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Registration number: 02804416

Edgar Taylor Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Edgar Taylor Construction Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Edgar Taylor Construction Ltd

Company Information

Directors

Mr James Taylor

Mr Bryan Strike-Doyle

Registered office

8 & 9 Apollo Office Court
Radclive Road
Gawcott
Buckinghamshire
MK18 4DF

Accountants

KRW Accountants Limited
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Edgar Taylor Construction Ltd

(Registration number: 02804416)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

245,789

183,630

Current assets

 

Stocks

5

-

441,033

Debtors

6

1,062,591

1,075,126

Cash at bank and in hand

 

2,261,667

1,918,289

 

3,324,258

3,434,448

Creditors: Amounts falling due within one year

7

(1,312,959)

(1,594,165)

Net current assets

 

2,011,299

1,840,283

Total assets less current liabilities

 

2,257,088

2,023,913

Creditors: Amounts falling due after more than one year

7

(594,993)

(332,610)

Provisions for liabilities

(61,029)

(34,756)

Net assets

 

1,601,066

1,656,547

Capital and reserves

 

Called up share capital

5,710

5,710

Capital redemption reserve

4,290

4,290

Retained earnings

1,591,066

1,646,547

Shareholders' funds

 

1,601,066

1,656,547

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr James Taylor
Director

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
8 & 9 Apollo Office Court
Radclive Road
Gawcott
Buckinghamshire
MK18 4DF
England

These financial statements were authorised for issue by the Board on 12 October 2023.

The company registration number is 02804416

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 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.

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.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and adjustments about the carrying amount of assets and liabilities that are not readiliy apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods..

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.

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Contract revenue recognition

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract revenue achieved for work performed to date compared to the estimated total contract revenue. The percentage is applied to the total contract costs forecast which is then compared to the total contract costs incurred. These amounts are either presented as a debtor referred to as 'Amounts receivable on long term contracts', or as a creditor referred to as 'Amounts payable on long term contracts'.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

Land and buildings freehold

50 years straight line

Plant and machinery

Between 3 and 8 years straight line

Motor vehicles

Between 4 and 6 years straight line

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Rentals payable under opearting leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease, except wheer another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The company also operates a self administered pension scheme on behalf of the director James Taylor.

The number of directors for whom retirement benefits are accruing under the defined contribution schemes amounted to 2 (2022: 2)

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

189,533

233,678

423,211

Additions

1,437

171,080

172,517

Disposals

-

(47,993)

(47,993)

At 28 February 2023

190,970

356,765

547,735

Depreciation

At 1 March 2022

152,533

87,048

239,581

Charge for the year

12,249

65,105

77,354

Eliminated on disposal

-

(14,989)

(14,989)

At 28 February 2023

164,782

137,164

301,946

Carrying amount

At 28 February 2023

26,188

219,601

245,789

At 28 February 2022

37,000

146,630

183,630

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Amounts payable on long term contracts

-

441,033

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

179,261

272,754

Amounts owed by related parties

11

-

173,000

Prepayments

 

19,785

9,255

Other debtors

 

863,545

620,117

   

1,062,591

1,075,126

Included in other debtors are retentions held by customers for contract work amounting to £804,988 (2022: £575,897)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

271,401

768,232

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

200,000

-

Taxation and social security

 

120,007

279,896

Accruals and deferred income

 

178,358

169,497

Other creditors

 

543,193

376,540

 

1,312,959

1,594,165

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other creditors

594,993

332,610

Included in other creditors are amounts payable on long term contracts of £448,361 (2022: £NIL).

 

Edgar Taylor Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,710

5,710

5,710

5,710

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(24,775)

(24,775)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

25,740

42,912

Later than one year and not later than five years

34,320

65,072

60,060

107,984

The amount of non-cancellable operating lease payments recognised as an expense during the year was £35,024 (2022 - £29,688).

11

Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

12

Parent and ultimate parent undertaking

The company's immediate parent is Edgar Taylor Holdings Limited , incorporated in England and Wales .

 The ultimate parent is Mr J Taylor, by virtue of his 90% shareholding in the parent company.