Company registration number 06523546 (England and Wales)
TAGGART TRANSCONTINENTAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TAGGART TRANSCONTINENTAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TAGGART TRANSCONTINENTAL LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,063,725
842,290
Current assets
Debtors
10,089
161
Cash at bank and in hand
-
0
14,312
10,089
14,473
Creditors: amounts falling due within one year
4
(1,115,823)
(856,448)
Net current liabilities
(1,105,734)
(841,975)
Net (liabilities)/assets
(42,009)
315
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
5
(24,543)
5,623
Profit and loss reserve
(18,466)
(6,308)
Total equity
(42,009)
315

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 March 2023 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.

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.

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 11 October 2023 and are signed on its behalf by:
Mr S A B Barratt
Director
Company Registration No. 06523546
TAGGART TRANSCONTINENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Taggart Transcontinental Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Parsonage Farm, Mallows Green Road, Manuden, Bishop's Stortford, Hertfordshire, United Kingdom, CM23 1BP.

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 amounts in these financial statements are rounded to the nearest £.

 

The financial statements contain information about Taggart Transcontinental Limited as an individual company.

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
Going concern

At the balance sheet date, the company had net current liabilities of £1,105,734 (2022: 841,975), with total net liabilities of £42,009 (2022: total net assets of £315).true

 

The company is reliant on the support of a related party which has advanced £1,113,303 (2022: £854,168) to the company at the year end. This support together with the nature of the company's investments lead the directors to consider it appropriate to apply the going concern basis to the preparation of the company's financial statements.

1.3
Fixed asset investments

Investments in shares are included at fair value. The fair value of listed investments is determined by their market value at the close of business at the year end.

 

The company is required under FRS 102 to value its investments in shares at fair value, with any movement in fair value recognised in the Profit and Loss account. This amount is transferred at the year end between retained earnings and a fair value reserve. Deferred tax provided on the movement is also transferred to the fair value reserve at the year end.

 

When realised, fair value gains are transferred to distributable reserves.

1.4
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.

TAGGART TRANSCONTINENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

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 payments 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. Amounts 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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TAGGART TRANSCONTINENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,063,725
842,290
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
842,290
Additions
264,313
Valuation changes
(37,242)
Management Fees
(4,966)
Interest
1,610
Disposals
(2,280)
At 31 March 2023
1,063,725
Carrying amount
At 31 March 2023
1,063,725
At 31 March 2022
842,290
TAGGART TRANSCONTINENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,115,823
856,448
5
Fair value reserve
2023
2022
£
£
At the beginning of the year
5,623
-
Non distributable profits in the year
-
5,623
Transfer of non-distributable profits relating to current period
(30,166)
-
At the end of the year
(24,543)
5,623
6
Related party transactions
2023
2022
Amounts due to related parties
£
£
Other related parties
1,113,303
854,168

At the year end the company owed £1,113,303 (2022: £854,168) to a company which has a director in common who also has significant influence . Interest is charged at 1% p.a. with interest of £9,134 (2022: £4,168) being charged in the year to 31 March 2023. The loan is repayable with one month's notice.

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