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REGISTERED NUMBER: 07740764 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Taylor Technology Systems Limited

Taylor Technology Systems Limited (Registered number: 07740764)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 9


Taylor Technology Systems Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: M W Taylor
F JT Topple





SECRETARY: Miss L Taylor





REGISTERED OFFICE: Richmond Court
128 Maidstone Road
Sidcup
Kent
DA14 5HS





REGISTERED NUMBER: 07740764 (England and Wales)





ACCOUNTANTS: Charcroft Baker LLP
Chartered Accountants
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Taylor Technology Systems Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Taylor Technology Systems Limited for the year ended 31 August 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Taylor Technology Systems Limited, as a body, in accordance with the terms of our engagement letter dated 14 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Taylor Technology Systems Limited and state those matters that we have agreed to state to the Board of Directors of Taylor Technology Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taylor Technology Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Taylor Technology Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Taylor Technology Systems Limited. You consider that Taylor Technology Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Taylor Technology Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Charcroft Baker LLP
Chartered Accountants
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD


27 March 2024

Taylor Technology Systems Limited (Registered number: 07740764)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 94,126 134,271
94,126 134,271

CURRENT ASSETS
Stocks 25,256 69,992
Debtors 6 1,206,078 968,865
Cash at bank 786,579 789,587
2,017,913 1,828,444
CREDITORS
Amounts falling due within one year 7 781,909 500,250
NET CURRENT ASSETS 1,236,004 1,328,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,330,130

1,462,465

CREDITORS
Amounts falling due after more than one
year

8

-

(5,318

)

PROVISIONS FOR LIABILITIES (23,532 ) (25,512 )
NET ASSETS 1,306,598 1,431,635

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,306,498 1,431,535
SHAREHOLDERS' FUNDS 1,306,598 1,431,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Technology Systems Limited (Registered number: 07740764)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





M W Taylor - Director


Taylor Technology Systems Limited (Registered number: 07740764)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Taylor Technology Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and Machinery - 25% Straight Line
Office Equipment - 25% Straight Line
Furniture and Fixtures - 25% Straight Line
Motor Vehicles - 25% Straight Line
Improvements to property - 10% Straight Line

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.

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.

Taylor Technology Systems Limited (Registered number: 07740764)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 2,000
AMORTISATION
At 1 September 2022
and 31 August 2023 2,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

Taylor Technology Systems Limited (Registered number: 07740764)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 3,032 39,775 249,629 60,319 352,755
Additions - - 21,995 9,659 31,654
Disposals - - (10,800 ) - (10,800 )
At 31 August 2023 3,032 39,775 260,824 69,978 373,609
DEPRECIATION
At 1 September 2022 2,682 33,178 145,170 37,454 218,484
Charge for year 350 2,815 56,372 12,262 71,799
Eliminated on disposal - - (10,800 ) - (10,800 )
At 31 August 2023 3,032 35,993 190,742 49,716 279,483
NET BOOK VALUE
At 31 August 2023 - 3,782 70,082 20,262 94,126
At 31 August 2022 350 6,597 104,459 22,865 134,271

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022 184,536
Transfer to ownership (29,247 )
At 31 August 2023 155,289
DEPRECIATION
At 1 September 2022 91,556
Charge for year 38,822
Transfer to ownership (18,226 )
At 31 August 2023 112,152
NET BOOK VALUE
At 31 August 2023 43,137
At 31 August 2022 92,980

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 335,895 217,788
Other debtors 870,183 751,077
1,206,078 968,865

Taylor Technology Systems Limited (Registered number: 07740764)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 5,318 36,858
Trade creditors 551,413 299,530
Taxation and social security 182,280 139,060
Other creditors 42,898 24,802
781,909 500,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) - 5,318

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,318 36,858
Between one and five years - 5,318
5,318 42,176

Non-cancellable operating leases
2023 2022
£    £   
Within one year 26,673 14,037
Between one and five years 20,158 12,548
46,831 26,585

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
M W Taylor
Balance outstanding at start of year 94,665 101,726
Amounts advanced 344,525 155,489
Amounts repaid (240,000 ) (162,550 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 199,190 94,665

Taylor Technology Systems Limited (Registered number: 07740764)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

11. RELATED PARTY DISCLOSURES

During the year, the company paid rent of £75,000 (2022 : £75,000) to Taylor Technology Systems Ltd SSAS, the company's occupational pension scheme.


Included in other debtors is an amount of £1,000 (2022 : £7,012) owed by Taylor Technology Systems Ltd SSAS, the company's occupational pension scheme in respect of expenses paid on their behalf.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Taylor.