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REGISTERED NUMBER: 01281309 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Taunton Land Limited

Taunton Land Limited (Registered number: 01281309)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Taunton Land Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs A C Jeffery
SFC Jeffery
J J Sloman
Mrs A Biss
Mrs E Kivell
Mrs H Sloman
Mrs C Brain





SECRETARY: Mrs A C Jeffery





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 01281309 (England and Wales)

Taunton Land Limited (Registered number: 01281309)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 831 977
Investments 5 120,038 120,000
Investment property 6 25,585,000 27,106,000
25,705,869 27,226,977

CURRENT ASSETS
Debtors 7 430,563 445,025
Cash at bank 35,506 51,899
466,069 496,924
CREDITORS
Amounts falling due within one year 8 1,563,936 1,808,715
NET CURRENT LIABILITIES (1,097,867 ) (1,311,791 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,608,002

25,915,186

CREDITORS
Amounts falling due after more than one
year

9

10,812,500

10,762,500
NET ASSETS 13,795,502 15,152,686

CAPITAL AND RESERVES
Called up share capital 546,593 546,593
Share premium 34,332 34,332
Capital redemption reserve 12,915 12,915
Retained earnings 13,201,662 14,558,846
13,795,502 15,152,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 31 July 2024 and were signed on its behalf by:



J J Sloman - Director


Taunton Land Limited (Registered number: 01281309)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Taunton Land 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Functional and presentation currency
The company's functional and presentational currency is the pound Sterling. All amounts in the financial statements have been rounded to the nearest pound.

Turnover
The turnover shown in the profit and loss account represents rent and services due, exclusive of 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.
Fixtures and fittings - 25% on straight line basis and 15% on reducing balance

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property
In accordance with section 16 of FRS 102, Investment properties are revalued annually and the surplus or deficit on revaluation is transferred to the profit and loss account. Any profits generated by revaluation are transferred from the profit and loss reserve account to the fair value reserve account, the fair value reserve account represents the non-distributable element of shareholders funds.

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.

Pension costs
The company operates a defined benefit scheme for the directors. Pensions are already in payment from the scheme and since it is sufficiently funded, no costs are charged in these accounts.

Taunton Land Limited (Registered number: 01281309)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2023
and 30 April 2024 11,345
DEPRECIATION
At 1 May 2023 10,368
Charge for year 146
At 30 April 2024 10,514
NET BOOK VALUE
At 30 April 2024 831
At 30 April 2023 977

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 May 2023 559,630 - 559,630
Additions - 38 38
At 30 April 2024 559,630 38 559,668
PROVISIONS
At 1 May 2023
and 30 April 2024 439,630 - 439,630
NET BOOK VALUE
At 30 April 2024 120,000 38 120,038
At 30 April 2023 120,000 - 120,000

Taunton Land Limited (Registered number: 01281309)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 27,106,000
Additions 215,718
Disposals (107,000 )
Revaluations (1,629,718 )
At 30 April 2024 25,585,000
NET BOOK VALUE
At 30 April 2024 25,585,000
At 30 April 2023 27,106,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 (1,629,718 )
Valuation in 2023 862,035
Valuation in 2022 (404,433 )
Valuation in 2021 (3,259,937 )
Valuation in 2020 (1,429,912 )
Valuation in 2019 (3,143,689 )
Cost 34,590,654
25,585,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 34,590,654 34,466,363

The freehold investment property portfolio comprises of multiple properties, some of which were revalued during the year by MRICS qualified valuers on a rolling 3 year cycle. The remainder were revalued by the directors who are not professionally qualified valuers on 30th April 2024.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 94,908 142,734
Other debtors 185 20,046
Prepayments and accrued income 335,470 282,245
430,563 445,025

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 574,686 619,539
Trade creditors 120,567 126,752
Amounts owed to group undertakings 120,000 120,000
Corporation tax 32,287 146,074
Social security and other taxes 7,719 7,332
VAT 93,565 63,013
Other creditors 91,358 119,802
Directors' current accounts 114,947 64,965
Accruals and deferred income 408,807 541,238
1,563,936 1,808,715

Taunton Land Limited (Registered number: 01281309)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 250,000 250,000
Bank loans - 2-5 years 10,562,500 10,512,500
10,812,500 10,762,500

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 324,686 432,039
Bank loans 11,062,500 10,950,000
11,387,186 11,382,039

The bank loans and overdraft are secured by first legal mortgages over the company`s freehold
properties, a fixed charge over book debt and a floating charge over all other assets.

11. RELATED PARTY DISCLOSURES

At the year end the amounts due to directors was £114,947 (2023: £64,966) shown in creditors.