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 2017

FOR

TURTON GROUP TRADING LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditor

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

DIRECTOR:

T A L Goodall

SECRETARY:

Mrs T A L Goodall

REGISTERED OFFICE:

Sovereign House

Pennine View

Geldard Road

Birstall

West Yorkshire

WF17 9NF

REGISTERED NUMBER:

05371453 (England and Wales)

AUDITOR:

Sedulo Audit Limited

Regency Court

62-66 Deansgate

MANCHESTER

M3 2EN

BANKERS:

Yorkshire Bank PLC

86a Queen Street

Morley

Leeds

West Yorkshire

LS27 9BU

The director presents her strategic report of the company and the group for the year ended 31 December 2017.

REVIEW OF BUSINESS

The Consolidated Income Statement is set out on page 6 and shows turnover for the trading year of £2,939,906 (2016:

£2,480,219) and a profit after taxation of £78,310 (2016: loss of £51,622).

Despite market conditions remaining challenging the Directors were satisfied with the final results.

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:

Mrs T A L Goodall - Secretary

17 September 2018

The director presents her report with the financial statements of the company and the group for the year ended

31 December 2017.

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 2017.

DIRECTOR

T A L Goodall held office during the whole of the period from 1 January 2017 to the date of this report.

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 auditor is 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 auditor is aware of that

information.

AUDITOR

The auditor, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs T A L Goodall - Secretary

17 September 2018

Opinion

I have audited the financial statements of Turton Group Trading Limited (the 'parent company') and its subsidiaries (the

'group') for the year ended 31 December 2017 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 my 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 2017 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

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My

responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial

statements section of my report. I am independent of the group in accordance with the ethical requirements that are

relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my

other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is

sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

I have nothing to report in respect of the following matters in relation to which the ISAs (UK) require me 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 my Report of the

Auditor thereon.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance

conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or my knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work I have performed, I conclude

that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report

in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In my 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.

Matters on which I am 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, I have not identified material misstatements in the Group Strategic Report or the Report of the

Director.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you

if, in my opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; 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

-	I have not received all the information and explanations I require for my 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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 my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I

am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I

do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my

audit work, for this report, or for the opinions I have formed.

Gavin Bell (Senior Statutory Auditor)

for and on behalf of Sedulo Audit Limited

Regency Court

62-66 Deansgate

MANCHESTER

M3 2EN

17 September 2018

TURNOVER

2,939,906

2,480,219

Cost of sales

2,013,396

1,684,539

GROSS PROFIT

926,510

795,680

Administrative expenses

873,174

869,141

OPERATING PROFIT/(LOSS)

4

53,336

(73,461

)

Interest receivable and similar income

5,090

4,629

PROFIT/(LOSS) BEFORE TAXATION

58,426

(68,832

)

Tax on profit/(loss)

5

12,416

(17,210

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

46,010

(51,622

)

Profit/(loss) attributable to:

Owners of the parent

46,010

(51,622

)

PROFIT/(LOSS) FOR THE YEAR

46,010

(51,622

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

46,010

(51,622

)

Total comprehensive income attributable to:

Owners of the parent

46,010

(51,622

)

FIXED ASSETS

Tangible assets

7

216,137

255,063

Investments

8

-

-

216,137

255,063

CURRENT ASSETS

Stocks

9

113,327

111,583

Debtors

10

965,180

665,729

Investments

11

105,139

104,206

Cash at bank and in hand

1,269,573

1,387,289

2,453,219

2,268,807

CREDITORS

Amounts falling due within one year

12

346,817

247,341

NET CURRENT ASSETS

2,106,402

2,021,466

TOTAL ASSETS LESS CURRENT LIABILITIES

2,322,539

2,276,529

CAPITAL AND RESERVES

Called up share capital

14

98,200

98,200

Share premium

15

1,244,022

1,244,022

Retained earnings

15

980,317

934,307

SHAREHOLDERS' FUNDS

2,322,539

2,276,529

The financial statements were approved by the director on 17 September 2018 and were signed by:

T A L Goodall - Director

FIXED ASSETS

Tangible assets

7

206,931

243,721

Investments

8

912,467

912,467

1,119,398

1,156,188

CURRENT ASSETS

Debtors

10

87,864

90,511

Investments

11

105,139

104,206

Cash at bank

497,274

420,151

690,277

614,868

CREDITORS

Amounts falling due within one year

12

80,593

72,640

NET CURRENT ASSETS

609,684

542,228

TOTAL ASSETS LESS CURRENT LIABILITIES

1,729,082

1,698,416

CAPITAL AND RESERVES

Called up share capital

14

98,200

98,200

Share premium

15

1,244,022

1,244,022

Retained earnings

15

386,860

356,194

SHAREHOLDERS' FUNDS

1,729,082

1,698,416

Company's profit for the financial year

30,666

53,580

The financial statements were approved by the director on 17 September 2018 and were signed by:

T A L Goodall - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2016

98,200

985,929

1,244,022

2,328,151

Changes in equity

Total comprehensive income

-

(51,622

)

-

(51,622

)

Balance at 31 December 2016

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

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2016

98,200

302,614

1,244,022

1,644,836

Changes in equity

Total comprehensive income

-

53,580

-

53,580

Balance at 31 December 2016

98,200

356,194

1,244,022

1,698,416

Changes in equity

Total comprehensive income

-

30,666

-

30,666

Balance at 31 December 2017

98,200

386,860

1,244,022

1,729,082

Cash flows from operating activities

Cash generated from operations

1

(106,711

)

(38,808

)

Tax paid

(11,753

)

(4,807

)

Net cash from operating activities

(118,464

)

(43,615

)

Cash flows from investing activities

Purchase of tangible fixed assets

(3,409

)

(70,660

)

Sale of tangible fixed assets

-

30,000

Interest received

5,090

4,629

Dividends received

(933

)

(774

)

Net cash from investing activities

748

(36,805

)

Decrease in cash and cash equivalents

(117,716

)

(80,420

)

Cash and cash equivalents at beginning of year

2

1,387,289

1,467,709

Cash and cash equivalents at end of year

2

1,269,573

1,387,289

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2017

2016

£

£

Profit/(loss) before taxation

58,426

(68,832

)

Depreciation charges

42,337

47,046

Profit on disposal of fixed assets

-

(17,753

)

Finance income

(5,090

)

(4,629

)

95,673

(44,168

)

Increase in stocks

(1,744

)

(3,125

)

(Increase)/decrease in trade and other debtors

(300,677

)

57,575

Increase/(decrease) in trade and other creditors

100,037

(49,090

)

Cash generated from operations

(106,711

)

(38,808

)

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 2017

31.12.17

1.1.17

£

£

Cash and cash equivalents

1,269,573

1,387,289

Year ended 31 December 2016

31.12.16

1.1.16

£

£

Cash and cash equivalents

1,387,289

1,467,709

1.	STATUTORY INFORMATION

Turton Group Trading Limited 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Freehold property

-

2% on cost

Improvements to property

-

5% on reducing balance

Plant and machinery

-

25% on cost, 25% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

30% on cost

Computer equipment

-

25% on cost, 20% on reducing balance and 10% 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.

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.

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

2017

2016

£

£

Wages and salaries

1,011,309

939,269

Social security cost

26,961

26,004

Other pension costs

1,424

1,424

1,039,694

974,638

The average monthly number of employees during the year was as follows:

2017

2016

Directors

1

2

Administration

10

12

Production

19

16

30

30

2017

2016

£

£

Directors' remuneration

44,548

41,672

Directors' pension contributions to money purchase schemes

440

440