Registered Number
:
03674319
|
For the year ended 26 February 2018
England and Wales
Unaudited Financial Statements
For the year ended 26 February 2018
W Turnbull & Sons Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
W Turnbull & Sons Ltd
Statement of Financial Position
2017
2018
Property
,
plant and equipment
|
179,706
189,167
2
3
97,168
220,163
276,874
409,330
11,348
7,360
4
Trade and other receivables
|
617,358
806,797
5
249,437
Cash and cash equivalents
|
288,775
1,102,932
878,143
Trade and other payables
:
amounts falling due within one
|
year
|
(221,111)
(227,453)
6
657,032
875,479
Net current assets
Total assets less current liabilities
|
1,152,353
1,066,362
(564)
(564)
Provisions for liabilities
|
1,151,789
Net assets
1,065,798
101
101
1,151,688
1,065,697
1,151,789
1,065,798
Shareholders' funds
For the year ended 26 February 2018 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 26 February 2018 in accordance with Section 476 of the Companies Act 2006
|
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
|
b
)
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
|
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
|
394
and
395
and which otherwise comply with the requirements of the Companies Act
2006
relating to financial
|
statements
,
so far as applicable to the company
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
|
Mr William John Turnbull Jnr Director
|
These financial statements were approved and authorised for issue by the Board on 26 November 2018 and were signed by:
|
The notes form part of these financial statements
|
1 of 5
For the year ended 26 February 2018
W Turnbull & Sons Ltd
Notes to the Financial Statements
Statutory Information
W Turnbull
&
Sons Ltd is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration
|
number
03674319
.
|
Principal place of business
:
|
Brown Hill Naze Farm
Oldham Road, Denshaw
Oldham
Greater Manchester
OL3 5SN
Bank Chambers
Belgrave Square
Darwen
Lancashire
BB3 1BU
The presentation currency is £ sterling
.
|
On
14
August
2018
the Company changed its name from WJ Turnbull
&
Sons Ltd to
03674319
Limited
.
On
29
August
|
2018
the Company changed its name to W Turnbull
&
Sons Ltd
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial
|
Reporting Standard
102
'
The Financial Reporting Standard applicable in the UK and Republic of Ireland
'
and the
|
Companies Act
2006
.
The financial statements have been prepared on a going concern basis under the historical
|
costs convention
,
modified to include certain items at fair value
.
|
These financial statements have been prepared in accordance with applicable accounting standards including
|
Financial Reporting Standard
102
Section
1
A
'
The Financial Reporting Standard applicable in the UK and Republic
|
of Ireland
',
and the Companies Act
2006
.
|
The significant accounting policies applied in the preparation of these financial statements are set out below
.
These
|
policies have been consistently applies to the current year presented and the previous year has not been restated
,
|
unless otherwise stated
.
The company adopted FRS
102
in the current year and an explanation of how transition to
|
FRS
102
had affected the reported financial position and performance is given in the notes to these accounts
.
|
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Land and buildings
Plant and machinery
Computer equipment
Motor vehicles
Fixtures and fittings
2 of 5
For the year ended 26 February 2018
W Turnbull & Sons Ltd
Notes to the Financial Statements Continued
Investment property
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
|
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
Deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in the tax assessments in periods different form those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable 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 balance sheet date that are expected to apply to the reversal timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowance that apply to the sale of the asset.
|
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
|
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its director/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
3 of 5
For the year ended 26 February 2018
W Turnbull & Sons Ltd
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Motor vehicles
260,962
-
5,272
77,777
4,583
173,330
16,810
315
-
14,500
1,995
-
-
-
(61,553)
-
-
(61,553)
173,330
30,724
5,272
315
216,219
6,578
Provision for depreciation and impairment
|
71,795
-
1,317
55,913
1,145
13,420
Charge for year
11,252
105
987
5,336
1,358
3,466
(46,534)
-
-
(46,534)
-
-
36,513
105
2,304
14,715
2,503
16,886
156,444
4,075
16,009
2,968
210
179,706
159,910
3,438
21,864
3,955
-
189,167
220,163
(122,995)
97,168
97,168
220,163
2017
2018
7,360
11,348
4 of 5
For the year ended 26 February 2018
W Turnbull & Sons Ltd
Notes to the Financial Statements Continued
5
.
Trade and other receivables
|
2017
2018
46,745
26,772
760,052
590,586
617,358
806,797
6
.
Trade and other payables
:
amounts falling due within one year
|
2017
2018
19,975
31,584
Taxation and social security
|
45,405
19,109
162,073
170,418
227,453
221,111
Included in Other Creditors is an amount of £152,908 (£153,071) payable to CPL Installations Limited, a dormant company in which the director, Mr W J Turnbull (Jnr) is director and controlling shareholder.
|
7
.
Trade and other payables
:
amounts falling due after more than one year
|
Included in Other Creditors are finance lease and hire purchase creditors amounting to £nil (2017: £4,823). This liability is secured against the individual assets to which they were related.
|
8
.
Directors advances and guarantees
|
Loaned
Interest
Mr William John Turnbull Jnr
Interest bearing at official rate of 2.5% per annum and repayable on demand
|
172,844
(7,072)
177,782
2,134
172,844
(7,072)
177,782
2,134
9
.
Average number of persons employed
|
During the year the average number of employees was 2 (2017 : 2)
10
.
Transition to FRS
102
|
The company transitioned to FRS
102
Section
1
A as at
1
August
2016
and in accordance with the standard these
|
are the first financial statements to be prepared that apply the new framework
,
the date of transition being
1
August
|
2016
.
There are no material changes in accounting policies for which the director considers an adjustment is
|
necessary to the comparative figures between UK GAAP as previously reported and under FRS
102
in these
|
financial statements
.
|
5 of 5