Turnbull Family Investments Limited - Period Ending 2018-05-31

Turnbull Family Investments Limited - Period Ending 2018-05-31


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Registration number: 10191526

Turnbull Family Investments Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

 

Turnbull Family Investments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 8

 

Turnbull Family Investments Limited

(Registration number: 10191526)
Statement of Financial Position as at 31 May 2018

Note

2018
£

2017
£

Fixed assets

 

Investment property

4

4,259,984

1,932,494

Investments

5

700

-

Other financial assets

6

15,167,754

21,429,381

 

19,428,438

23,361,875

Current assets

 

Debtors

7

4,201,025

503,818

Cash at bank and in hand

 

5,126,420

14,496,010

 

9,327,445

14,999,828

Creditors: Amounts falling due within one year

8

(26,740,012)

(37,660,913)

Net current liabilities

 

(17,412,567)

(22,661,085)

Total assets less current liabilities

 

2,015,871

700,790

Provisions for liabilities

-

(73,534)

Net assets

 

2,015,871

627,256

Capital and reserves

 

Called up share capital

200,000

200,000

Fair value reserve

911,204

387,021

Profit and loss account

904,667

40,235

Total equity

 

2,015,871

627,256

For the financial year ending 31 May 2018 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; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.

 

Turnbull Family Investments Limited

(Registration number: 10191526)
Statement of Financial Position as at 31 May 2018 (continued)

Approved and authorised by the Board on 28 February 2019 and signed on its behalf by:
 

.........................................
Mr G Turnbull
Director

   
     
 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is Elwick Hall, Elwick, Hartlepool, TS27 3EJ, England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the value of rents receivable during the year net of discounts and the value of income from investments.

Rental income is recognised in the period to which it relates.

Income from investments is recognised to the extent that, and when, there is a right to consideration

 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 2).

 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)

4

Investment properties

2018
£

At 1 June

1,932,494

Additions

2,327,490

At 31 May

4,259,984


Investment properties are valued by the directors. Their assessment is based on local property values.

There has been no valuation of investment property by an independent valuer.

5

Investments

2018
£

2017
£

Investments in associates

700

-

Associates

£

Cost

Additions

700

Provision

Carrying amount

At 31 May 2018

700

 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)

6

Other financial assets

Financial assets at fair value through profit and loss
£

Cost or valuation

At 1 June 2017

21,429,381

Fair value adjustments

496,612

Additions

4,917,024

Disposals

(11,675,263)

At 31 May 2018

15,167,754

Impairment

Carrying amount

At 31 May 2018

15,167,754

7

Debtors

2018
£

2017
£

Trade debtors

45,658

16,000

Directors loan accounts

1,810,914

-

Prepayments

7,211

2,643

Other debtors

2,337,242

485,175

4,201,025

503,818

 

Turnbull Family Investments Limited

Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

53,531

24,754

Taxation and social security

7,859

11,151

Accruals and deferred income

13,724

8,009

Other creditors

26,538,886

29,972,099

Corporation tax liability

126,012

13,660

Directors loan accounts

-

7,631,240

26,740,012

37,660,913

9

Related party transactions

Transactions with directors

2018

Advances to directors
£

At 31 May 2018
£

Mr G Turnbull

1,770,817

1,770,817

     
   

Mrs S E Turnbull

40,097

40,097

     
   

 

Summary of transactions with other related parties

Current liabilities includes loans of £16,965,617 (2017: £19,103,145) due to Trusts under common control. The loans are interest free and repayable on demand.