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Registration number: 00331333

Taylor Brothers Bristol Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Taylor Brothers Bristol Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Taylor Brothers Bristol Limited

(Registration number: 00331333)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

794,874

700,899

Current assets

 

Stocks

5

155,460

190,775

Debtors

6

677,048

925,476

Cash at bank and in hand

 

986,282

691,308

 

1,818,790

1,807,559

Creditors: Amounts falling due within one year

7

(753,780)

(959,059)

Net current assets

 

1,065,010

848,500

Total assets less current liabilities

 

1,859,884

1,549,399

Creditors: Amounts falling due after more than one year

7

(61,667)

(40,767)

Provisions for liabilities

(198,719)

(159,728)

Net assets

 

1,599,498

1,348,904

Capital and reserves

 

Called up share capital

7,200

7,200

Retained earnings

1,592,298

1,341,704

Shareholders' funds

 

1,599,498

1,348,904

 

Taylor Brothers Bristol Limited

(Registration number: 00331333)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 Profit and Loss Account.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 


Ms W Xue
Company secretary and director


Mr N Millen
Director

 

Taylor Brothers Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Units 5 & 6 Avon Valley Business Park Chapel Way
St. Annes Park
Bristol
BS4 4EU
England

These financial statements were authorised for issue by the Board on 17 April 2024.

2

Accounting policies

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 company, and rounded to the nearest £.

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.

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 in relation to revenue grants are recognised on the performance basis. Grant income is recognised in turnover when all of the performance-related conditions have been met and the company is unconditionally entitled to the grant.

 

Taylor Brothers Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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

Improvements to property

10% straight line

Plant and machinery

15 - 33% reducing balance

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.

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 Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 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 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.

 

Taylor Brothers Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 29 (2022 - 29).

 

Taylor Brothers Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

133,027

1,764,758

36,130

1,933,915

Additions

-

247,422

20,045

267,467

Disposals

-

(193,086)

(9,279)

(202,365)

At 30 September 2023

133,027

1,819,094

46,896

1,999,017

Depreciation

At 1 October 2022

53,676

1,164,762

14,578

1,233,016

Charge for the year

13,303

150,746

8,104

172,153

Eliminated on disposal

-

(193,011)

(8,015)

(201,026)

At 30 September 2023

66,979

1,122,497

14,667

1,204,143

Carrying amount

At 30 September 2023

66,048

696,597

32,229

794,874

At 30 September 2022

79,351

599,996

21,552

700,899

Included within the net book value of land and buildings above is £66,048 (2022 - £79,351) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

135,900

159,152

Other inventories

19,560

31,623

155,460

190,775

6

Debtors

2023
£

2022
£

Trade debtors

576,616

784,173

Other debtors

55,597

72,214

Prepayments

44,835

69,089

677,048

925,476

 

Taylor Brothers Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

55,886

43,405

Trade creditors

 

493,190

604,149

Social security and other taxes

 

77,793

161,739

Other creditors

 

1,217

948

Accruals

 

72,265

131,317

Deferred income

 

53,429

17,501

 

753,780

959,059

Due after one year

 

Loans and borrowings

8

61,667

40,767

Included in loans and borrowings are hire purchase contracts, which are secured against the assets to which they relate, of £117,553 (2022 - £84,172).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

61,667

40,767

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

55,886

43,405

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,248 (2022 - £68,010).

The total amount of capital commitments not included in the balance sheet is £Nil (2022 -£204,744).