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.
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 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 .
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, 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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
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.
H Turner & Son Limited
During the year, management charges of £190,000 (2020: £nil) were paid to H Turner & Son Limited, a fellow group undertaking, H Turner & Son Limited. As part of a group restructure, the assets and liabilities of H Turner & Son Limited were transferred to Turner Investments Ltd and loan repayments made were £2,668,961 (20 20 : £ nil ). At the year end the total balance owed by the company to H Turner & Son Limited was £6,127 (20 20 : - £ 2,662,834).
First Degree Investment Management Ltd
During the period, management charges of £68,000 (20 20 : £ 68,000 ) and rent of £40,000 (20 20 : £ 40,000 ) were paid to First Degree Investment Management Ltd, a connected company. The total amount owed to the company by First Degree Investment Management Ltd at the year end was £279,000 (2020: £387,000) and is included within debtors.
First Degree (Devonshire Works) Ltd
Following a group restructure in the year, Turner Investments Ltd made loan repayments of £1,000,000 to H. Turner & Son. Limited on behalf of First Degree (Devonshire Works) Ltd, a company where S Ingram is a director. Interest has been charged on this loan during the year of £31,250 (2020: £nil). At the year end the total owed to the company by First Degree (Devonshire Works) Ltd was £1,000,000 (2020: £nil) and is included within debtors.
Cartledge Farms Limited
Following a group restructure in the year, Turner Investments Ltd made loan repayments of £388,334 to H. Turner & Son. Limited on behalf of Cartledge Farms Limited, a company where A B Turner is a director. At the year end the total owed to the company by Cartledge Farms Limited was £388,334 (2020: £nil) and is included within debtors.
Cartledge Properties Limited
Following a group restructure in the year, Turner Investments Ltd made loan repayments of £180,770 to H. Turner & Son Limited on behalf of Cartledge Properties Limited, a company where A B Turner is a director. During the year, a loan was made to Cartledge Properties Limited of £7,394. At the year end the total owed to the company by Cartledge Properties Limited was £188,164 (2020: £nil) and is included within debtors.
C J Turner
During the year, loans of £585,000 (2020: £nil) were provided to C J Turner. Interest has been charged on the loan during the year of £7,934 (2020: £nil). At the year end, the total amount owed by C J Turner to the company was £587,404 (2020: £nil) and is included within debtors.
Turner Investments Ltd is a wholly owned subsidiary of Newco HTS Limited