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Registration number: 11621538

Edgar Taylor Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Edgar Taylor Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Edgar Taylor Homes 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 Homes Ltd

(Registration number: 11621538)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

-

2,336,721

Debtors

5

11,163

9,656

Cash at bank and in hand

 

538,185

268,584

 

549,348

2,614,961

Creditors: Amounts falling due within one year

6

(59,219)

(2,602,061)

Net assets

 

490,129

12,900

Capital and reserves

 

Called up share capital

100

100

Retained earnings

490,029

12,800

Shareholders' funds

 

490,129

12,900

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 Homes 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 11621538

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.

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.

Tax

The tax expense for the period comprises current 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.

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.

 

Edgar Taylor Homes Ltd

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

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.

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.

3

Staff numbers

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

 

Edgar Taylor Homes Ltd

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

4

Stocks

2023
£

2022
£

Work in progress

-

1,572,485

Other inventories

-

764,236

-

2,336,721

5

Debtors

Current

2023
£

2022
£

Other debtors

11,163

9,656

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

808

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

-

1,924,900

Taxation and social security

 

-

5,966

Accruals and deferred income

 

1,000

658,387

Other creditors

 

58,219

12,000

 

59,219

2,602,061

Other creditors include retetions held from suppliers for contract work amounting to £58,219 (2022 - £0).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

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 majority beneficial ownership.