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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Turnell and Gigon Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Turnell and Gigon Ltd |
Turnell and Gigon Ltd (Registered number: 01789896) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Turnell and Gigon Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Chartered Tax Advisers |
2 Castle Business Village |
Station Road |
Hampton |
Middlesex |
TW12 2BX |
Turnell and Gigon Ltd (Registered number: 01789896) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium | 8 |
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Revaluation reserve | 8 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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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. |
Turnell and Gigon Ltd (Registered number: 01789896) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Turnell and Gigon Ltd (Registered number: 01789896) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Short leasehold | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Turnell and Gigon Ltd (Registered number: 01789896) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2019 |
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804,498 |
Additions |
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2,183 |
At 31 December 2019 |
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806,681 |
NET BOOK VALUE |
At 31 December 2019 |
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806,681 |
At 31 December 2018 |
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804,498 |
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Cost or valuation at 31 December 2019 is represented by: |
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Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2011 | 648,000 | - | 648,000 |
Cost | 152,428 | 6,253 | 158,681 |
800,428 | 6,253 | 806,681 |
Turnell and Gigon Ltd (Registered number: 01789896) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 552,942 | 521,765 |
Other debtors |
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VAT |
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Prepayments |
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Interest has been charged on the directors loans included in other debtors at the rate of 3% per annum. The |
directors loans will be repaid in the forthcoming year. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to participating interests | 106,813 | 161,170 |
Corporation tax | ( |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 8,000 | 8,000 |
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8. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 January 2019 |
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975,205 |
Deficit for the year | ( |
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At 31 December 2019 |
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808,827 |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the sum of £448,704.39 (2018 - £369,639 ) was owed to the company by Jean Monro |
Limited, a subsidiary. |
The company was also owed £103,649.31 (2018 £151,834) by Palestrina London, a subsidiary. |
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The company owed the sum of £54629.55 (2018 - £161,170) to Tim Page Carpets Limited, a subsidiary. |
The company also owed sum of £52,183.00 (2018 - Nil) to Mimo Creations Limited, a subsidiary. |
Turnell and Gigon Ltd (Registered number: 01789896) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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10. | ULTIMATE CONTROLLING PARTY |
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The major shareholders are shown on the directors report. No one person has control. |