Turnell and Gigon Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01789896

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Turnell and Gigon Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss M. Gigon

M.J. Gomez

M J Cotsford

Ms K I Hallam

M J R Gomez

Ms L K Crompton

SECRETARY:

Ms K I Hallam

REGISTERED OFFICE:

410 The Chambers

Chelsea Harbour Design Centre

London

SW10 0XE

REGISTERED NUMBER:

01789896

ACCOUNTANTS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

FIXED ASSETS

Tangible assets

3

216,270

269,024

Investments

4

667,799

667,799

884,069

936,823

CURRENT ASSETS

Stocks

84,195

84,195

Debtors

5

1,133,552

964,661

Cash in hand

826

50

1,218,573

1,048,906

CREDITORS

Amounts falling due within one year

6

1,261,159

1,186,895

NET CURRENT LIABILITIES

(42,586

)

(137,989

)

TOTAL ASSETS LESS CURRENT LIABILITIES

841,483

798,834

CREDITORS

Amounts falling due after more than one year

7

300,000

300,000

NET ASSETS

541,483

498,834

CAPITAL AND RESERVES

Called up share capital

8

8,000

8,000

Share premium

9

192,731

192,731

Revaluation reserve

9

347,527

347,527

Retained earnings

9

(6,775

)

(49,424

)

SHAREHOLDERS' FUNDS

541,483

498,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2023 and were signed on its behalf by:

M.J. Gomez - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation

In the opinion of the directors the company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 13 ) .

3.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2022

226,797

412,430

75,292

714,519

Additions

-

6,333

-

6,333

Disposals

-

-

(16,492

)

(16,492

)

At 31 December 2022

226,797

418,763

58,800

704,360

DEPRECIATION

At 1 January 2022

94,248

301,757

49,490

445,495

Charge for year

19,006

27,516

4,412

50,934

Eliminated on disposal

-

-

(8,339

)

(8,339

)

At 31 December 2022

113,254

329,273

45,563

488,090

NET BOOK VALUE

At 31 December 2022

113,543

89,490

13,237

216,270

At 31 December 2021

132,549

110,673

25,802

269,024

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

and 31 December 2022

661,546

6,253

667,799

NET BOOK VALUE

At 31 December 2022

661,546

6,253

667,799

At 31 December 2021

661,546

6,253

667,799

Cost or valuation at 31 December 2022 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2011

347,527

-

347,527

Cost

314,019

6,253

320,272

661,546

6,253

667,799

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

95,540

61,457

Amounts owed by participating interests

655,273

546,487

Other debtors

191,428

170,377

Tax

60,048

60,048

Prepayments

131,263

126,292

1,133,552

964,661

Interest has been charged on the directors loans included in other debtors at the rate of 2.5% per annum. The directors loans will be repaid in the forthcoming year.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

534,595

130,194

Trade creditors

376,787

450,534

Amounts owed to participating interests

14,198

95,198

Corporation tax

(6,318

)

(4,318

)

Social security and other taxes

14,491

65,494

VAT

4,518

13,769

Other creditors

292,626

409,859

Accrued expenses

30,262

26,165

1,261,159

1,186,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Other loans - 2-5 years

300,000

300,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

8,000

Ordinary

£1

8,000

8,000

9.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2022

(49,424

)

192,731

347,527

490,834

Profit for the year

42,649

42,649

At 31 December 2022

(6,775

)

192,731

347,527

533,483

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the sum of £492,194 (2021 - £414,644 ) was owed to the company by Jean Monro Limited, a subsidiary.

The company was owed £14,518 (2021 £29,649) by Palestrina London Limited, a subsidiary.

The company was owed £148,561 (2021 £102,194) by Christian Lee Limited, a subsidiary.

The company owed the sum of £14,198 (2021 - £95,198) to Tim Page Carpets Limited, a subsidiary.

11.	ULTIMATE CONTROLLING PARTY

The major shareholders are shown in the directors report. No one person has control.