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REGISTERED NUMBER: 11221942 (England and Wales)















TAYLOR PLANT HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TAYLOR PLANT HIRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: Mr D W A Taylor





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





BUSINESS ADDRESS: Marshlands Farm House
Marshlands Farm, Lower Road
Minster On Sea
SHEERNESS
Kent
ME12 3RT





REGISTERED NUMBER: 11221942 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 323 -
Tangible assets 6 111,733 116,334
112,056 116,334

CURRENT ASSETS
Debtors 7 111,677 94,769
Cash at bank and in hand 17,383 38,480
129,060 133,249
CREDITORS
Amounts falling due within one year 8 79,859 89,619
NET CURRENT ASSETS 49,201 43,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,257

159,964

CREDITORS
Amounts falling due after more than one
year

9

(36,330

)

(51,665

)

PROVISIONS FOR LIABILITIES (27,953 ) (22,103 )
NET ASSETS 96,974 86,196

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 96,874 86,096
SHAREHOLDERS' FUNDS 96,974 86,196

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 16 January 2024 and were signed by:





Mr D W A Taylor - Director


TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Taylor Plant Hire 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

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

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.

Personalised number plate is being amortised evenly over its estimated useful life of four years.

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% on cost and 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest 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.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

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 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. INTANGIBLE FIXED ASSETS
Personalised
number
plate
£   
COST
Additions 419
At 30 April 2023 419
AMORTISATION
Amortisation for year 96
At 30 April 2023 96
NET BOOK VALUE
At 30 April 2023 323

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2022 171,570 3,281 1,233 176,084
Additions 54,774 - - 54,774
Disposals (29,750 ) - - (29,750 )
At 30 April 2023 196,594 3,281 1,233 201,108
DEPRECIATION
At 1 May 2022 56,549 2,213 988 59,750
Charge for year 29,383 716 137 30,236
Eliminated on disposal (611 ) - - (611 )
At 30 April 2023 85,321 2,929 1,125 89,375
NET BOOK VALUE
At 30 April 2023 111,273 352 108 111,733
At 30 April 2022 115,021 1,068 245 116,334

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2022 88,700
Additions 16,000
Transfer to ownership (32,700 )
At 30 April 2023 72,000
DEPRECIATION
At 1 May 2022 35,194
Charge for year 11,260
Transfer to ownership (20,331 )
At 30 April 2023 26,123
NET BOOK VALUE
At 30 April 2023 45,877
At 30 April 2022 53,506

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 27,338 37,320
Other debtors 31,766 31,766
VAT refund - 781
Corporation tax refund - 1,889
Prepayments and accrued income 52,573 23,013
111,677 94,769

TAYLOR PLANT HIRE LIMITED (REGISTERED NUMBER: 11221942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 11,720 7,991
Hire purchase contracts 17,322 11,198
Trade creditors 19,916 54,199
VAT 2,379 -
Other creditors - 21
Accruals 2,400 1,900
Other taxes and PAYE 10,650 10,691
Marshlands Lettings Limited 1,000 -
Directors' Current Accounts 14,472 3,619
79,859 89,619

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans - 1-2 years 8,400 8,193
Bank loans - 2-5 years 10,803 19,203
Hire purchase contracts 17,127 24,269
36,330 51,665

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
100 Ordinary £1 100 100