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Registration number: 07295249

Steve Taylor Design Limited

Unaudited Filleted Financial Statements

for the Period from 1 August 2022 to 30 November 2023

 

Steve Taylor Design Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Steve Taylor Design Limited

Company Information

Directors

S Taylor

S A Taylor

Registered office

6 Clifford Avenue
Ings Road
Hull
HU8 0LU

 

Steve Taylor Design Limited

(Registration number: 07295249)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

795

Current assets

 

Debtors

5

11,641

325

Cash at bank and in hand

 

814,630

1,310,968

 

826,271

1,311,293

Creditors: Amounts falling due within one year

6

(69,522)

(269,917)

Net current assets

 

756,749

1,041,376

Total assets less current liabilities

 

756,749

1,042,171

Provisions for liabilities

-

(151)

Net assets

 

756,749

1,042,020

Capital and reserves

 

Called up share capital

100

100

Retained earnings

756,649

1,041,920

Shareholders' funds

 

756,749

1,042,020

For the financial period ending 30 November 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
S Taylor
Director

.........................................
S A Taylor
Director

 

Steve Taylor Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 07295249.

The address of its registered office is:
6 Clifford Avenue
Ings Road
Hull
HU8 0LU

These financial statements were authorised for issue by the Board on 22 February 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The company ceased to trade on 30th November 2023.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Disclosure of long or short period

The accounts have been prepared for a 16 month period following the decision of the Directors to cease trade. The results of the financial period are not comparable with the prior period for this reason.

Revenue recognition

Turnover arises from the sale of the provision of marketing services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of the rendering of services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the provision of services is recognised when the service is performed.

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 of each of the companies act

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

Steve Taylor Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
 

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

Furniture and fittings

25% Reducing balance

Office equipment

33% Straight line

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 the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Steve Taylor Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 2 (2022 - 2).

 

Steve Taylor Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

8,703

8,703

Disposals

(874)

(874)

At 30 November 2023

7,829

7,829

Depreciation

At 1 August 2022

7,908

7,908

Charge for the period

29

29

Eliminated on disposal

(108)

(108)

At 30 November 2023

7,829

7,829

Carrying amount

At 30 November 2023

-

-

At 31 July 2022

795

795

5

Debtors

2023
£

2022
£

Other debtors

11,641

325

11,641

325

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

58,393

255,825

Taxation and social security

 

-

3,492

Accruals and deferred income

 

11,129

10,600

 

69,522

269,917

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

58,393

255,825

Other borrowings relate to unsecured Director loans.

 

Steve Taylor Design Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

8

Related party transactions

Other transactions with Directors

At the period end, the net amount due to the Directors was £58,393 (2022: £255,825). The amount is unsecured, interest-free and repayable on demand.