial statements.
Page 9
P A TURNEY LIMITED REGISTERED NUMBER: 00607154 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 1,219,526 |  | 1,178,308
Investment property | 14 |  | 1,700,000 |  | 1,450,000
|  |  | 2,919,526 |  | 2,628,308
Current assets |  |  |  |  |
Stocks | 15 | 8,286,739 |  | 7,769,860 |
Debtors: amounts falling due within one year | 16 | 2,738,648 |  | 936,732 |
Cash at bank and in hand | 17 | 140,559 |  | 770,738 |
|  | 11,165,946 |  | 9,477,330 |
Creditors: amounts falling due within one year | 18 | (8,307,506) |  | (6,179,818) |
Net current assets |  |  | 2,858,440 |  | 3,297,512
Total assets less current liabilities |  |  | 5,777,966 |  | 5,925,820
Creditors: amounts falling due after more than one year |  |  | (45,389) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 | (75,393) |  | (71,859) |
|  |  | (75,393) |  | (71,859)
Net assets |  |  | 5,657,184 |  | 5,853,961
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 179,763 |  | 179,763
Revaluation reserve | 25 |  | 370,447 |  | 370,447
Investment property revaluation reserve | 25 |  | 1,085,141 |  | 835,141
Profit and loss account | 25 |  | 4,021,833 |  | 4,468,610
|  |  | 5,657,184 |  | 5,853,961
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J A Turney
Director
Date: 30 July 2026
The notes on pages 13 to 28 form part of these financial statements. Page 10
P A TURNEY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2025 | 179,763 | 370,447 | 835,141 | 4,468,610 | 5,853,961
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (196,777) | (196,777)
Transfer to investment property revaluation reserve | - | - | - | (250,000) | (250,000)
Transfer from profit and loss account | - | - | 250,000 | - | 250,000
At 31 December 2025 | 179,763 | 370,447 | 1,085,141 | 4,021,833 | 5,657,184
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 179,763 | 370,447 | 835,141 | 4,251,300 | 5,636,651
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 217,310 | 217,310
At 31 December 2024 | 179,763 | 370,447 | 835,141 | 4,468,610 | 5,853,961
| The notes on pages 13 to 28 form part of these financial statements.
Page 11
P A TURNEY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (196,777) | 217,310
Adjustments for: |  |
Depreciation of tangible assets | 71,210 | 56,625
Loss on disposal of tangible assets | (1,976) | (17,226)
Interest paid | 214,046 | 227,134
Interest received | (1,204) | (66)
Taxation charge | - | 32,365
(Increase) in stocks | (516,879) | (148,286)
(Increase)/decrease in debtors | (1,801,916) | 1,088,976
Increase/(decrease) in creditors | 2,173,077 | (618,385)
Increase in provisions | 3,534 | -
Net fair value (gains)/losses | (250,000) | -
Corporation tax received/(paid) | 21,461 | (15,966)
Net cash generated from operating activities | (285,424) | 822,481
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (133,059) | (56,707)
Sale of tangible fixed assets | 1,146 | 74,078
Interest received | 1,204 | 66
HP interest paid | - | (1,247)
Net cash from investing activities | (130,709) | 16,190
Cash flows from financing activities |  |
Repayment of/new finance leases | - | (17,508)
Interest paid | (214,046) | (225,887)
Net cash used in financing activities | (214,046) | (243,395)
Net (decrease)/increase in cash and cash equivalents | (630,179) | 595,276
Cash and cash equivalents at beginning of year | 770,738 | 175,462
Cash and cash equivalents at the end of year | 140,559 | 770,738
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 140,559 | 770,738
| 140,559 | 770,738
Page 12
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
P A Turney Limited is a private company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is Middleton Stoney, Bicester, Oxfordshire, OX25 4AB. The principal activity of the Company is the supply and servicing of agricultural, ground care and garden machinery. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the company’s functional currency, and monetary amounts are rounded to the nearest pound. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
At the balance sheet date the Company had net assets of £5,657,184 (2024: £5,853,961) which includes net current assets of £2,858,440 (2024: £3,297,512) having made a loss after tax in the year of £196,777 (2024: £217,310 profit). The directors have considered financial forecasts and available capital and believe it is appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: For sale of goods this is when goods are delivered or made available for collection by the customer. Revenue from servicing and repairs is recognised as the required work is performed. Revenue is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales tax. Page 13
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 1% | straight line
|  |  |  | Plant and machinery | - | 20% | reducing balance
|  |  |  | Motor vehicles | - | 20% | reducing balance
|  |  |  | Fixtures and fittings including office equipment | - | 20% | reducing balance and 25% straight line
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the directors or external valuers 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 the Statement of comprehensive income.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases on a first in, first out basis. In the case of finished goods and good for resale, cost means purchase price less trade discounts. In the case of work in progress, cost consists of direct material and labour. Net realisable value means estimated selling price (less trade discounts) less al further costs to complete. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 14
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.9 | Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 15
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.14 | Pensions
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 payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.16 | Finance lease agreements
Where the Company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the Statement of Financial Position as a tangible fixed asset and is depreciated in accordance with the depreciation policies above. Future installments payable under such leases, net of finance charges, are included within creditors. Rental payments are apportioned between the finance element, which is charged to the Statement of Comprehensive Income as a constant proportion of the capital outstanding, and the capital element which reduces the outstanding obligation for future installments. Page 16
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Rental income
Lease income is recognised on a straight line basis over the duration of the lease, net of any incentives.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 17
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historic experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained. Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments within the next financial year are included below. Critical judgements that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following: Stocks Management estimates the net realisable value of stock, taking into account the most reliable evidence at each reporting date. Provisions In recognising provisions, the Company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates. Deferred tax assets The recognition of deferred tax assets is based on forecasts of future taxable profit. The measurement of future taxable profit for the purposes of determining whether or not to recognise deferred tax assets depends on many factors, including the Company's ability to generate such profits and the implementation of effective tax planning strategies. The occurrence or non-occurrence of such events in the future may lead to significant changes in the measurement of deferred tax assets. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Investment property valuation The Company carries its investment property asset at fair value. The property was valued by reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the property. Freehold property classification Some properties are on the site of commercial properties and are either used in the production or supply of goods or services or share utilities. Management consider that these properties are non-separable as in their view they cannot be sold separately or leased out separately under a finance lease and therefore these properties have been classified as tangible fixed assets in accordance with FRS 102. Page 18
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Supply and servicing of agricultural and horticultural machinery | 21,393,659 | 21,270,824
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 21,161,576 | 21,191,252
| Rest of Europe | 232,083 | 79,572
|  | 21,393,659 | 21,270,824
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 137,268 | 137,026
| Commissions receivable | - | 2,882
|  | 137,268 | 139,908
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 63,083 | 24,820
| Depreciation | 71,119 | 53,790
7. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 16,950 | 16,400
Page 19
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,814,871 | 2,541,906
| Social security costs | 346,063 | 260,116
| Cost of defined contribution scheme | 67,395 | 59,392
|  | 3,228,329 | 2,861,414
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Service staff | 33 | 32
|  | Sales staff | 27 | 24
|  | Administrative staff | 7 | 7
|  |  | 67 | 63
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 211,856 | 108,551
| Company contributions to defined contribution pension schemes | 8,427 | 2,275
|  | 220,283 | 110,826
| The highest paid director received remuneration of £121,380 (2024 - £104,806).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,827 (2024 - £2,081).
| The total accrued pension provision of the highest paid director at 31 December 2025 amounted to £NIL (2024 - £NIL).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,204 | 66
Page 20
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 19 | 1,492
| Other loan interest payable | 214,027 | 224,395
| Finance leases and hire purchase contracts | 5,651 | 1,247
|  | 219,697 | 227,134
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 24,166
| Adjustments in respect of previous periods | (24,166) | 1,732
|  | (24,166) | 25,898
| Total current tax | (24,166) | 25,898
| Deferred tax |  |
| Origination and reversal of timing differences | 3,534 | -
| Total deferred tax | 3,534 | -
| Tax on (loss)/profit | (20,632) | 25,898
| Factors affecting tax charge for the year
| There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2024: 25%).
Page 21
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 1,434,222 | 177,304 | 259,903 | 177,312 | 2,048,741
| Additions | - | 80,230 | 39,303 | 13,526 | 133,059
| Disposals | - | - | (55,143) | (5,810) | (60,953)
| At 31 December 2025 | 1,434,222 | 257,534 | 244,063 | 185,028 | 2,120,847
| Depreciation |  |  |  |  |
| At 1 January 2025 | 401,171 | 130,131 | 181,072 | 158,059 | 870,433
| Charge for the year on owned assets | 25,684 | 15,288 | 22,648 | 7,499 | 71,119
| Disposals | - | - | (35,471) | (4,760) | (40,231)
| At 31 December 2025 | 426,855 | 145,419 | 168,249 | 160,798 | 901,321
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,007,367 | 112,115 | 75,814 | 24,230 | 1,219,526
| At 31 December 2024 | 1,033,051 | 47,173 | 78,831 | 19,253 | 1,178,308
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 1,007,367 | 1,033,051
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
Page 22
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 1,450,000
| Surplus on revaluation | 250,000
| At 31 December 2025 | 1,700,000
The 2025 valuations were made by the directors, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 543,000 | 543,000
| Accumulated depreciation and impairments | (195,732) | (188,497)
|  | 347,268 | 354,503
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress | 72,011 | 92,655
| Finished goods and goods for resale | 8,214,728 | 7,677,205
|  | 8,286,739 | 7,769,860
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,273,738 | 815,321
| Other debtors | 203,863 | -
| Prepayments and accrued income | 1,236,881 | 121,411
| Tax recoverable | 24,166 | -
|  | 2,738,648 | 936,732
Page 23
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 140,559 | 770,738
| Less: bank overdrafts | (65,190) | -
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 65,190 | -
| Bank loans | 28,667 | -
| Trade creditors | 7,487,039 | 5,639,725
| Corporation tax | - | 24,166
| Other taxation and social security | 83,714 | 292,986
| Obligations under finance lease and hire purchase contracts | 25,000 | -
| Other creditors | 21,199 | 19,617
| Accruals and deferred income | 596,697 | 203,324
|  | 8,307,506 | 6,179,818
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 45,389 | -
|  | 45,389 | -
Page 24
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 28,667 | -
|  | 28,667 | -
| Amounts falling due 1-2 years |  |
| Bank loans | 45,389 | -
|  | 45,389 | -
|  | 74,056 | -
| Bank loans at the year end are secured by a legal mortgage in respect of a freehold property and a fixed and floating charge over the assets of the company.
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 25,000 | -
|  | 25,000 | -
Page 25
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 1,450,000 | 1,450,000
| Financial assets that are debt instruments measured at amortised cost | 1,414,297 | 1,587,791
|  | 2,864,297 | 3,037,791
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (8,223,792) | (5,862,666)
| Financial assets measured at fair value through profit or loss comprise investment properties.
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and cash.
| Financial liabilities measured at amortised cost comprise bank overdrafts & loans, trade creditors, other creditors and accruals.
23. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (71,859)
| Charged to profit or loss | (3,534)
| At end of year | (75,393)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (30,543) | -
| Tax losses carried forward | 83,421 | -
| Short term timing differences | 6,088 | -
| Capital gains | (134,359) | (71,859)
Page 26
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 179,763 (2024: 179,763) Ordinary shares of £1.00 each | 179,763 | 179,763
25. | Reserves
Revaluation reserve The revaluation reserve includes revaluations of tangible fixed asset movements as permitted under previous UK GAAP, pre FRS102 adoption. Investment property revaluation reserve The investment property revaluation reserve includes the fair value increases in the valuation of investment properties, following the adoption of FRS102. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
26. | Pension commitments
The Company operates defined contribution pension schemes for the benefit of employees. The assets of the schemes are administered by trustees in a fund independent from those of the Company. Contributions are made by the Company to its nominal Stakeholder pension arrangement for employees who opt to join, and contribute to, that arrangement. The contributions charged to the profit and loss account for the year ended 31 December 2025 amounted to £67,395 (2024: £59,392).
27. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 272,949 | 257,663
| Later than 1 year and not later than 5 years | 303,197 | 468,227
|  | 576,146 | 725,890
Page 27
P A TURNEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
28. | Related party transactions
| During the period the Company made sales to the Directors of £1,643 (2024: £4,436). The total amount due to the Company by Directors at 31 December 2025 was £Nil (2024: £Nil).
Page 28