REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
TAYLOR & SONS (GROWERS) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
TAYLOR & SONS (GROWERS) LIMITED |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TAYLOR & SONS (GROWERS) LIMITED |
COMPANY INFORMATION |
for the Year Ended 30th April 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ossington Chambers |
6-8 Castle Gate |
Newark |
Nottinghamshire |
NG24 1AX |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
BALANCE SHEET |
30th April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
BALANCE SHEET - continued |
30th April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Taylor & Sons (Growers) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Implements and equipment | - |
Office furniture and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 Statement of Income and Retained Earnings, 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 & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 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. |
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 |
4. | TANGIBLE FIXED ASSETS |
Office |
Implements | furniture |
Land and | and | and |
buildings | equipment | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1st May 2022 |
Additions |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st May 2022 |
Additions |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Cost or valuation at 30th April 2023 is represented by: |
Office |
Implements | furniture |
Land and | and | and |
buildings | equipment | fittings |
£ | £ | £ |
Valuation in 2017 | 4,204,747 | - | - |
Valuation in 2019 | (63,803 | ) | - | - |
Cost | 1,357,607 | 909,599 | 791 |
5,498,551 | 909,599 | 791 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2017 | - | - | 4,204,747 |
Valuation in 2019 | - | - | (63,803 | ) |
Cost | 11,944 | 2,513 | 2,282,454 |
11,944 | 2,513 | 6,423,398 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
30/4/23 | 30/4/22 |
£ | £ |
Cost | 1,264,114 | 1,264,114 |
Land and buildings were valued on an open market basis on 30th April 2023 by the directors . |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Implements |
and |
equipment |
£ |
COST OR VALUATION |
At 1st May 2022 |
and 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Fair value at 30th April 2023 is represented by: |
£ |
Valuation in 1991 | 78,008 |
Valuation in 1998 | 10,000 |
Valuation in 2000 | 20,000 |
Valuation in 2003 | 10,000 |
Valuation in 2004 | 95,815 |
Valuation in 2010 | 10,000 |
Valuation in 2015 | 40,000 |
Cost | 36,177 |
300,000 |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
30/4/23 | 30/4/22 |
£ | £ |
Cost | 36,177 | 36,177 |
The investment properties were valued on an open market basis on 30th April 2023 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 17,608 | 17,608 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Hire purchase contracts |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/4/23 | 30/4/22 |
£ | £ |
Bank loans |
Hire purchase contracts | 132,000 | 193,000 |
The bank loan is secured by first legal mortgages over 83.01 acres of land owned by the company at Norwell and land at Kneesall, Nottinghamshire. The bank also hold a fixed and floating charge over all the assets and undertaking of the company. |
10. | PROVISIONS FOR LIABILITIES |
30/4/23 | 30/4/22 |
£ | £ |
Deferred tax | 296,986 | 283,757 |
Deferred |
tax |
£ |
Balance at 1st May 2022 |
Credit to Other Comprehensive |
Income during year |
Accelerated capital allowances | 13,229 |
Balance at 30th April 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/4/23 | 30/4/22 |
value: | £ | £ |
Ordinary | £1 | 6,000 | 6,000 |
Ordinary "B" | £1 | 2 | 2 |
6,002 | 6,002 |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1st May 2022 |
and 30th April 2023 |
13. | CONTINGENT LIABILITIES |
The Company had no contingent liabilities at 30 April 2023 (2022 - Nil). |
TAYLOR & SONS (GROWERS) LIMITED (REGISTERED NUMBER: 00248625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
14. | CAPITAL COMMITMENTS |
30/4/23 | 30/4/22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | RELATED PARTY DISCLOSURES |
During the year, goods with a value of £9,783 (2022 - £9,179) were sold to Mr RDA Taylor. The transactions were all carried out at commercial rates. |
16. | ULTIMATE CONTROLLING PARTY |
Mr RDA Taylor and Mrs BA Taylor together have a controlling interest in the company. |