Company Registration No. 03081440 (England and Wales)
TURNSTONE (CAMBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
TURNSTONE (CAMBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TURNSTONE (CAMBRIDGE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
160,841
57,301
Debtors
7,813
10,249
Cash at bank and in hand
530
487
169,184
68,037
Creditors: amounts falling due within one year
3
(676,805)
(575,638)
Net current liabilities
(507,621)
(507,601)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(507,622)
(507,602)
Total equity
(507,621)
(507,601)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2021 and are signed on its behalf by:
C Goldsmith
Director
Company Registration No. 03081440
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Turnstone (Cambridge) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Warehouse, 33 Bridge Street, Cambridge, United Kingdom, CB2 1UW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Stocks
Work in progress comprises land and property acquired for development and ultimate resale. Income may be receivable in respect of leases on these properties until they are sold. Acquisitions of commercial properties are considered to have taken place where (even if legal completion has not taken place) there is a legally binding, unconditional and irrevocable contract.
Work in progress is
stated at the lower of cost and
net realisable value
. Cost comprises
the direct cost of acquiring and improving property. Borrowing costs directly attributable to the acquisition and construction of new developments are added to the cost of such properties until the date of completion of the development. Net realisable value is based on estimated selling price allowing for further costs of completion and disposal.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 include 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 the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
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
paymen
ts 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 or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed and paid by the company during the year was:
2020
2019
Number
Number
Total
3
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
18,777
Amounts owed to group undertakings
658,028
575,608
Other creditors
30
676,805
575,638
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
4
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
5
Related party transactions
During the year Turnstone Estates Limited recharged costs of £nil (2019 - £50,465) to Turnstone (Cambridge) Limited and loaned £92,513 (2019 - £nil). At the year end Turnstone (Cambridge) Limited owed £658,028 (2019 - £575,608) to Turnstone Estates Limited. Turnstone (Cambridge) Limited is a 100% owned subsidiary of Turnstone Estates Limited.
6
Parent company
The company is a wholly owned subsidiary of Turnstone Estates Limited, a company registered in England and Wales.
The ultimate controlling party is C W Goldsmith by virtue of his majority shareholding in the parent company.