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REGISTERED NUMBER: 00847654




















Taylor-Kightley Engineering Company Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2023






Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)






Contents of the Financial Statements
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Taylor-Kightley Engineering Company Ltd

Company Information
for the year ended 30 June 2023







DIRECTOR: Dr P Kightley PhD





REGISTERED OFFICE: Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 00847654





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 957,162 958,499

CURRENT ASSETS
Stocks 5 1,879 1,878
Debtors 6 245,431 266,196
Cash at bank and in hand 1,464,196 1,209,965
1,711,506 1,478,039
CREDITORS
Amounts falling due within one year 7 310,876 267,565
NET CURRENT ASSETS 1,400,630 1,210,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,357,792

2,168,973

PROVISIONS FOR LIABILITIES 165,294 158,381
NET ASSETS 2,192,498 2,010,592

CAPITAL AND RESERVES
Called up share capital 11 3,770 3,770
Capital redemption reserve 12 5,000 5,000
Fair value reserve 12 542,977 556,221
Retained earnings 12 1,640,751 1,445,601
SHAREHOLDERS' FUNDS 2,192,498 2,010,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2024 and were signed by:





Dr P Kightley PhD - Director


Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Taylor Kightley Engineering Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address can be found on the Company Information Page.

The principal place of business is 1 Pond Wood Close, Moulton Park, Northampton, NN3 6RT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the 30th June each year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover and pre tax profit is wholly attributable to the operating activities of the company. Turnover is recognised upon evidence of the date the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided at rates calculated to write off the cost less the residual value of each asset over its expected useful life, as follows;

Freehold property-over 50 years
Plant and machinery
-
three quarters of the initial purchase price over 5 years
with the remainder over a further 5 years
Fixtures, fittings and equipment -over 2 to 5 years
Motor vehicles -over 4 years

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 950,000 3,235,801 81,677 20,683 4,288,161
Additions - 48,880 25,738 - 74,618
At 30 June 2023 950,000 3,284,681 107,415 20,683 4,362,779
DEPRECIATION
At 1 July 2022 143,176 3,113,671 58,643 14,172 3,329,662
Charge for year 17,897 45,980 10,416 1,662 75,955
At 30 June 2023 161,073 3,159,651 69,059 15,834 3,405,617
NET BOOK VALUE
At 30 June 2023 788,927 125,030 38,356 4,849 957,162
At 30 June 2022 806,824 122,130 23,034 6,511 958,499

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2022 249,600
Transfer to ownership (249,600 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 177,809
Charge for year 18,740
Transfer to ownership (196,549 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 71,791

5. STOCKS
2023 2022
£    £   
Stocks 1,879 1,878

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 205,400 235,174
Other debtors 40,031 31,022
245,431 266,196

Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 6,784
Trade creditors 21,363 88,622
Amounts owed to participating interests 105 -
Taxation and social security 147,199 131,203
Other creditors 142,209 40,956
310,876 267,565

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 6,784

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 6,784

There is one fixed and floating charges over the property in favour of Lloyds Bank Plc.

10. FINANCIAL RISK MANAGEMENT

The company has some exposure to foreign currency, credit, liquidity and market risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company has some exposure to foreign currency risks, but is mitigated by ensuring most of the company's sales and purchases are denominated in sterling.

Credit risk
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage. Where a problem is identified the directors will take appropriate steps to mitigate the risk as far as possible.

Liquidity risk
The director has ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities.

Market risk
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and competition.

The company holds no derivative financial instruments at the year end.

Taylor-Kightley Engineering Company Ltd (Registered number: 00847654)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,770 Ordinary shares £1 3,770 3,770

12. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2022 1,445,601 5,000 556,221 2,006,822
Profit for the year 189,406 - - 189,406
Dividends (7,500 ) - - (7,500 )
Depreciation reserve transfer 16,640 - (16,640 ) -
Unwinding of deferred tax (3,396 ) - 3,396 -
At 30 June 2023 1,640,751 5,000 542,977 2,188,728

13. RELATED PARTY DISCLOSURES

During the year the company traded with a company under common control:

Sales Purchases Debtors Creditors
£ £ £ £

Transactions with entities under common
control

-

369,000

-

18,105

- 369,000 - 18,105

All related party transactions are undertaken at arm's length on normal commercial terms.