Company registration number 11449434 (England and Wales)
JAMES TAYLOR DESIGN AND BUILD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR DESIGN AND BUILD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JAMES TAYLOR DESIGN AND BUILD LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
84,192
13,308
Cash at bank and in hand
10,784
68,776
94,976
82,084
Creditors: amounts falling due within one year
5
(60,564)
(72,798)
Net current assets
34,412
9,286
Net assets
34,413
9,287
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
34,313
9,187
Total equity
34,413
9,287
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
M Coath
Director
Company Registration No. 11449434
JAMES TAYLOR DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
1.1
Company information
James Taylor Design and Build Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
Having prepared forecasts and projections for the company and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable from the sale of developed property and other related income. Turnover from property sales is recognised at the date of exchange.
Rental income is recognised on a straight-line basis over the rental term.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
JAMES TAYLOR DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
1.7
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider that there are no significant judgements or estimates in preparation of these financial statements.
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
JAMES TAYLOR DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
84,192
Other debtors
13,308
84,192
13,308
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
8,714
19,913
Other creditors
51,850
52,885
60,564
72,798
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gary Tamkin
Statutory Auditor:
Azets Audit Services
7
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries with the group.
8
Parent company
The directors regard James Taylor Homes Group Limited as the ultimate parent company. The registered office of the ultimate parent company is James Taylor House, St Albans Road East, Hatfield, Hertfordshire, AL10 0HE . The largest group of undertakings for which group financial statements have been drawn up is that headed by James Taylor Homes Group Limited. Copies of the group financial statements may be obtained from Companies House.