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Registration number: 08134610

Taylor Brothers Builders Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Taylor Brothers Builders Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Taylor Brothers Builders Ltd

(Registration number: 08134610)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,450

2,004

Current assets

 

Debtors

5

17,671

18,555

Cash at bank and in hand

 

8,957

14,500

 

26,628

33,055

Creditors: Amounts falling due within one year

6

(10,732)

(9,818)

Net current assets

 

15,896

23,237

Total assets less current liabilities

 

43,346

25,241

Creditors: Amounts falling due after more than one year

6

(9,670)

-

Provisions for liabilities

(5,216)

(381)

Net assets

 

28,460

24,860

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,360

24,760

Shareholders' funds

 

28,460

24,860

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 March 2024
 

 

Taylor Brothers Builders Ltd

(Registration number: 08134610)
Balance Sheet as at 31 July 2023

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

 

Taylor Brothers Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
7a King Street
Frome
Somerset
BA11 1BH

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Taylor Brothers Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Motor vehicles

25 reducing balance

Office equipment

25% on cost

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Taylor Brothers Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Taylor Brothers Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

3,144

20,450

23,594

Additions

-

36,600

36,600

Disposals

-

(20,450)

(20,450)

At 31 July 2023

3,144

36,600

39,744

Depreciation

At 1 August 2022

3,144

18,446

21,590

Charge for the year

-

9,150

9,150

Eliminated on disposal

-

(18,446)

(18,446)

At 31 July 2023

3,144

9,150

12,294

Net book value

At 31 July 2023

-

27,450

27,450

At 31 July 2022

-

2,004

2,004

5

Debtors

2023
£

2022
£

Trade debtors

15,673

17,926

Other debtors

1,939

-

Prepayments

59

629

17,671

18,555

 

Taylor Brothers Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

4,540

-

Trade creditors

 

1,859

2,831

Taxation and social security

 

414

425

Accruals and deferred income

 

1,505

1,400

Other creditors

 

2,414

3,223

Corporation tax

 

-

1,939

 

10,732

9,818

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

9,670

-

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

9,670

-

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

4,540

-