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REGISTERED NUMBER: 05209505 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 31 OCTOBER 2023

FOR

TAYLORS OF PICKERING LIMITED

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 January 2023 to 31 October 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TAYLORS OF PICKERING LIMITED

COMPANY INFORMATION
for the period 1 January 2023 to 31 October 2023







DIRECTORS: Mrs M Taylor
P Taylor





REGISTERED OFFICE: 42 Market Place
Pickering
North Yorkshire
YO18 7AE





REGISTERED NUMBER: 05209505 (England and Wales)

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

STATEMENT OF FINANCIAL POSITION
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 72,010 88,228
72,010 88,228

CURRENT ASSETS
Inventories 18,762 23,873
Debtors 6 73,140 100,930
Cash at bank and in hand 10,067 13,179
101,969 137,982
CREDITORS
Amounts falling due within one year 7 120,136 137,001
NET CURRENT (LIABILITIES)/ASSETS (18,167 ) 981
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,843

89,209

CREDITORS
Amounts falling due after more than one year 8 (48,890 ) (66,644 )

PROVISIONS FOR LIABILITIES (17,653 ) (22,057 )
NET (LIABILITIES)/ASSETS (12,700 ) 508

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings (12,804 ) 404
(12,700 ) 508

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 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.

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

STATEMENT OF FINANCIAL POSITION - continued
31 October 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 10 April 2024 and were signed on its behalf by:





P Taylor - Director


TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 January 2023 to 31 October 2023


1. STATUTORY INFORMATION

Taylors of Pickering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have considered the financial resources and commitments of the company and concluded that they have sufficient resources to meet liabilities as they fall due. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions
The directors do not consider that any estimates or assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, was being amortised evenly over its estimated useful life of twenty years. As of 1st January 2015 it was being amortised evenly over its remaining useful life of five 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.

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset overs its estimated useful life.

Short leasehold- 10% on cost
Plant and machinery- 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value.

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 October 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Iinterest is charged to the profit and loss account using the effective interest method over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 October 2023 284,388
AMORTISATION
At 1 January 2023
and 31 October 2023 284,388
NET BOOK VALUE
At 31 October 2023 -
At 31 December 2022 -

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 October 2023


5. PROPERTY, PLANT AND EQUIPMENT
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 January 2023 6,660 213,289 219,949
Additions - 2,200 2,200
At 31 October 2023 6,660 215,489 222,149
DEPRECIATION
At 1 January 2023 6,660 125,061 131,721
Charge for period - 18,418 18,418
At 31 October 2023 6,660 143,479 150,139
NET BOOK VALUE
At 31 October 2023 - 72,010 72,010
At 31 December 2022 - 88,228 88,228

The net book value of property, plant and equipment includes £ 56,563 (2022 - £ 80,266 ) in respect of assets held under hire purchase contracts.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 65,395 79,271
s455 tax recoverable 5,014 4,226
Other debtors 2,731 16,645
73,140 100,142

Amounts falling due after more than one year:
s455 tax recoverable - 788

Aggregate amounts 73,140 100,930

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 13,345 24,723
Trade creditors 74,283 71,114
Taxation and social security 3,348 1,099
Other creditors 19,160 30,065
120,136 137,001

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,667 25,000
Hire purchase contracts 32,223 41,644
48,890 66,644

TAYLORS OF PICKERING LIMITED (REGISTERED NUMBER: 05209505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 October 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 26,667 35,000
Hire purchase contracts 45,568 66,367
72,235 101,367

The banks overdraft facility and loan is secured by a legal charge over properties 42, 42A and 42B Market Place, Pickering which are owned by Mrs J E Taylor, director together with a Debenture on the Bank's standard form and a personal guarantee from the directors of the company limited at £150,000.

Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 October 2023 and the year ended 31 December 2022:

2023 2022
£    £   
Mrs M Taylor
Balance outstanding at start of period 3,154 20,058
Amounts advanced 179 19,723
Amounts repaid (3,333 ) (36,627 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 3,154

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.