Company registration number 10432804 (England and Wales)
JAMES TAYLOR HOMES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
JAMES TAYLOR HOMES GROUP LIMITED
COMPANY INFORMATION
Directors
M Coath
E Sohrab
Secretary
M Coath
Company number
10432804
Registered office
James Taylor House
St. Albans Road East
Hatfield
Hertfordshire
United Kingdom
AL10 0HE
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
JAMES TAYLOR HOMES GROUP LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Company balance sheet
9
Group balance sheet
7
Group statement of changes in equity
8
Notes to the financial statements
10 - 20
JAMES TAYLOR HOMES GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the company and group continued to be that of property development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Coath
E Sohrab
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Coath
Director
31 July 2024
JAMES TAYLOR HOMES GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JAMES TAYLOR HOMES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAMES TAYLOR HOMES GROUP LIMITED
- 3 -
Opinion

We have audited the financial statements of James Taylor Homes Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JAMES TAYLOR HOMES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES TAYLOR HOMES GROUP LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JAMES TAYLOR HOMES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES TAYLOR HOMES GROUP LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Tamkin (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
31 July 2024
Chartered Accountants
Statutory Auditor
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
JAMES TAYLOR HOMES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3,086,176
235,000
Cost of sales
(3,047,215)
(93,257)
Gross profit
38,961
141,743
Administrative expenses
(927,563)
(741,487)
Other operating income
1,107,005
1,273,920
Operating profit
218,403
674,176
Share of results of associates and joint ventures
(289,041)
1,441,973
Interest receivable and similar income
199,597
12,463
Interest payable and similar expenses
(766,249)
(923,078)
Other gains and losses
3
138,523
494,038
(Loss)/profit before taxation
(498,767)
1,699,572
Tax on (loss)/profit
2,710
-
0
(Loss)/profit for the financial year
(496,057)
1,699,572
JAMES TAYLOR HOMES GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 7 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,569
46,809
Investment properties
5
9,375,000
9,236,477
Investments
6
850,415
850,465
10,256,984
10,133,751
Current assets
Stocks
9
9,698,371
12,499,695
Debtors
10
4,986,655
5,103,623
Cash at bank and in hand
188,370
464,733
14,873,396
18,068,051
Creditors: amounts falling due within one year
11
(6,861,422)
(7,523,251)
Net current assets
8,011,974
10,544,800
Total assets less current liabilities
18,268,958
20,678,551
Creditors: amounts falling due after more than one year
12
(15,850,294)
(17,693,830)
Net assets
2,418,664
2,984,721
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,418,564
2,984,621
Total equity
2,418,664
2,984,721

These financial statements have been prepared in accordance with the provisions applicable to groups and 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:
31 July 2024
M Coath
Director
JAMES TAYLOR HOMES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 October 2022:
Balance at 1 November 2021
100
1,335,049
1,335,149
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
1,699,572
1,699,572
Dividends
-
(50,000)
(50,000)
Balance at 31 October 2022
100
2,984,621
2,984,721
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
(496,057)
(496,057)
Dividends
-
(70,000)
(70,000)
Balance at 31 October 2023
100
2,418,564
2,418,664
JAMES TAYLOR HOMES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
6
850,721
850,670
Current assets
Stocks
9
1,486,639
1,258,798
Debtors
10
10,272,117
10,093,205
Cash at bank and in hand
52,615
250,848
11,811,371
11,602,851
Creditors: amounts falling due within one year
11
(6,785,975)
(7,415,514)
Net current assets
5,025,396
4,187,337
Total assets less current liabilities
5,876,117
5,038,007
Creditors: amounts falling due after more than one year
12
(4,423,734)
(3,285,956)
Net assets
1,452,383
1,752,051
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,452,283
1,751,951
Total equity
1,452,383
1,752,051

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

These financial statements have been prepared 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:
31 July 2024
M Coath
Director
Company registration number 10432804 (England and Wales)
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
1
Accounting policies
1.1
Company information

James Taylor Homes Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, 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.

1.3
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company James Taylor Homes Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

After reviewing the Group's forecasts and projections and taking into account the economic conditions, continued support from The James Taylor Group Limited and possible changes in trading performance, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group 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 group's ability to continue as a going concern.

JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
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.

1.6
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.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Stocks

Stock 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.

JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 12 -

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.

1.9
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.

1.10
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.

1.11
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.

1.12
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 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.

JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 13 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

1.14

Dividend income

Dividend income is recognised when the right to receive payment is established.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

 

Profit recognition

Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property.

 

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 estimates described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

3
Other gains and losses
2023
2022
£
£
Fair value gains/(losses)
Gain on investment properties
138,523
494,038
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
4
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
70,939
Depreciation and impairment
At 1 November 2022
24,130
Depreciation charged in the year
15,240
At 31 October 2023
39,370
Carrying amount
At 31 October 2023
31,569
At 31 October 2022
46,809
The company had no tangible fixed assets at 31 October 2023 or 31 October 2022.
5
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 November 2022 and 31 October 2023
9,236,477
-
Revaluations
138,523
-
At 31 October 2023
9,375,000
-

Investment property was valued on an open market basis on 31 October 2023 by the directors.

6
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
850,415
850,465
850,721
850,670
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Fixed asset investments
(Continued)
- 15 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 November 2022
850,465
Transfer
(50)
At 31 October 2023
850,415
Carrying amount
At 31 October 2023
850,415
At 31 October 2022
850,465
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 November 2022
850,670
Additions
51
Transfer
50
Disposals
(50)
At 31 October 2023
850,721
Carrying amount
At 31 October 2023
850,721
At 31 October 2022
850,670
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
7
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
James Taylor Homes Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
Barhos Developments Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Lincoln Inn) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Lincoln Inn Freehold) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
-
100.00
James Taylor Homes (Harrow) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Slough) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Blake House) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Grays Inn Limited)
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Design and Build Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-
James Taylor Homes (Kingston Freehold) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
-
100.00
James Taylor Homes Brighton
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
100.00
-

All subsidiary undertakings are incorporated in England and Wales.

JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
8
Associates

Details of associates at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
James Taylor Homes (Newton Longville) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
50
-
James Taylor Homes (Verulamium) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
-
50
James Taylor Homes (Investment) Limited
James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE
Property development
Ordinary
50
-
9
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Stocks
9,698,371
12,499,695
1,486,639
1,258,798

Sales in the year of completed properties resulted in £907,561 of these finance costs being released to cost of sales (2022: £Nil).

 

At the year end the remaining capitalised finance costs included within stock totalled £2,552,869 (2022: £3,445,689).

10
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
29,241
61,358
-
0
-
0
Amounts owed by group undertakings
-
-
6,721,510
6,794,396
Other debtors
406,916
449,545
58,121
53,142
436,157
510,903
6,779,631
6,847,538
Amounts falling due after more than one year:
Other debtors
4,550,498
4,592,720
3,492,486
3,245,667
Total debtors
4,986,655
5,103,623
10,272,117
10,093,205
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
11
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
29,766
45,804
3,000
8,894
Amounts owed to group undertakings
-
0
-
0
84,199
855
Taxation and social security
11,485
12,244
-
0
-
0
Other creditors
6,820,171
7,465,203
6,698,776
7,405,765
6,861,422
7,523,251
6,785,975
7,415,514
12
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
10,736,186
13,717,500
-
0
-
0
Other creditors
5,114,108
3,976,330
4,423,734
3,285,956
15,850,294
17,693,830
4,423,734
3,285,956
13
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
10,736,186
13,717,500
-
0
-
0
Other loans
5,374,639
4,961,874
4,684,265
4,271,500
16,110,825
18,679,374
4,684,265
4,271,500
Payable within one year
260,531
985,544
260,531
985,544
Payable after one year
15,850,294
17,693,830
4,423,734
3,285,956

Interest bearing loans of £11,426,560 (2022: £14,407,874 ) are secured by legal charges over property held as either stock or fixed assets. There is also a fixed charge and negative pledge.

 

JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
14
Operating lease commitments
Lessor

At the reporting end date the group had contracted with tenants/agents for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Total lease payments
593,006
709,711
-
-
15
Related party transactions

At the year end James Taylor Group Limited a company which M Coath is a director of, was owed outstanding loans by the group. The balance at the year end was £6,322,145 (2022: £6,175,723). Management charges of £295,680 were incurred by the business from a the same company.

 

At the year end, loans made to James Taylor Homes Group by relatives of the directors had an outstanding balance of £197,689 ( 2022: £197,702)

 

Loans of £88,919 (2022: £156,960) were owed to a director of which one of the loans bares 4% interest per annum.

 

At the year end, a company that shares a director with James Taylor Homes Group was owed £977,103 (2021:£500,000)

 

During the year, costs for I.T costs and consulting of £120,677 were incurred from a business which is owned by a close relative of the director of this business.

16
Prior period adjustment

The prior period adjustment relates to the reclassification of the effect of amortising loans to associates.

In the prior year the effect was presented as equity and has therefore been reclassified to reflect the correct accounting treatment as additional investments.

 

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Oct 2022
£
£
£
Fixed assets
Investments
150
850,315
850,465
Capital and reserves
Profit and loss reserves
2,134,306
850,315
2,984,621
JAMES TAYLOR HOMES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
16
Prior period adjustment
(Continued)
- 20 -
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Oct 2022
£
£
£
Fixed assets
Investments
355
850,315
850,670
Capital and reserves
Profit and loss reserves
901,636
850,315
1,751,951
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