Registered number
08593614
L & A TAYLOR LIMITED
Unaudited Filleted Accounts
31 March 2023
L & A TAYLOR LIMITED
Registered number: 08593614
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,548 7,067
Current assets
Stocks 13,315 10,957
Debtors 5 81,948 66,807
Cash at bank and in hand 24,658 32,671
119,921 110,435
Creditors: amounts falling due within one year 6 (89,197) (71,727)
Net current assets 30,724 38,708
Total assets less current liabilities 35,272 45,775
Creditors: amounts falling due after more than one year 7 (34,232) (42,500)
Net assets 1,040 3,275
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 40 2,275
Shareholders' funds 1,040 3,275
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L R TAYLOR
Director
Approved by the board on 24 November 2023
L & A TAYLOR LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the goods have transferred to the buyer. Turnover from the rendering of services is recognised when the service has been completed.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings At 16.67% straight line from the month of purchase
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Rentals paid under operating leases are written off in the period to which they relate.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 90,000
At 31 March 2023 90,000
Amortisation
At 1 April 2022 90,000
At 31 March 2023 90,000
Net book value
At 31 March 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 7 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 8,742 102,920 111,662
At 31 March 2023 8,742 102,920 111,662
Depreciation
At 1 April 2022 3,631 100,964 104,595
Charge for the year 1,748 771 2,519
At 31 March 2023 5,379 101,735 107,114
Net book value
At 31 March 2023 3,363 1,185 4,548
At 31 March 2022 5,111 1,956 7,067
5 Debtors 2023 2022
£ £
Directors' loan accounts 70,326 50,324
Other debtors and prepayments 11,622 16,483
81,948 66,807
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 7,500
Trade creditors 45,062 23,365
Taxation and social security costs 16,427 23,501
Accruals 3,009 2,179
Other creditors 14,699 15,182
89,197 71,727
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,232 42,500
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 64,167 99,167
9 Related party transactions
Dividends paid to directors amount to £9,000 (2022 - £35,000).
The directors have personally guaranteed the payment of rent due under the company's lease and have also guaranteed the performance of certain conditions required under the franchise agreement with The Headmasters Partnership Limited.
10 Controlling party
Throughout this and the previous period the company has been under the control of Ms A D Taylor and Ms L R Taylor, both of whom are directors and shareholders.
11 Other information
L & A TAYLOR LIMITED is a private company limited by shares and incorporated in England. Its registered office is Dawes Court House, Dawes Court, High Street, Esher, KT10 9QD.
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