Taylign Automotive Solutions Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07834870 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

TAYLIGN AUTOMOTIVE SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Taylor

N Taylor

REGISTERED OFFICE:

Unit C Pentagon Park

Barn Way

Lodge Farm Industrial Estate

Northampton

Northamptonshire

NN5 7UW

REGISTERED NUMBER:

07834870 (England and Wales)

ACCOUNTANTS:

TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

6,501

7,287

CURRENT ASSETS

Stocks

750

Debtors

5

17,368

31,010

Cash at bank

20,439

62,127

38,557

93,887

CREDITORS

Amounts falling due within one year

6

33,541

64,788

NET CURRENT ASSETS

5,016

29,099

TOTAL ASSETS LESS CURRENT LIABILITIES

11,517

36,386

PROVISIONS FOR LIABILITIES

349

793

NET ASSETS

11,168

35,593

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

11,166

35,591

SHAREHOLDERS' FUNDS

11,168

35,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:

N Taylor - Director

1.	STATUTORY INFORMATION

Taylign Automotive Solutions 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 December 2021

14,676

346

796

15,818

Additions

-

475

-

475

At 30 November 2022

14,676

821

796

16,293

DEPRECIATION

At 1 December 2021

7,529

206

796

8,531

Charge for year

1,072

189

-

1,261

At 30 November 2022

8,601

395

796

9,792

NET BOOK VALUE

At 30 November 2022

6,075

426

-

6,501

At 30 November 2021

7,147

140

-

7,287

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

12,796

26,438

Prepayments

4,572

17,368

31,010

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Bank loans and overdrafts

116

Other loans

21,972

23,669

Trade creditors

(3,756

)

10,457

Corporation tax

-

12,726

Social security and other taxes

1,221

-

VAT

4,506

9,715

Other creditors

7,949

6,709

Directors' current accounts

83

76

Accrued expenses

1,450

1,320

33,541

64,788

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

2

Ordinary Shares

£1

2