TURNBULL (CORN SALES) 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	01128239 (England and Wales)

Statement of Financial Position
31 May 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Investments	4		6,696,427		4,103,549
Investment property	3		4,450,000		4,286,927
			11,146,427		8,390,476
Current assets
Debtors	5	26,930		37,728
Cash at bank and on hand		99,859		1,982,972
		126,789		2,020,700
Creditors amounts falling due within one year	6	(59,282)		(1,205,710)
Net current assets (liabilities)			67,507		814,990
Total assets less current liabilities			11,213,934		9,205,466
Provisions for liabilities	7		(850,000)		(809,000)
Net assets			10,363,934		8,396,466
Capital and reserves
Called up share capital			100		100
Profit and loss account			10,363,834		8,396,366
Shareholders' funds			10,363,934		8,396,466

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 13 August 2026, and are signed on its behalf by:

TURNBULL, William John
Director
Registered Company No. 01128239

TURNBULL (CORN SALES) LIMITED

Notes to the Financial Statements
for the year ended 31 May 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 inclusion of investment properties and listed investments 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 inclusion of investment properties and listed investments 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.

	Defined contribution pension plan
	The company operates a defined contribution plan for its directors. 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 directors. 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.

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.

	Investments
	Listed investments are measured at fair value where the difference between cost and fair value is material. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are 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 Income Statement.

	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 instruments 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	2		2

3.	Investment property
	Investment properties were revalued on an existing use basis in January 2026. The agricultural properties were revalued by Cooper Rural Limited, and the commercial and other properties by Malcolm Stuart Property Consultants LLP. The historical cost of the property was £1,049,477. In the opinion of the directors the open market value of the investment properties at the balance sheet date is not significantly different to the disclosed amount.

Investment property

Investment properties were revalued on an existing use basis in January 2026. The agricultural properties were revalued by Cooper Rural Limited, and the commercial and other properties by Malcolm Stuart Property Consultants LLP. The historical cost of the property was £1,049,477.
In the opinion of the directors the open market value of the investment properties at the balance sheet date is not significantly different to the disclosed amount.


		£
	Fair value at 01 June 25	4,286,927
	Fair value adjustments	163,073
	At 31 May 26	4,450,000

4.	Fixed asset investments
	The original cost of the investments is £4,755,887 (2025: £3,733,665).

	Other investments¹	Total
	£	£
Cost or valuation
At 01 June 25	4,103,549	4,103,549
Additions	1,465,531	1,465,531
Revaluations	1,570,657	1,570,657
Disposals	(443,310)	(443,310)
At 31 May 26	6,696,427	6,696,427
Net book value
At 31 May 26	6,696,427	6,696,427
At 31 May 25	4,103,549	4,103,549

	Notes
	¹Other investments other than loans

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	10,530	22,728
Other debtors	16,400	15,000
Total	26,930	37,728

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	5,368	4,503
Taxation and social security	46,408	1,193,801
Accrued liabilities and deferred income	7,506	7,406
Total	59,282	1,205,710

7.	Provisions for liabilities
	Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from the fair value adjustments on investment properties. Deferred tax has been provided at a rate of 25% (2025: 25%), this being the substantively enacted corporation tax rate at the reporting date.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made.
                                                                                                                                                                                                
The provision for deferred tax arises from the fair value adjustments on investment properties. Deferred tax has been provided at a rate of 25% (2025: 25%), this being the substantively enacted corporation tax rate at the reporting date.

	2026	2025
	£	£
Net deferred tax liability (asset)	850,000	809,000
Total	850,000	809,000