Turners of Sedgefield Limited Filleted accounts for Companies House (small and micro)

TURNERS OF SEDGEFIELD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01869344

Turners of Sedgefield Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2019

Turners of Sedgefield Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Turners of Sedgefield Limited

Officers and Professional Advisers

The board of directors	Mr A Turner
	Mr G Williams

Registered office	Unit 2
	Teesway
	North Tees Industrial Estate
	Stockton
	TS18 2RS

Accountants	Allen Sykes Ltd
	Chartered Accountants
	5 Henson Close
	South Church Enterprise Park
	Bishop Auckland
	County Durham
	DL14 6WA

Bankers	Yorkshire Bank Plc
	46 High Street
	Stockton on Tees
	Cleveland
	TS18 1SE

Turners of Sedgefield Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Turners of Sedgefield Limited

Year ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Turners of Sedgefield Limited for the year ended 30 June 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Turners of Sedgefield Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Turners of Sedgefield Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turners of Sedgefield Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Turners of Sedgefield Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Turners of Sedgefield Limited. You consider that Turners of Sedgefield Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Turners of Sedgefield Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Allen Sykes Ltd Chartered Accountants

5 Henson Close South Church Enterprise Park Bishop Auckland County Durham DL14 6WA

24 March 2020

Turners of Sedgefield Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		65,230		175,727

Current assets

Stocks		33,263	36,292
Debtors	6	246,136	283,354
Cash at bank and in hand		13,766	356,241
		----------	----------
		293,165	675,887

Creditors: amounts falling due within one year	7	425,307		1,350,044
		----------		-------------
Net current liabilities			132,142		674,157
			----------		----------
Total assets less current liabilities			( 66,912)		( 498,430)
			---------		----------
Net liabilities			( 66,912)		( 498,430)
			---------		----------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	( 76,912)	( 508,430)
	---------	----------
Shareholders deficit	( 66,912)	( 498,430)
	---------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Turners of Sedgefield Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 24 March 2020 , and are signed on behalf of the board by:

Mr A Turner

Director

Company registration number: 01869344

Turners of Sedgefield Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Teesway, North Tees Industrial Estate, Stockton, TS18 2RS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

During the year the company continued to trade at a loss. The majority shareholder / director continued to financially support the company including the write off of £1m due by the company. There is no requirement for the company to make repayments of the remaining loans in the short to medium term. As a result, the directors consider that the accounts should be prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	4% straight line
Leasehold Property	-	Straight line over the period of the lease
Plant & Machinery	-	25% reducing balance and 33% straight line
Motor Vehicles	-	40% and 25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2018: 32 ).

5. Tangible assets

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 July 2018	126,609	548,596	419,434	957,546	2,052,185
Additions	–	–	–	12,000	12,000
Disposals	–	( 548,596)	( 23,769)	–	( 572,365)
	----------	----------	----------	----------	-------------
At 30 June 2019	126,609	–	395,665	969,546	1,491,820
	----------	----------	----------	----------	-------------
Depreciation
At 1 July 2018	103,406	445,871	416,238	910,943	1,876,458
Charge for the year	5,065	102,725	806	13,901	122,497
Disposals	–	( 548,596)	( 23,769)	–	( 572,365)
	----------	----------	----------	----------	-------------
At 30 June 2019	108,471	–	393,275	924,844	1,426,590
	----------	----------	----------	----------	-------------
Carrying amount
At 30 June 2019	18,138	–	2,390	44,702	65,230
	----------	----------	----------	----------	-------------
At 30 June 2018	23,203	102,725	3,196	46,603	175,727
	----------	----------	----------	----------	-------------

6. Debtors

	2019	2018
	£	£
Trade debtors	157,594	141,784
Other debtors	88,542	141,570
	----------	----------
	246,136	283,354
	----------	----------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	108,962	208,502
Social security and other taxes	155,102	44,367
Other creditors	161,243	1,097,175
	----------	-------------
	425,307	1,350,044
	----------	-------------

8. Related party transactions

During the period Mr A Turner , director and majority shareholder, wrote off £1m owed by the company. This is recognised as income and is a non-recurring event.