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COMPANY REGISTRATION NUMBER: 08072040
TAYLOR MADE INTERIORS (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2022
TAYLOR MADE INTERIORS (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TAYLOR MADE INTERIORS (UK) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr A Taylor
Registered office
168 Church Road
Hove
East Sussex
BN3 2DL
Accountants
UHY Hacker Young
Chartered accountants
168 Church Road
Hove
BN3 2DL
TAYLOR MADE INTERIORS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
4,138
5,485
Current assets
Debtors
7
90,902
15,815
Cash at bank and in hand
12,826
42,226
----------
---------
103,728
58,041
Creditors: amounts falling due within one year
8
36,277
12,384
----------
---------
Net current assets
67,451
45,657
---------
---------
Total assets less current liabilities
71,589
51,142
Creditors: amounts falling due after more than one year
9
38,347
50,000
Provisions
Taxation including deferred tax
786
1,042
---------
---------
Net assets
32,456
100
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
32,356
---------
----
Shareholders funds
32,456
100
---------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TAYLOR MADE INTERIORS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
Mr A Taylor
Director
Company registration number: 08072040
TAYLOR MADE INTERIORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2022
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL. The principal place of business is 6 St Leonards, Oak Tree Way, Horsham, West Sussex RH13 6TD. The principal activity of the company during the year was that of interior refurbishment.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
On 11th March 2020, the World Health Organisation declared the outbreak of COVID-19 a pandemic. As a result of this, restrictions were placed on businesses in the United Kingdom. This has had an impact on the operations of the company. The director expects the vast majority of this impact to be temporary. The company has successfully applied for financial support from the UK government in the form of the Coronavirus Job Retention Scheme and a Coronavirus Bounce Back Loan.
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. No significant judgements have had to be made by the directors in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfyingthe revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2021 and 31 May 2022
23,870
---------
Amortisation
At 1 June 2021 and 31 May 2022
23,870
---------
Carrying amount
At 31 May 2022
---------
At 31 May 2021
---------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2021 and 31 May 2022
15,791
1,822
17,613
---------
-------
---------
Depreciation
At 1 June 2021
10,795
1,333
12,128
Charge for the year
1,249
98
1,347
---------
-------
---------
At 31 May 2022
12,044
1,431
13,475
---------
-------
---------
Carrying amount
At 31 May 2022
3,747
391
4,138
---------
-------
---------
At 31 May 2021
4,996
489
5,485
---------
-------
---------
7. Debtors
2022
2021
£
£
Trade debtors
14,059
7,798
Other debtors
76,843
8,017
---------
---------
90,902
15,815
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
11,349
Trade creditors
1,399
1,423
Corporation tax
11,523
225
Social security and other taxes
8,155
6,544
Other creditors
3,851
4,192
---------
---------
36,277
12,384
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
38,347
50,000
---------
---------
10. Directors' loans
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Taylor
( 256)
76,708
76,452
----
---------
---------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Taylor
( 363)
107
( 256)
----
----
----
The director's loan was repaid on 31 August 2022