James Taylor Ltd Filleted Accounts Cover
James Taylor Ltd
Company No. 10589882
Information for Filing with The Registrar
31 January 2023
James Taylor Ltd Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 January 2023.
Principal activities
The principal activity of the company during the year under review was buying and selling of own real estate.
Director
The Director who served at any time during the year was as follows:
J. Taylor
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
J. Taylor
Director
27 October 2023
James Taylor Ltd Balance Sheet Registrar
at
31 January 2023
Company No.
10589882
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
1,1051,341
Investment property
5
329,000323,000
330,105324,341
Current assets
Debtors
6
1,226739
Cash at bank and in hand
25,18722,970
26,41323,709
Creditors: Amount falling due within one year
7
(83,138)
(83,864)
Net current liabilities
(56,725)
(60,155)
Total assets less current liabilities
273,380264,186
Creditors: Amounts falling due after more than one year
8
(225,995)
(213,712)
Provisions for liabilities
Deferred taxation
(209)
(254)
Net assets
47,17650,220
Capital and reserves
Called up share capital
11
Profit and loss account
10
47,17550,219
Total equity
47,17650,220
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the director has not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 27 October 2023
And signed on its behalf by:
J. Taylor
Director
27 October 2023
James Taylor Ltd Notes to the Accounts Registrar
for the year ended 31 January 2023
1
General information
Its registered number is: 10589882
Its registered office is:
21 St Johns Avenue
Waterlooville
Hampshire
PO7 5PJ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
20% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

The 2023 valuations were made by the directors on an open market value for existing use basis.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 February 2022
2,0612,061
At 31 January 2023
2,0612,061
Depreciation
At 1 February 2022
720720
Charge for the year
236236
At 31 January 2023
956956
Net book values
At 31 January 2023
1,1051,105
At 31 January 2022
1,341
1,341
5
Investment property
Freehold Investment Property
£
Valuation
At 1 February 2022
323,000
Revaluation
6,000
At 31 January 2023
329,000
6
Debtors
2023
2022
£
£
Trade debtors
462-
Prepayments and accrued income
764739
1,226739
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
158-
Taxes and social security
-
900
Loans from directors
82,27482,274
Other creditors
150150
Accruals and deferred income
556540
83,13883,864
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
225,995213,712
225,995213,712
9
Share Capital
1 Ordinary share at £1 each.
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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