Company registration number 11394758 (England and Wales)
JAMES TAYLOR HOMES (SLOUGH) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR HOMES (SLOUGH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JAMES TAYLOR HOMES (SLOUGH) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
3,475,000
3,336,477
Current assets
Debtors
4
22,193
21,118
Cash at bank and in hand
55,020
62,123
77,213
83,241
Creditors: amounts falling due within one year
5
(1,476,213)
(1,379,129)
Net current liabilities
(1,399,000)
(1,295,888)
Total assets less current liabilities
2,076,000
2,040,589
Creditors: amounts falling due after more than one year
6
(2,475,000)
(2,475,000)
Net liabilities
(399,000)
(434,411)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(399,001)
(434,412)
Total equity
(399,000)
(434,411)
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:
Mr. M Coath
Director
Company Registration No. 11394758
JAMES TAYLOR HOMES (SLOUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
James Taylor Homes (Slough) 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.
1.1
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.
1.2
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of true£399,000 (2022: £434,411), which the directors believe to be appropriate for the following reasons.
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future including support from the group that the company is a part of.
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.
1.3
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks represents property acquired for development together with work in progress on those properties. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs.
In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business and not placed on the market for immediate sale in their current state of development.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
JAMES TAYLOR HOMES (SLOUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
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.
1.10
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.
JAMES TAYLOR HOMES (SLOUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
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 key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Investment properties
Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data and rent levels and cash flows for the respective investment property. There is an inevitable degree of judgement involved. Given the property market knowledge and expertise of the directors and within the group, no formal third party valuation has been considered necessary.
Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.
With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.
3
Investment property
2023
£
Fair value
At 1 November 2022
3,336,477
Revaluations
138,523
At 31 October 2023
3,475,000
The investment property was transfered from stock during the year ended 31 October 2022 and was valued on an open market basis on 31 October 2023 by the directors.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
599
700
Other debtors
21,594
20,418
22,193
21,118
JAMES TAYLOR HOMES (SLOUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,959
Amounts owed to group undertakings
1,454,713
1,371,462
Other creditors
13,541
7,667
1,476,213
1,379,129
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,475,000
2,475,000
7
Loans and overdrafts
2023
2022
£
£
Bank loans
2,475,000
2,475,000
Payable after one year
2,475,000
2,475,000
The bank loan of £2,475,000 is secured by a first legal charge over property held in stock and a charge over a cash deposit held with the lender. A limited guarantee from other group companies and from the James Taylor Group Limited is also in place.
8
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.
The senior statutory auditor was Gary Tamkin.
The auditor was Azets Audit Services.
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Total lease payments
108,867
142,730
JAMES TAYLOR HOMES (SLOUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
10
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 within the group.
11
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.