Taylor Lewis Limited 07057253 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is quantity surveying. Digita Accounts Production Advanced 6.30.9574.0 true true 07057253 2022-11-01 2023-10-31 07057253 2023-10-31 07057253 core:FinanceLeases core:CurrentFinancialInstruments 2023-10-31 07057253 core:FinanceLeases core:Non-currentFinancialInstruments 2023-10-31 07057253 core:CurrentFinancialInstruments 2023-10-31 07057253 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 07057253 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 07057253 core:Goodwill 2023-10-31 07057253 core:BetweenTwoFiveYears 2023-10-31 07057253 core:WithinOneYear 2023-10-31 07057253 core:MotorVehicles 2023-10-31 07057253 core:PlantMachinery 2023-10-31 07057253 bus:SmallEntities 2022-11-01 2023-10-31 07057253 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07057253 bus:FullAccounts 2022-11-01 2023-10-31 07057253 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 07057253 bus:RegisteredOffice 2022-11-01 2023-10-31 07057253 bus:Director1 2022-11-01 2023-10-31 07057253 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07057253 core:Goodwill 2022-11-01 2023-10-31 07057253 core:MotorVehicles 2022-11-01 2023-10-31 07057253 core:PlantMachinery 2022-11-01 2023-10-31 07057253 countries:EnglandWales 2022-11-01 2023-10-31 07057253 2022-10-31 07057253 core:Goodwill 2022-10-31 07057253 core:MotorVehicles 2022-10-31 07057253 core:PlantMachinery 2022-10-31 07057253 2021-11-01 2022-10-31 07057253 2022-10-31 07057253 core:FinanceLeases core:CurrentFinancialInstruments 2022-10-31 07057253 core:FinanceLeases core:Non-currentFinancialInstruments 2022-10-31 07057253 core:CurrentFinancialInstruments 2022-10-31 07057253 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 07057253 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 07057253 core:BetweenTwoFiveYears 2022-10-31 07057253 core:WithinOneYear 2022-10-31 07057253 core:MotorVehicles 2022-10-31 07057253 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 07057253

Taylor Lewis Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Taylor Lewis Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Taylor Lewis Limited

(Registration number: 07057253)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

240,694

303,024

Current assets

 

Debtors

6

1,565,078

1,117,738

Cash at bank and in hand

 

112,625

53,662

 

1,677,703

1,171,400

Creditors: Amounts falling due within one year

7

(546,644)

(500,781)

Net current assets

 

1,131,059

670,619

Total assets less current liabilities

 

1,371,753

973,643

Creditors: Amounts falling due after more than one year

7

(104,790)

(111,205)

Provisions for liabilities

(60,174)

(75,756)

Net assets

 

1,206,789

786,682

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,206,689

786,582

Shareholders' funds

 

1,206,789

786,682

For the financial year ending 31 October 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 year 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

 

Taylor Lewis Limited

(Registration number: 07057253)
Statement of Financial Position as at 31 October 2023 (continued)


Mr R S Jackson
Director

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 1C
The Venture Centre
Yeoford Way
Exeter
Devon
EX2 8LB

Principal activity

The principal activity of the company is quantity surveying.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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 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 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.

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

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2022 - 41).

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

2,000,000

2,000,000

At 31 October 2023

2,000,000

2,000,000

Amortisation

At 1 November 2022

2,000,000

2,000,000

At 31 October 2023

2,000,000

2,000,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

67,429

375,746

443,175

Additions

12,945

125,649

138,594

Disposals

-

(101,448)

(101,448)

At 31 October 2023

80,374

399,947

480,321

Depreciation

At 1 November 2022

38,037

102,114

140,151

Charge for the year

12,655

86,821

99,476

At 31 October 2023

50,692

188,935

239,627

Carrying amount

At 31 October 2023

29,682

211,012

240,694

At 31 October 2022

29,392

273,632

303,024

6

Debtors

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

6

Debtors (continued)

Note

2023
£

2022
£

Trade debtors

 

445,939

390,648

Amounts owed by related parties

1,062,139

701,014

Prepayments

 

4,803

4,194

Accrued income

 

52,197

21,882

 

1,565,078

1,117,738

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

74,850

96,787

Trade creditors

 

65,892

114,633

Taxation and social security

 

299,550

198,275

Accruals and deferred income

 

33,095

25,865

Other creditors

 

73,257

65,221

 

546,644

500,781

Creditors include net obligations under finance lease and hire purchase contracts of £74,850 (2022 - £96,787) which are secured against the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

104,790

111,205

Creditors include net obligations under finance lease and hire purchase contracts of £104,790 (2022 - £111,205) which are secured against the assets to which they relate.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Taylor Lewis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

104,790

111,205

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

74,850

96,787

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

41,727

36,500

Later than one year and not later than five years

57,000

94,167

98,727

130,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £52,092 (2022 - £38,170).