Company Registration No. 00682055 (England and Wales)
TURNER INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
TURNER INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TURNER INVESTMENTS LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,652,500
1,707,500
Current assets
Debtors
5
3,071,210
3,213,921
Cash at bank and in hand
210,045
25,091
3,281,255
3,239,012
Creditors: amounts falling due within one year
6
(73,663)
(77,500)
Net current assets
3,207,592
3,161,512
Total assets less current liabilities
4,860,092
4,869,012
Capital and reserves
Called up share capital
7
2,200,000
2,200,000
Revaluation reserve
96,200
96,200
Profit and loss reserves
2,563,892
2,572,812
Total equity
4,860,092
4,869,012
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 May 2021 and are signed on its behalf by:
A B Turner
Director
Company Registration No. 00682055
TURNER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
Turner Investments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
One Dunston Court, Dunston Road, Chesterfield, Derbyshire, S41 8NL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for property rental, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
straight line over 3 to 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
TURNER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction
costs. Financial assets classified as receivable within on year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group
/associated
companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.7
Share capital
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
TURNER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 October 2019 and 30 September 2020
7,490
Depreciation
At 1 October 2019 and 30 September 2020
7,490
Carrying amount
At 30 September 2020
At 30 September 2019
4
Investment property
2020
£
Fair value
At 1 October 2019
1,707,500
Disposals
(55,000)
At 30 September 2020
1,652,500
The investment properties were valued as at April 2015 on an open market basis by Lambert Smith Hampton, a firm of Independent Chartered Surveyors. This valuation has been adopted in these financial statements, plus any additions and less any disposals made subsequent to this valuation. The directors consider this valuation to be appropriate as they are not aware of any material change in value.
TURNER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 5 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
20,657
32,765
Amounts owed by group undertakings
3,049,834
3,157,834
Other debtors
425
21,253
Prepayments and accrued income
294
2,069
3,071,210
3,213,921
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,458
20,189
Other taxation and social security
8,829
Other creditors
21,970
19,560
Accruals and deferred income
39,406
37,751
73,663
77,500
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2,200,000 Ordinary shares of £1 each
2,200,000
2,200,000
8
Related party transactions
H Turner & Son Limited
During the year, transactions were made with a fellow group undertaking, H Turner & Son Limited. The amount of loan repayments were £nil (2019: £9,631,388) with a cash dividend of £nil (2019: 2,500,000). The total balance owed to the company from H Turner & Son Limited was £2,662,834 (2019: 2,662,834).
9
Parent company
Turner Investments Ltd is a wholly owned subsidiary of Newco HTS Limited