N J Turner Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08515004 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

N J TURNER LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Turner

L J Turner

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

REGISTERED NUMBER:

08515004 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Intangible assets

4

228

1,596

Tangible assets

5

247,937

121,968

248,165

123,564

CURRENT ASSETS

Stocks

705,622

147,797

Debtors

6

128,315

114,514

Cash at bank

77,588

48,459

911,525

310,770

CREDITORS

Amounts falling due within one year

7

1,039,932

321,353

NET CURRENT LIABILITIES

(128,407

)

(10,583

)

TOTAL ASSETS LESS CURRENT LIABILITIES

119,758

112,981

CREDITORS

Amounts falling due after more than one year

8

(102,955

)

(70,797

)

PROVISIONS FOR LIABILITIES

(11,250

)

(14,700

)

NET ASSETS

5,553

27,484

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

5,452

27,383

5,553

27,484

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:

N J Turner - Director

1.	STATUTORY INFORMATION

N J Turner Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

At the balance sheet date the company had a working capital deficit of £128,407 by virtue of its current liabilities exceeding its current assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the company in writing.

Turnover

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

13,683

AMORTISATION

At 1 June 2022

12,087

Amortisation for year

1,368

At 31 May 2023

13,455

NET BOOK VALUE

At 31 May 2023

228

At 31 May 2022

1,596

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 June 2022

186,366

1,174

1,967

189,507

Additions

152,647

945

-

153,592

Disposals

(5,429

)

-

(1,967

)

(7,396

)

At 31 May 2023

333,584

2,119

-

335,703

DEPRECIATION

At 1 June 2022

66,071

492

976

67,539

Charge for year

25,154

184

-

25,338

Eliminated on disposal

(4,135

)

-

(976

)

(5,111

)

At 31 May 2023

87,090

676

-

87,766

NET BOOK VALUE

At 31 May 2023

246,494

1,443

-

247,937

At 31 May 2022

120,295

682

991

121,968

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 June 2022

82,000

Additions

119,500

At 31 May 2023

201,500

DEPRECIATION

At 1 June 2022

9,900

Charge for year

14,834

At 31 May 2023

24,734

NET BOOK VALUE

At 31 May 2023

176,766

At 31 May 2022

72,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

90,396

79,871

Other debtors

37,919

34,643

128,315

114,514

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

6,992

6,818

Hire purchase contracts

43,156

14,657

Trade creditors

135,189

51,500

Taxation and social security

13,778

18,504

Other creditors

840,817

229,874

1,039,932

321,353

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans

14,532

21,528

Hire purchase contracts

88,423

49,269

102,955

70,797

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.23

31.5.22

£

£

Hire purchase contracts

131,579

63,926

The obligations under hire purchase agreements are secured over the assets to which they relate.