IRIS Accounts Production v24.1.9.2 03099260 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030992602022-10-31030992602023-10-31030992602022-11-012023-10-31030992602021-10-31030992602021-11-012022-10-31030992602022-10-3103099260ns15:EnglandWales2022-11-012023-10-3103099260ns14:PoundSterling2022-11-012023-10-3103099260ns10:Director12022-11-012023-10-3103099260ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103099260ns10:SmallEntities2022-11-012023-10-3103099260ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3103099260ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3103099260ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3103099260ns10:FullAccounts2022-11-012023-10-3103099260ns10:Director22022-11-012023-10-3103099260ns10:RegisteredOffice2022-11-012023-10-3103099260ns5:CurrentFinancialInstruments2023-10-3103099260ns5:CurrentFinancialInstruments2022-10-3103099260ns5:Non-currentFinancialInstruments2023-10-3103099260ns5:Non-currentFinancialInstruments2022-10-3103099260ns5:ShareCapital2023-10-3103099260ns5:ShareCapital2022-10-3103099260ns5:RetainedEarningsAccumulatedLosses2023-10-3103099260ns5:RetainedEarningsAccumulatedLosses2022-10-3103099260ns5:LeaseholdImprovements2022-11-012023-10-3103099260ns5:PlantMachinery2022-11-012023-10-3103099260ns5:FurnitureFittings2022-11-012023-10-3103099260ns5:ComputerEquipment2022-11-012023-10-3103099260ns5:LeaseholdImprovements2022-10-3103099260ns5:PlantMachinery2022-10-3103099260ns5:FurnitureFittings2022-10-3103099260ns5:ComputerEquipment2022-10-3103099260ns5:LeaseholdImprovements2023-10-3103099260ns5:PlantMachinery2023-10-3103099260ns5:FurnitureFittings2023-10-3103099260ns5:ComputerEquipment2023-10-3103099260ns5:LeaseholdImprovements2022-10-3103099260ns5:PlantMachinery2022-10-3103099260ns5:FurnitureFittings2022-10-3103099260ns5:ComputerEquipment2022-10-3103099260ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103099260ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103099260ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103099260ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103099260ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-3103099260ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-10-3103099260ns5:HirePurchaseContracts2023-10-3103099260ns5:HirePurchaseContracts2022-10-31
REGISTERED NUMBER: 03099260 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 October 2023

for

R L TAYLOR LTD

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

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


R L TAYLOR LTD

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: RL Taylor
JA Taylor





REGISTERED OFFICE: 3 Southernhay West
Exeter
Devon
EX1 1JG





REGISTERED NUMBER: 03099260 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 3,898,817 4,352,188

CURRENT ASSETS
Stocks 110,000 73,130
Debtors 6 1,252,975 1,056,973
Cash at bank 61,723 2,575
1,424,698 1,132,678
CREDITORS
Amounts falling due within one year 7 (2,172,313 ) (2,205,533 )
NET CURRENT LIABILITIES (747,615 ) (1,072,855 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,151,202

3,279,333

CREDITORS
Amounts falling due after more than one
year

8

(2,075,446

)

(1,793,039

)
NET ASSETS 1,075,756 1,486,294

CAPITAL AND RESERVES
Called up share capital 26,000 26,000
Retained earnings 1,049,756 1,460,294
1,075,756 1,486,294

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.

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Balance Sheet - continued
31 OCTOBER 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 Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:





JA Taylor - Director


R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

R L Taylor Ltd 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - at variable rates on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 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.

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Going concern
The company is currently dependent on substantial funding from the directors, the fixed asset financiers and working capital provided by an invoice discounting provider. If the company were unable to meet the terms and conditions under which these facilities are extended, they may be withdrawn, leaving the company with insufficient finance to continue its operations and meet its liabilities. However the directors believe that the company has sufficient working capital to meet its future needs.

Due to the current economic conditions and the company's involvement in the construction and associated industries, the directors do not believe it is possible to forecast with confidence a period of at least one year from the date of approval of the financial statements. However, based on the information currently available to the directors, they believe that it is appropriate to draw up financial statements on a going concern basis.

If the company were unable to continue as a going concern, the accounts would have to be adjusted to write down assets to their recoverable amount, to provide for any losses or liabilities that might arise and to reclassify fixed assets and long term creditors as current assets and current liabilities.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 20 ) .

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 75,992 7,705,686 32,004 73,037 7,886,719
Additions - 692,400 - - 692,400
Disposals - (965,933 ) - - (965,933 )
At 31 October 2023 75,992 7,432,153 32,004 73,037 7,613,186
DEPRECIATION
At 1 November 2022 37,995 3,397,688 26,073 72,775 3,534,531
Charge for year 7,599 606,046 1,182 49 614,876
Eliminated on disposal - (435,038 ) - - (435,038 )
At 31 October 2023 45,594 3,568,696 27,255 72,824 3,714,369
NET BOOK VALUE
At 31 October 2023 30,398 3,863,457 4,749 213 3,898,817
At 31 October 2022 37,997 4,307,998 5,931 262 4,352,188

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors
and accrued income 1,249,566 956,134
Other debtors - 94,449
Prepayments and accrued income 3,409 6,390
1,252,975 1,056,973

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 914,068 840,949
Trade creditors 495,239 335,102
Social security and other taxes 113,709 139,788
VAT 59,372 167,489
Other creditors 530,646 680,801
Pension 13,690 10,904
Net wages 14,539 -
Directors' loan accounts 25,000 25,000
Accruals and deferred income 6,050 5,500
2,172,313 2,205,533

R L TAYLOR LTD (REGISTERED NUMBER: 03099260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 1,409,746 1,071,429
Directors' loan accounts 665,700 721,610
2,075,446 1,793,039

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 914,068 840,949
Between one and five years 1,409,746 1,071,429
2,323,814 1,912,378

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 2,323,814 1,912,378

There is a fixed and floating charge with Bibby Financial Services Ltd dated 21 May 2021 over all land of the company.

There is a fixed charge with Lloyds TSB Commercial Finance Limited dated 26 October 2005 over all book and other debts of the company.

11. RELATED PARTY DISCLOSURES

The company is controlled by the directors who own 100% of the called up share capital.