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REGISTERED NUMBER: 04639626 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

S TAYLOR & SON LIMITED

S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S TAYLOR & SON LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Mr R Taylor
Mrs V J Taylor
Mr J R Taylor





REGISTERED OFFICE: 5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU





REGISTERED NUMBER: 04639626 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 324,082 494,679
324,082 494,679

CURRENT ASSETS
Stocks 210,938 277,100
Debtors 6 524,205 460,989
Cash at bank and in hand 543,240 441,575
1,278,383 1,179,664
CREDITORS
Amounts falling due within one year 7 605,452 663,331
NET CURRENT ASSETS 672,931 516,333
TOTAL ASSETS LESS CURRENT LIABILITIES 997,013 1,011,012

CREDITORS
Amounts falling due after more than
one year

8

(118,645

)

(156,388

)

PROVISIONS FOR LIABILITIES (61,576 ) (68,041 )
NET ASSETS 816,792 786,583

CAPITAL AND RESERVES
Called up share capital 51 51
Capital redemption reserve 49 49
Retained earnings 816,692 786,483
SHAREHOLDERS' FUNDS 816,792 786,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

BALANCE SHEET - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mr R Taylor - Director


S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

S Taylor & Son Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of woodwork and joinery is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, 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 amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants
The company received government grants in respect of the local authority support for business and the coronavirus job retention scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 105,000
AMORTISATION
At 1 April 2023
and 31 March 2024 105,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 164,312 1,225,488 1,389,800
Additions - 94,554 94,554
Disposals (164,312 ) - (164,312 )
At 31 March 2024 - 1,320,042 1,320,042
DEPRECIATION
At 1 April 2023 27,741 867,380 895,121
Charge for year - 128,580 128,580
Eliminated on disposal (27,741 ) - (27,741 )
At 31 March 2024 - 995,960 995,960
NET BOOK VALUE
At 31 March 2024 - 324,082 324,082
At 31 March 2023 136,571 358,108 494,679


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 381,975 343,676
Other debtors 142,230 117,313
524,205 460,989

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loan 20,000 20,000
Hire purchase contracts (see note 9) 19,446 20,000
Payments on account 58,652 80,589
Trade creditors 359,328 418,195
Taxation and social security 138,547 111,680
Other creditors 9,479 12,867
605,452 663,331

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 33,333 53,333
Hire purchase contracts (see note 9) 52,484 68,632
Other creditors 32,828 34,423
118,645 156,388

S TAYLOR & SON LIMITED (REGISTERED NUMBER: 04639626)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,446 20,000
Between one and five years 52,484 68,632
71,930 88,632

Non-cancellable operating leases
2024 2023
£    £   
Within one year 25,000 -
Between one and five years 89,583 -
114,583 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr R Taylor
Balance outstanding at start of year 112,851 (18,701 )
Amounts advanced 113,947 230,651
Amounts repaid (135,007 ) (99,099 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,791 112,851