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REGISTERED NUMBER: SC136912 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Thomas Taylor (Bowls) Limited

Thomas Taylor (Bowls) Limited (Registered number: SC136912)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thomas Taylor (Bowls) Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: G Heron
Ms V Goldie



REGISTERED OFFICE: 217 Bernard Street
Glasgow
G40 3NB



REGISTERED NUMBER: SC136912 (Scotland)



ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN



BANKERS: Bank of Scotland
Sauchiehall Street
Glasgow

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 862,667 794,829
Investments 6 8 8
862,675 794,837

CURRENT ASSETS
Stocks 1,012,795 667,580
Debtors 7 1,412,186 1,424,108
Cash in hand 400 400
2,425,381 2,092,088
CREDITORS
Amounts falling due within one year 8 1,091,425 751,050
NET CURRENT ASSETS 1,333,956 1,341,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,196,631

2,135,875

CREDITORS
Amounts falling due after more than one
year

9

(236,625

)

(338,326

)

PROVISIONS FOR LIABILITIES (50,304 ) (4,217 )

ACCRUALS AND DEFERRED INCOME (23,510 ) (26,718 )
NET ASSETS 1,886,192 1,766,614

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Capital redemption reserve 225,000 225,000
Retained earnings 1,411,192 1,291,614
SHAREHOLDERS' FUNDS 1,886,192 1,766,614

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Balance Sheet - continued
31 October 2023


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

The members have not required the company to obtain an audit of its financial statements for the year 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





G Heron - Director


Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Thomas Taylor (Bowls) Limited is a private company, limited by shares , registered in Scotland. 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.

Preparation of consolidated financial statements
The financial statements contain information about Thomas Taylor (Bowls) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In preparing the financial statements, management is required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The significant items in the financial statements where these judgements are required (and the factors in play) include debtors (likelihood of recovery), fixed assets (depreciation rates & useful lives), stock obsolescence and the going concern basis of accounting.

Turnover
Turnover derived from ordinary activities is measured at the fair value of consideration received or receivable and represents the net sales of goods (excluding value added tax, sales discounts and rebates) after adjusting for work in progress.

Such turnover is recognised when the company becomes entitled to the income concerned and when the outcome of the transaction can be reliably measured. This occurs when:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill
Goodwill (being the amounts paid in connection with the acquisition of businesses in 2000 & 2006) was written off evenly over the estimated useful lives of the acquisitions (considered to be seven years) and has been fully depreciated in prior years.

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.
Land and buildings - Over the term of the lease
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on a "first in first out" basis, and includes all direct costs incurred plus attributable production overheads. Net realisable value is based on estimated selling price, allowing for all further costs of completion and disposal.

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effective of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 31 ) .

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 287,306
AMORTISATION
At 1 November 2022
and 31 October 2023 287,306
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 598,320 1,877,432 2,475,752
Additions - 142,522 142,522
Disposals - (53,289 ) (53,289 )
At 31 October 2023 598,320 1,966,665 2,564,985
DEPRECIATION
At 1 November 2022 161,630 1,519,293 1,680,923
Charge for year 8,087 64,583 72,670
Eliminated on disposal - (51,275 ) (51,275 )
At 31 October 2023 169,717 1,532,601 1,702,318
NET BOOK VALUE
At 31 October 2023 428,603 434,064 862,667
At 31 October 2022 436,690 358,139 794,829

Amounts reflected as "land & buildings" relate to long leasehold property.

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2022 193,057
Reclassification/transfer (18,371 )
At 31 October 2023 174,686
DEPRECIATION
At 1 November 2022 50,248
Charge for year 26,360
Reclassification/transfer (11,443 )
At 31 October 2023 65,165
NET BOOK VALUE
At 31 October 2023 109,521
At 31 October 2022 142,809

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 8
NET BOOK VALUE
At 31 October 2023 8
At 31 October 2022 8

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 206,969 183,417
Other debtors 1,198,967 1,234,441
1,405,936 1,417,858

Amounts falling due after more than one year:
Other debtors 6,250 6,250

Aggregate amounts 1,412,186 1,424,108

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 359,215 332,907
Hire purchase contracts (see note 10) 31,711 43,060
Trade creditors 478,841 147,193
Taxation and social security 28,456 64,594
Other creditors 193,202 163,296
1,091,425 751,050

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 79,166 129,167
Hire purchase contracts (see note 10) 26,814 58,514
Other creditors 130,645 150,645
236,625 338,326

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 35,918 46,611
Between one and five years 29,677 63,192
65,595 109,803

Finance charges repayable:
Within one year 4,207 3,551
Between one and five years 2,863 4,678
7,070 8,229

Net obligations repayable:
Within one year 31,711 43,060
Between one and five years 26,814 58,514
58,525 101,574

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,305 15,637
Between one and five years 87,355 38,929
In more than five years 452,625 461,500
575,285 516,066

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 309,215 282,907
Hire purchase contracts 58,525 101,574
Factor dues 113,590 102,458
481,330 486,939

The bank overdraft is secured by a standard security (dated June 1993) over the lease of the property at 217 Bernard Street, Glasgow, together with a bond and floating charge (dated April 1992) over the assets of the company, both in favour of the Bank of Scotland plc.

Liabilities under hire purchase contracts are secured over the assets concerned.

Factor dues are secured by a floating charge (dated April 2019) over all the property or undertaking of the company, in favour of Close Invoice Finance Limited.

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 30,900 -

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
G Heron
Balance outstanding at start of year 7,000 7,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,000 7,000

Interest is no longer charged on the outstanding balance.

Thomas Taylor (Bowls) Limited (Registered number: SC136912)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

At the financial year end, the company owed £130,645 (2022 - £150,645) to its controlling shareholders, which is included within Other Creditors. This unsecured loan is interest-free, and repayment is anticipated after more than one year.

15. ULTIMATE CONTROLLING PARTY

At 31 October 2022, Mr. A W Heron and Mrs. J. Heron are considered to be the ultimate controlling parties by
virtue of a joint controlling interest of 92% (2022 - 92%) in the company.