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Registration number: 04633463

R Taylor Contractors Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 January 2023

 

R Taylor Contractors Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

R Taylor Contractors Ltd

(Registration number: 04633463)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

5

 

3,345

 

4,461

Current assets

   

 

Cash at bank and in hand

 

-

 

1,146

 

Creditors: Amounts falling due within one year

6

(21,379)

 

(16,927)

 

Net current liabilities

   

(21,379)

 

(15,781)

Total assets less current liabilities

   

(18,034)

 

(11,320)

Creditors: Amounts falling due after more than one year

6

 

(33,028)

 

(38,625)

Net liabilities

   

(51,062)

 

(49,945)

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

(51,063)

 

(49,946)

 

Total equity

   

(51,062)

 

(49,945)

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 25 September 2023
 

.........................................
Mr Robert William Taylor
Director

 

R Taylor Contractors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
9 Greenhill Mount
Bramley
Leeds
West Yorkshire
LS13 4AL
United Kingdom

These financial statements were authorised for issue by the director on 25 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

R Taylor Contractors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Commercial motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

R Taylor Contractors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

30,000

30,000

At 31 January 2023

30,000

30,000

Amortisation

At 1 February 2022

30,000

30,000

At 31 January 2023

30,000

30,000

Carrying amount

At 31 January 2023

-

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

18,877

8,539

27,416

At 31 January 2023

18,877

8,539

27,416

Depreciation

At 1 February 2022

15,518

7,437

22,955

Charge for the year

840

276

1,116

At 31 January 2023

16,358

7,713

24,071

Carrying amount

At 31 January 2023

2,519

826

3,345

At 31 January 2022

3,359

1,102

4,461

 

R Taylor Contractors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

5,501

3,750

Other creditors

15,878

13,177

21,379

16,927

Due after one year

Loans and borrowings

33,028

38,625

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

33,028

38,625

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,028

38,625

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,750

3,750

Bank overdrafts

1,751

-

5,501

3,750