Turton Group Trading Limited - Limited company accounts 18.2
Turton Group Trading Limited - Limited company accounts 18.2
REGISTERED NUMBER: 05371453 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
FOR |
TURTON GROUP TRADING LIMITED |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 6 |
Consolidated Other Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
TURTON GROUP TRADING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
The director presents her strategic report of the company and the group for the year ended 31 December 2018. |
REVIEW OF BUSINESS |
The Consolidated Income Statement is set out on page 6 and shows turnover for the trading year of £2,846,052 (2017: |
£2,939,906) and a profit after taxation of £89,984 (2017: £46,010). |
Despite market conditions remaining challenging the Directors were satisfied with the final results which have continued |
the trend of increased profitability. |
It is envisaged that the market conditions will remain difficult during the current year, but the Company is committed to |
an effective marketing strategy and careful cost control measures aimed at increasing market share whilst maximizing |
internal efficiencies. |
The company remains financially strong and is in a good position to take advantage of any opportunities that may arise |
to increase both turnover and profit whilst expanding its current operations. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors, being well aware of the industry in which they operate, give careful consideration to all aspects of the |
various risk factors and prospective contracts are either rejected, or priced in accordance with the risks associated with |
the project under consideration. |
The company has no foreign exchange risks. |
Strict debtor procedures are in place for current and potential customers to keep the potential risk of bad debts to a |
minimum. |
Other than factors outside the company's control, the directors are not aware of any significant risk which may adversely |
impact on the company during the forthcoming financial year. |
ON BEHALF OF THE BOARD: |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
The director presents her report with the financial statements of the company and the group for the year ended |
31 December 2018. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of building contractors, maintenance services, |
the supply and installation of barrier systems, the supply and installation of petrol pumps and tanks and maintenance of |
fuel and electrical installations. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial |
statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve |
the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company |
and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director |
is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She |
is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director |
in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of |
that information. |
AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TURTON GROUP TRADING LIMITED |
Opinion |
We have audited the financial statements of Turton Group Trading Limited (the 'parent company') and its subsidiaries |
(the 'group') for the year ended 31 December 2018 which comprise the Consolidated Income Statement, Consolidated |
Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of |
Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the |
Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 December 2018 and of the group's profit 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 Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the group in accordance with the ethical requirements |
that are relevant to our audit of the financial statements in the UK, including the FRC'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 |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group |
Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the |
Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. |
Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TURTON GROUP TRADING LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the |
Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease |
operations, or has no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ |
TURNOVER | 2,846,052 | 2,939,906 |
Cost of sales | 1,862,197 | 2,013,396 |
GROSS PROFIT | 983,855 | 926,510 |
Administrative expenses | 890,632 | 873,174 |
OPERATING PROFIT | 4 | 93,223 | 53,336 |
Interest receivable and similar income | 10,049 | 5,090 |
PROFIT BEFORE TAXATION | 103,272 | 58,426 |
Tax on profit | 5 | 13,288 | 12,416 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 89,984 | 46,010 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 89,984 | 46,010 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
89,984 |
46,010 |
Total comprehensive income attributable to: |
Owners of the parent | 89,984 | 46,010 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | 190,603 | 216,137 |
Investments | 8 | - | - |
190,603 | 216,137 |
CURRENT ASSETS |
Stocks | 9 | 114,686 | 113,327 |
Debtors | 10 | 970,764 | 965,180 |
Investments | 11 | 109,371 | 105,139 |
Cash at bank and in hand | 1,365,749 | 1,269,573 |
2,560,570 | 2,453,219 |
CREDITORS |
Amounts falling due within one year | 12 | 338,650 | 346,817 |
NET CURRENT ASSETS | 2,221,920 | 2,106,402 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,412,523 |
2,322,539 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 98,200 | 98,200 |
Share premium | 15 | 1,244,022 | 1,244,022 |
Retained earnings | 15 | 1,070,301 | 980,317 |
SHAREHOLDERS' FUNDS | 2,412,523 | 2,322,539 |
The financial statements were approved by the director on 29 April 2019 and were signed by: |
T A L Goodall - Director |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
COMPANY BALANCE SHEET |
31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | 183,042 | 206,931 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 43,179 | 30,666 |
The financial statements were approved by the director on |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2017 | 98,200 | 934,307 | 1,244,022 | 2,276,529 |
Changes in equity |
Total comprehensive income | - | 46,010 | - | 46,010 |
Balance at 31 December 2017 | 98,200 | 980,317 | 1,244,022 | 2,322,539 |
Changes in equity |
Total comprehensive income | - | 89,984 | - | 89,984 |
Balance at 31 December 2018 | 98,200 | 1,070,301 | 1,244,022 | 2,412,523 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2017 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2017 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2018 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 104,544 | (106,711 | ) |
Tax paid | (11,192 | ) | (11,753 | ) |
Net cash from operating activities | 93,352 | (118,464 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (8,745 | ) | (3,409 | ) |
Sale of tangible fixed assets | 5,752 | - |
Interest received | 10,049 | 5,090 |
Dividends received | (4,232 | ) | (933 | ) |
Net cash from investing activities | 2,824 | 748 |
Increase/(decrease) in cash and cash equivalents | 96,176 | (117,716 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,269,573 |
1,387,289 |
Cash and cash equivalents at end of year | 2 | 1,365,749 | 1,269,573 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.18 | 31.12.17 |
£ | £ |
Profit before taxation | 103,272 | 58,426 |
Depreciation charges | 32,299 | 42,337 |
Profit on disposal of fixed assets | (3,772 | ) | - |
Finance income | (10,049 | ) | (5,090 | ) |
121,750 | 95,673 |
Increase in stocks | (1,359 | ) | (1,744 | ) |
Increase in trade and other debtors | (7,210 | ) | (300,677 | ) |
(Decrease)/increase in trade and other creditors | (8,637 | ) | 100,037 |
Cash generated from operations | 104,544 | (106,711 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 1,365,749 | 1,269,573 |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 1,269,573 | 1,387,289 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
1. | STATUTORY INFORMATION |
Turton Group Trading Limited is a |
company's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and all group undertakings |
for the financial periods. No profit and loss account has been presented for Turton Group Trading Limited as |
permitted by Section 408 of the Companies Act 2006. |
Turnover |
Construction and maintenance turnover represents short term contract work and sundry fees, which are included, |
net of VAT, on the following basis:- |
Turnover is recognised when the right to consideration has been obtained through performance under each |
contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Retentions are accounted for when received. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial statements. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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 includes debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at present |
value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable |
within one year are not amortised. |
Classification of 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 deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, 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 payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
Debt instruments are subsequently carried at 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. Amounts payable are classified as current liabilities if payment is due within one year |
or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
Pension costs and other post-retirement benefits |
Retirement benefits to employees of companies in the group are provided by defined contribution schemes which |
are funded by contributions from group undertakings and employees. Payments are made either to pension trusts, |
which are financially separate from the group or to insurance companies. These payments, which are made in |
accordance with periodic calculations by professionally qualified actuaries, are charged against profits of the |
year in which they become payable. |
Transactions between group companies |
Advantage has been taken of the exemptions available under FRS 102 not to disclose details of transactions with |
entities that are part of the group because these transactions have been eliminated on consolidation. |
Research and development |
Research and development expenditure is charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries | 994,548 | 1,011,309 |
Social security cost | 27,149 | 26,961 |
Other pension costs | 9,237 | 1,424 |
1,027,934 | 1,039,694 |
The average monthly number of employees during the year was as follows: |
2018 | 2017 |
Directors | 1 | 1 |
Administration | 10 | 10 |
Production | 19 | 19 |
30 | 30 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
31.12.18 | 31.12.17 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.18 | 31.12.17 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors remuneration for non audit work - general advice |
Cost of inventories recognised as an expense |
Hire of motor vehicles |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
5. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
31.12.18 | 31.12.17 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2017 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
deduction |
Franked Investment Income | - | (177 | ) |
Effect of change in tax rate | - | 143 |
Deferred tax | 1,626 | 1,224 |
Losses brought forward | (9,026 | ) | (3,610 | ) |
Total tax charge | 13,288 | 12,416 |
The group has tax losses of £170,060 (2017: £217,565) to carry forward and offset against future taxable profits. |
A deferred tax asset has been recognised in relation to these losses as it its anticipated that the group will |
generate taxable profits in future years. |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
7. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2018 | 175,000 | 3,958 | 167,685 |
Additions | - | - | 8,346 |
Disposals | - | - | (1,465 | ) |
At 31 December 2018 | 175,000 | 3,958 | 174,566 |
DEPRECIATION |
At 1 January 2018 | 10,000 | 1,337 | 150,653 |
Charge for year | 2,500 | 130 | 9,702 |
Eliminated on disposal | - | - | (1,465 | ) |
At 31 December 2018 | 12,500 | 1,467 | 158,890 |
NET BOOK VALUE |
At 31 December 2018 | 162,500 | 2,491 | 15,676 |
At 31 December 2017 | 165,000 | 2,621 | 17,032 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 | 14,329 | 102,094 | 19,346 | 482,412 |
Additions | - | - | 399 | 8,745 |
Disposals | (3,981 | ) | (19,780 | ) | (25,226 | ) |
At 31 December 2018 | 10,348 | 82,314 | 19,745 | 465,931 |
DEPRECIATION |
At 1 January 2018 | 11,508 | 74,753 | 18,024 | 266,275 |
Charge for year | 177 | 17,788 | 2,002 | 32,299 |
Eliminated on disposal | (3,981 | ) | (17,800 | ) | - | (23,246 | ) |
At 31 December 2018 | 7,704 | 74,741 | 20,026 | 275,328 |
NET BOOK VALUE |
At 31 December 2018 | 2,644 | 7,573 | (281 | ) | 190,603 |
At 31 December 2017 | 2,821 | 27,341 | 1,322 | 216,137 |
Included in cost of land and buildings is freehold land of £50,000 (2017 - £50,000) which is not depreciated. |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
7. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2018 | 175,000 | 106,363 | 11,583 |
Additions | - | 8,346 | - |
Disposals | - | (1,465 | ) | (3,981 | ) |
At 31 December 2018 | 175,000 | 113,244 | 7,602 |
DEPRECIATION |
At 1 January 2018 | 10,000 | 95,023 | 10,450 |
Charge for year | 2,500 | 8,279 | 170 |
Eliminated on disposal | - | (1,465 | ) | (3,981 | ) |
At 31 December 2018 | 12,500 | 101,837 | 6,639 |
NET BOOK VALUE |
At 31 December 2018 | 162,500 | 11,407 | 963 |
At 31 December 2017 | 165,000 | 11,340 | 1,133 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 | 102,094 | 17,593 | 412,633 |
Additions | - | 399 | 8,745 |
Disposals | (19,780 | ) | (25,226 | ) |
At 31 December 2018 | 82,314 | 17,992 | 396,152 |
DEPRECIATION |
At 1 January 2018 | 74,752 | 15,477 | 205,702 |
Charge for year | 17,788 | 1,917 | 30,654 |
Eliminated on disposal | (17,800 | ) | - | (23,246 | ) |
At 31 December 2018 | 74,740 | 17,394 | 213,110 |
NET BOOK VALUE |
At 31 December 2018 | 7,574 | 598 | 183,042 |
At 31 December 2017 | 27,342 | 2,116 | 206,931 |
Included in cost of land and buildings is freehold land of £ 50,000 (2017 - £ 50,000 ) which is not depreciated. |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Subsidiary |
Registered office: Sovereign House, Pennine View, Birstall, West Yorkshire, WF17 9NF |
Nature of business: |
% |
Class of shares: | holding |
31.12.18 | 31.12.17 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The results of Westfield Services (UK) Limited are consolidated into these financial statements. |
9. | STOCKS |
Group |
31.12.18 | 31.12.17 |
£ | £ |
Stocks | 114,686 | 113,327 |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.18 | 31.12.17 | 31.12.18 | 31.12.17 |
£ | £ | £ | £ |
Trade debtors | 799,914 | 824,836 |
Amounts owed by group undertakings | - | - |
Other debtors | 31,897 | 31,088 |
Deferred tax asset | 42,977 | 44,603 | 10,832 | 9,367 |
Prepayments | 95,976 | 64,653 |
970,764 | 965,180 |
Deferred tax asset |
Group | Company |
31.12.18 | 31.12.17 | 31.12.18 | 31.12.17 |
£ | £ | £ | £ |
Deferred tax | 42,977 | 44,603 | 10,832 | 9,367 |
11. | INVESTMENTS |
Market value of listed investments at 31 December 2018 held by the company and group £170,596 (2017: |
£178,426). |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.18 | 31.12.17 | 31.12.18 | 31.12.17 |
£ | £ | £ | £ |
Trade creditors | 172,217 | 196,682 |
Tax | 11,662 | 11,192 |
Social security and other taxes | 30,178 | 28,702 |
VAT | 103,342 | 75,864 | 5,395 | 5,855 |
Other creditors | 7,341 | 16,530 |
Accrued expenses | 13,910 | 17,847 |
338,650 | 346,817 |
RETENTION OF TITLE |
Certain trade creditors have supplied goods under terms which include a retention of title clause. In view of the |
nature of this security and as the liability is cleared in the normal course of business, it is not considered |
practicable to quantify the amount involved. |
13. | DEFERRED TAX |
Group |
£ |
Balance at 1 January 2018 | (44,603 | ) |
Charge to Income Statement during year | 1,626 |
Balance at 31 December 2018 | (42,977 | ) |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
13. | DEFERRED TAX - continued |
Company |
£ |
Balance at 1 January 2018 | ( |
) |
Provided during year | ( |
) |
Balance at 31 December 2018 | ( |
) |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
Ordinary | £1 | 98,200 | 98,200 |
Full voting and dividend rights are attached to Ordinary shares. |
15. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2018 | 980,317 | 1,244,022 | 2,224,339 |
Profit for the year | 89,984 | 89,984 |
At 31 December 2018 | 1,070,301 | 1,244,022 | 2,314,323 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2018 | 1,630,882 |
Profit for the year |
At 31 December 2018 | 1,674,061 |
16. | RELATED PARTY DISCLOSURES |
Turton Group Investments Limited is related to the group through a Director. During the period the group had |
the following transactions with Turton Group Investments Limited. |
Management charge paid to the group | £24,996 | (2017: £24,996 | ) |
Services supplied by the group | £862 | (2017: £7,232 | ) |
Recharges made by the group | £792 | (2017: £734 | ) |
The balance due at the period end from Turton Group Investments Limited was £23,055 (2017: £5,204). |
TURTON GROUP TRADING LIMITED (REGISTERED NUMBER: 05371453) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
17. | MANAGEMENT ASSUMPTIONS |
The directors consider that there are no management judgements that have had a significant effect on the |
amounts recognised in the financial statements nor are there any assumptions which have a significant risk of |
causing material adjustments to the carrying amounts of assets and liabilities within the next financial year. |