TURNER'S PIES LIMITED

TURNER'S PIES LIMITED

TURNER'S PIES LIMITED - Company Information

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TURNER'S PIES LIMITED

Company Registration Number:
08005434 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2020

Period of accounts

Start date: 01 April 2019

End date: 31 March 2020

TURNER'S PIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2020

Balance sheet
Notes

TURNER'S PIES LIMITED

Balance sheet

As at 31 March 2020


Notes
2020
2019


£
£
Fixed assets
Intangible assets: 3 18,000 24,000
Tangible assets: 4 143,168 146,704
Investments:   0 0
Total fixed assets: 161,168 170,704
Current assets
Stocks: 10,577 13,016
Debtors: 5 33,453 82,090
Cash at bank and in hand: 611,935 394,621
Investments:   0 0
Total current assets: 655,965 489,727
Creditors: amounts falling due within one year: 6 (216,364) (181,864)
Net current assets (liabilities): 439,601 307,863
Total assets less current liabilities: 600,769 478,567
Creditors: amounts falling due after more than one year:   0 (28,500)
Provision for liabilities: (25,727) (25,814)
Total net assets (liabilities): 575,042 424,253
Capital and reserves
Called up share capital: 1,111 1,111
Share premium account: 60,000 60,000
Revaluation reserve: 00
Other reserves: 0 0
Profit and loss account: 513,931 363,142
Shareholders funds: 575,042 424,253

The notes form part of these financial statements

TURNER'S PIES LIMITED

Balance sheet statements

For the year ending 31 March 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 25 September 2020
and signed on behalf of the board by:

Name: Mr Philip Thomas Turner
Status: Director

The notes form part of these financial statements

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of service s to UK third parties.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of assets evenly over their expected useful lives as follows:Leasehold Land & Buildings: Over the lease termEquipment Fixtures & Fittings: 25% pa on reducing balanceMotor vehicles: 25% Straight line

Intangible fixed assets and amortisation policy

The Intangible fixed asset is measured at cost less accumulative amortisation and any accumulative impairment losses.

Valuation and information policy

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.

Other accounting policies

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred assets and liabilities are not discounted.

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

2. Employees

2020 2019
Average number of employees during the period 35 31

Contributions to a defined contribution retirement benefits scheme are expenses in the period to which they relate.

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

3. Intangible Assets

Total
Cost £
At 01 April 2019 60,000
Additions 0
Disposals 0
Revaluations 0
Transfers 0
At 31 March 2020 60,000
Amortisation
At 01 April 2019 36,000
Charge for year 6,000
On disposals 0
Other adjustments 0
At 31 March 2020 42,000
Net book value
At 31 March 2020 18,000
At 31 March 2019 24,000

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

4. Tangible Assets

Total
Cost £
At 01 April 2019 318,255
Additions 40,574
Disposals 0
Revaluations 0
Transfers 0
At 31 March 2020 358,829
Depreciation
At 01 April 2019 171,551
Charge for year 44,110
On disposals 0
Other adjustments 0
At 31 March 2020 215,661
Net book value
At 31 March 2020 143,168
At 31 March 2019 146,704

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

5. Debtors

2020 2019
££
Debtors due after more than one year: 6,000 21,820

Short term debtors are measured at transaction price (which is usually the invoice price) less any impairment losses for bad and doubtful debts. Debtors more than one year refer to a rent deposit recoverable.

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

6. Creditors: amounts falling due within one year note

Short term creditors are measured at transaction price (usually the invoice price).

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

7. Financial commitments

Amounts contracted for but not provided in the accounts were £3,753 (2019:NIL)

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

8. Loans to directors

Name of director receiving advance or credit: Mr.P.T.Turner
Description of the loan: Advances during year £34992
£
Balance at 01 April 2019 444
Advances or credits made: 34,992
Advances or credits repaid: 35,229
Balance at 31 March 2020 207
Name of director receiving advance or credit: Mr.P.A.Turner
Description of the loan: Advances during year
£
Balance at 01 April 2019 90
Advances or credits made: 24,996
Advances or credits repaid: 24,992
Balance at 31 March 2020 94

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

9. Related party transactions

Name of the related party: Mr.P.T.Turner
Relationship:
Managing Director
Description of the Transaction: During the year the Director received interest free loans of £34,992 to enable him to carry out his duties. The amount outstanding at the year end was NIL (2019:NIL)
£
Balance at 01 April 2019 444
Balance at 31 March 2020 207
Name of the related party: Mr.P.A.Turner
Relationship:
Director
Description of the Transaction: During the year the Director received interest free loans of £24,996. The amount outstanding at the year end was NIL (2019:NIL)
£
Balance at 01 April 2019 90
Balance at 31 March 2020 94
Name of the related party: Mrs.T.S.L.Turner
Relationship:
Wife of Managing Director
Description of the Transaction: The Company paid Dividends to the Director amounting to £36,000.
£
Balance at 01 April 2019 0
Balance at 31 March 2020 0

TURNER'S PIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

10. Post balance sheet events

The Company was subject to the economic impact of the Covid 19 pandemic and UK Government related legislation. The financial consequences of which are yet to be determined.