Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr P Taylor
Mr H Taylor
Mrs M A Taylor
Company number
13843661
Registered office
Dyke Nook
Sandford
Appleby-in-Westmorland
CA16 6NS
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Review of the business

In line with market conditions, sales have fallen considerably during this period. Turnover was £16.5m (2022: £19.4m). Net loss was £102k (2022: £635k profit)

Principal risks and uncertainties

As in all businesses, the company is subject to a number of risks which it seeks to mitigate. The principal risks and areas of uncertainty are as follows:

 

Supplier risk

The company is reliant on the continuation of its supply chain and is dependent on them for the manufacture and supply of quality new construction equipment. However, we have a strong working relationship with our suppliers, whilst also constantly monitoring our supply chain and looking for supplier opportunities to increase our product portfolio. The restructuring of geographical sales areas, and corresponding appointment of Area Sales Managers, has enabled us maintain brand presence throughout our trading area.

 

Competition risk

The new and used construction equipment market is a competitive one and there is always the risk that customers will look to other suppliers or the internet. The company continually monitors its product range to ensure it is competitively priced whilst also responding to the activities of the market as necessary.

 

Stock Availability

Stock has now become widely available across all manufacturers and now exceeds demand. This is leading to in-stock machines being held for much longer periods of time and lower margins being achieved due to increased competition.

 

Credit risk

There is always the potential for customers to not pay their debts as they fall due. However, these are tightly controlled as machines are not released to the customer until paid, and we have expanded our credit control department to minimise our risk.

 

Exchange Rate

We are at risk of being less competitive should sterling weaken against the euro, resulting in fewer deals and lower margin. We monitor rates to try to make market movements work in our favour.

Key performance indicators

The company monitors its performance using a number of measures. These include:

 

Turnover - £16.5m (2022: £19.4m)

Gross profit - £1.9m (2022: £2.5m)

Net profit/(loss)- (£102k) (2022: £635k)

 

On behalf of the board

Mr P Taylor
Director
10 July 2024
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the group during the year was that of the sale of new construction equipment supplied from a number of international manufacturing companies and also the purchase and sale of used construction equipment and the sale of related spare parts and services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £132,200. The directors do not recommend payment of a further dividend.

Directors

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

Mr P Taylor
Mr H Taylor
Mrs M A Taylor
Future developments

The industry is suffering from a downturn in equipment sales in numerous sectors with a lack of confidence causing many customers to postpone purchases, high costs of equipment, increased finance costs & increasing bad debt have reduced business levels across all departments. There is a large stock of equipment in dealer & manufacturer inventories leading to heavy discounting whilst absorbing stocking interest charges, as a result margins are poor on equipment sales.

 

A restructure within the Sales Department has been completed due to the retirement of the Sales Director, we are undergoing changes of territories & expanding the sales team.

 

As expected, both Turnover and Margin have fallen this year and we will need to closely monitor company wide performance to adapt to market conditions.

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.

Medium-sized companies exemption

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

On behalf of the board
Mr P Taylor
Director
10 July 2024
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 4 -
Opinion

We have audited the financial statements of Taylor & Braithwaite (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 6 -

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the financial statements is located on the FRC's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Jenny McCabe FCA MAAT
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
12 July 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
16,505,715
19,350,287
Cost of sales
(14,539,267)
(16,844,439)
Gross profit
1,966,448
2,505,848
Administrative expenses
(1,956,018)
(1,620,139)
Other operating income
750
24,608
Operating profit
4
11,180
910,317
Interest receivable and similar income
6
70,004
9,591
Interest payable and similar expenses
7
(92,281)
(71,680)
(Loss)/profit before taxation
(11,097)
848,228
Tax on (loss)/profit
8
(91,171)
(213,326)
(Loss)/profit for the financial year
(102,268)
634,902
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
£
£
(Loss)/profit for the year
(102,268)
634,902
Other comprehensive income
-
-
Total comprehensive income for the year
(102,268)
634,902
Total comprehensive income for the year is all attributable to the owners of the parent company.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,294,605
3,689,958
Tangible assets
11
1,084,256
968,859
4,378,861
4,658,817
Current assets
Stocks
14
3,195,673
3,275,417
Debtors
15
1,004,877
1,653,968
Cash at bank and in hand
3,346,437
4,173,875
7,546,987
9,103,260
Creditors: amounts falling due within one year
16
(3,417,390)
(4,834,562)
Net current assets
4,129,597
4,268,698
Total assets less current liabilities
8,508,458
8,927,515
Creditors: amounts falling due after more than one year
17
(542,319)
(766,151)
Provisions for liabilities
Deferred tax liability
19
76,837
37,594
(76,837)
(37,594)
Net assets
7,889,302
8,123,770
Capital and reserves
Called up share capital
21
2,248
2,248
Share premium account
7,619,753
7,619,753
Profit and loss reserves
267,301
501,769
Total equity
7,889,302
8,123,770

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
10 July 2024
Mr P Taylor
Director
Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
10,222,876
10,222,876
Current assets
-
-
Creditors: amounts falling due within one year
16
(1,080,875)
(1,570,875)
Net current liabilities
(1,080,875)
(1,570,875)
Total assets less current liabilities
9,142,001
8,652,001
Creditors: amounts falling due after more than one year
17
(20,000)
(30,000)
Net assets
9,122,001
8,622,001
Capital and reserves
Called up share capital
21
2,248
2,248
Share premium account
7,619,753
7,619,753
Profit and loss reserves
1,500,000
1,000,000
Total equity
9,122,001
8,622,001

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £632,200 (2022 - £1,133,133 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
10 July 2024
Mr P Taylor
Director
Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
-
0
-
0
-
0
-
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
634,902
634,902
Issue of share capital
21
2,248
7,619,753
-
7,622,001
Dividends
9
-
-
(133,133)
(133,133)
Balance at 30 November 2022
2,248
7,619,753
501,769
8,123,770
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
(102,268)
(102,268)
Dividends
9
-
-
(132,200)
(132,200)
Balance at 30 November 2023
2,248
7,619,753
267,301
7,889,302
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
-
0
-
0
-
0
-
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
1,133,133
1,133,133
Issue of share capital
21
2,248
7,619,753
-
7,622,001
Dividends
9
-
-
(133,133)
(133,133)
Balance at 30 November 2022
2,248
7,619,753
1,000,000
8,622,001
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
632,200
632,200
Dividends
9
-
-
(132,200)
(132,200)
Balance at 30 November 2023
2,248
7,619,753
1,500,000
9,122,001
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
893,807
1,833,840
Interest paid
(92,281)
(71,680)
Income taxes (paid)/refunded
(327,447)
20,579
Net cash inflow from operating activities
474,079
1,782,739
Investing activities
Purchase of tangible fixed assets
(300,234)
(36,249)
Proceeds from disposal of tangible fixed assets
85,601
95,529
Purchase of subsidiaries, net of cash acquired
-
2,545,938
Interest received
70,004
9,591
Net cash (used in)/generated from investing activities
(144,629)
2,614,809
Financing activities
Repayment of borrowings
(790,000)
-
Repayment of bank loans
(200,000)
(83,333)
Repayment of finance leases obligation
(34,688)
(7,207)
Dividends paid to equity shareholders
(132,200)
(133,133)
Net cash used in financing activities
(1,156,888)
(223,673)
Net (decrease)/increase in cash and cash equivalents
(827,438)
4,173,875
Cash and cash equivalents at beginning of year
4,173,875
-
0
Cash and cash equivalents at end of year
3,346,437
4,173,875
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
1
Accounting policies
Company information

Taylor & Braithwaite (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dyke Nook, Sandford, Appleby-in-Westmorland, CA16 6NS.

 

The group consists of Taylor & Braithwaite (Holdings) Limited and all of its subsidiaries.

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.

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
Business combinations

The consolidated accounts incorporate the accounts of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over ten years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Taylor & Braithwaite (Holdings) 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 30 November 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, 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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The UK market experienced a considerable downturn during 2023 as a result of many construction projects being delayed or cancelled. This created uncertainty and a lack of confidence throughout the industry to invest in new equipment.

Suppliers are continuing to increase costs which is contributing towards lower margins. Increased costs of our machinery within the market also gives opportunities to our competitors who now also have stock available. Increases in transportation and freight costs have also caused longer lead times and delays in obtaining equipment and spare parts.

There was also an increase in the amount of stock available from competitors which led to lower margin sales throughout our product range.

The decision to exit the Crushing and Screening market has enabled the company to be more strategic when purchasing stock, as capital has been released to enable profits to be maximised when making payments against machines. Our cash position remains strong and gives us the ability to take advantage of discounts offered or positive exchange rates where possible.

It is anticipated that 2024 will have the same challenges of supply outweighing demand in machinery. Sales of machinery will continue to be challenging as aged stock costs will increase leading to a necessity to do low margin deals to enable movement of old stock.

In conclusion, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- 2% Straight Line
Fixtures and fittings
- 15%/25% Reducing Balance
Motor vehicles
- 25%/30% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
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.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.11
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.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Obligations are classified as finance creditors whenever the terms of the agreement transfer substantially all the risks and rewards of ownership to the company. All other obligations are classified as operating leases.

 

Assets held under finance creditors are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance creditor obligation. Creditor payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Provision has been made against the value of used stock and older parts stock. Additional provision is included on a line by line basis when necessary.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales
16,505,715
19,346,386
Hire income
-
3,901
16,505,715
19,350,287
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
16,222,510
19,100,005
Rest of Europe
283,205
250,282
16,505,715
19,350,287
2023
2022
£
£
Other revenue
Interest income
70,004
9,591
Grants received
-
23,858
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(29,878)
56,824
Government grants
-
(23,858)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
94,779
34,541
Depreciation of tangible fixed assets held under finance leases
20,480
36,069
Profit on disposal of tangible fixed assets
(16,023)
(24,258)
Amortisation of intangible assets
395,353
263,568
Operating lease charges
4,495
2,997
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
4
5
3
3
Sales
7
7
-
-
Service
13
13
-
-
Admin
4
4
-
-
Total
28
29
3
3
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,025,657
811,585
-
0
-
0
Social security costs
114,859
140,936
-
-
Pension costs
214,487
213,867
-
0
-
0
1,355,003
1,166,388
-
0
-
0
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
70,004
9,591
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
70,004
9,591
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
68,845
47,124
Other finance costs:
Interest on finance leases and hire purchase contracts
-
3,145
Other interest
23,436
21,411
Total finance costs
92,281
71,680
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
54,022
214,454
Adjustments in respect of prior periods
(2,094)
1,664
Total current tax
51,928
216,118
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
39,243
1,779
Adjustment in respect of prior periods
-
0
(4,571)
Total deferred tax
39,243
(2,792)
Total tax charge
91,171
213,326

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(11,097)
848,228
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
(2,553)
161,163
Tax effect of expenses that are not deductible in determining taxable profit
4,943
8,454
Adjustments in respect of prior years
(2,094)
-
0
Permanent capital allowances in excess of depreciation
(3,077)
(3,889)
Under/(over) provided in prior years
-
0
1,664
Deferred tax adjustments in respect of prior years
-
0
(4,571)
Tax at marginal rate
(140)
-
0
Effective change in rate of deferred tax provision
3,122
427
Goodwill amortisation
90,970
50,078
Taxation charge
91,171
213,326
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
132,200
133,133

The recurring post year end monthly dividend payable is £3,517.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
3,953,526
Amortisation and impairment
At 1 December 2022
263,568
Amortisation charged for the year
395,353
At 30 November 2023
658,921
Carrying amount
At 30 November 2023
3,294,605
At 30 November 2022
3,689,958
The company had no intangible fixed assets at 30 November 2023 or 30 November 2022.
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
738,282
69,518
142,935
950,735
Additions
-
0
1,935
298,299
300,234
Disposals
-
0
(2,275)
(148,380)
(150,655)
At 30 November 2023
738,282
69,178
292,854
1,100,314
Depreciation and impairment
At 1 December 2022
6,874
833
(25,831)
(18,124)
Depreciation charged in the year
16,498
13,879
84,882
115,259
Eliminated in respect of disposals
-
0
(1,152)
(79,925)
(81,077)
At 30 November 2023
23,372
13,560
(20,874)
16,058
Carrying amount
At 30 November 2023
714,910
55,618
313,728
1,084,256
At 30 November 2022
731,408
68,685
168,766
968,859
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
10,222,876
10,222,876
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022 and 30 November 2023
10,222,876
Carrying amount
At 30 November 2023
10,222,876
At 30 November 2022
10,222,876
13
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Taylor & Braithwaite Limited
England
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
3,195,673
3,275,417
-
0
-
0

Included within this figure is an impairment loss of £100,158 (2022: £77,558) which was recognised against stock during the year due to slow-moving and obsolete stock.

15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
925,669
1,653,968
-
0
-
0
Corporation tax recoverable
79,208
-
0
-
0
-
0
1,004,877
1,653,968
-
-
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
200,000
200,000
-
0
-
0
Obligations under finance leases
18
13,912
34,768
-
0
-
0
Other borrowings
10,000
790,000
10,000
790,000
Trade creditors
2,744,069
2,775,822
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,070,875
780,875
Corporation tax payable
-
0
196,311
-
0
-
0
Other taxation and social security
108,149
463,990
-
-
Other creditors
283,369
284,324
-
0
-
0
Accruals and deferred income
57,891
89,347
-
0
-
0
3,417,390
4,834,562
1,080,875
1,570,875

Bank loans and overdrafts of £200,000 (2022: £200,000) are secured by a fixed charge over all present freehold and leasehold property and a floating charge over all assets and undertaking both present and future of the company. In addition, included in bank loans and overdrafts is a Coronavirus Business Interruption Loan (CBIL) where the bank has received a guarantee from the UK Government under the CBIL scheme.

 

Included within obligations under finance creditors at 30 November 2023 is an amount of £13,912 (2022: £34,768) secured by fixed charges on the fixed assets concerned.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
516,667
716,667
-
0
-
0
Obligations under finance leases
18
5,652
19,484
-
0
-
0
Other borrowings
20,000
30,000
20,000
30,000
542,319
766,151
20,000
30,000

Bank loans and overdrafts of £516,667 (2022: £716,667) are secured by a fixed charge over all present freehold and leasehold property and a floating charge over all assets and undertaking both present and future of the company. In addition, included in bank loans and overdrafts is a Coronavirus Business Interruption Loan (CBIL) where the bank has received a guarantee from the UK Government under the CBIL scheme.

 

Net obligations under finance creditors of £5,652 (2022: £19,484) are secured by fixed charges on the assets concerned.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
13,912
34,768
-
0
-
0
In two to five years
5,652
19,484
-
0
-
0
19,564
54,252
-
-

Finance creditor payments represent rentals payable by the company for certain items of plant and machinery and stock. Creditors include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average finance term is less than one year. All creditor agreements are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
76,837
37,594
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
37,594
-
Charge to profit or loss
39,243
-
Liability at 30 November 2023
76,837
-

 

 

 

 

 

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
214,487
213,867

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
1,124
1,124
1,124
1,124
'B' Ordinary shares of £1 each
674
674
674
674
'D' Ordinary shares of £1 each
360
360
360
360
'F' Ordinary shares of £1 each
30
30
30
30
'G' Ordinary shares of £1 each
30
30
30
30
'H' Ordinary shares of £1 each
30
30
30
30
2,248
2,248
2,248
2,248

All shares rank pari passu. Members have the right to receive notice of, attend and vote at general meetings of the company. Members have the right to participate in all legally declared dividends and in the event of winding up are entitled to participate in any distributions. The shares are not redeemable.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
2,247
4,495
-
-
Between two and five years
-
2,247
-
-
2,247
6,742
-
-

 

 

 

 

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Dividends paid
2023
2022
£
£
Group
Key management personnel
132,200
133,133
Company
Key management personnel
132,200
133,133

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
283,369
284,324
24
Controlling party

The ultimate controlling party are the Taylor family, the controlling directors and shareholders of the company.

25
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(102,268)
634,902
Adjustments for:
Taxation charged
91,171
213,326
Finance costs
92,281
71,680
Investment income
(70,004)
(9,591)
Gain on disposal of tangible fixed assets
(16,023)
(24,258)
Amortisation and impairment of intangible assets
395,353
263,568
Depreciation and impairment of tangible fixed assets
115,259
70,610
Movements in working capital:
Decrease in stocks
79,744
723,202
Decrease in debtors
728,299
2,838,854
Decrease in creditors
(420,005)
(2,948,453)
Cash generated from operations
893,807
1,833,840
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
26
Analysis of changes in net funds - group
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
4,173,875
(827,438)
3,346,437
Borrowings excluding overdrafts
(1,736,667)
990,000
(746,667)
Obligations under finance leases
(54,252)
34,688
(19,564)
2,382,956
197,250
2,580,206
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.100Mr P TaylorMr H TaylorMrs M A Taylorfalse13843661bus:Consolidated2022-12-012023-11-30138436612022-12-012023-11-3013843661bus:Director12022-12-012023-11-3013843661bus:Director22022-12-012023-11-3013843661bus:Director32022-12-012023-11-3013843661bus:RegisteredOffice2022-12-012023-11-30138436612023-11-3013843661bus:Consolidated2023-11-3013843661bus:Consolidated2022-04-012022-11-30138436612022-04-012022-11-3013843661core:Goodwillbus:Consolidated2023-11-3013843661core:Goodwillbus:Consolidated2022-11-3013843661bus:Consolidated2022-11-3013843661core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-3013843661core:FurnitureFittingsbus:Consolidated2023-11-3013843661core:MotorVehiclesbus:Consolidated2023-11-3013843661core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-11-3013843661core:FurnitureFittingsbus:Consolidated2022-11-3013843661core:MotorVehiclesbus:Consolidated2022-11-3013843661core:ShareCapitalbus:Consolidated2023-11-3013843661core:ShareCapitalbus:Consolidated2022-11-3013843661core:SharePremiumbus:Consolidated2023-11-3013843661core:SharePremiumbus:Consolidated2022-11-3013843661core:ShareCapital2023-11-3013843661core:ShareCapital2022-11-3013843661core:SharePremium2023-11-3013843661core:SharePremium2022-11-3013843661core:RetainedEarningsAccumulatedLosses2023-11-3013843661core:ShareCapitalbus:Consolidated2022-03-3113843661core:SharePremiumbus:Consolidated2022-03-31138436612022-03-3113843661core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-11-3013843661core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-11-3013843661core:ShareCapital2022-03-3113843661core:SharePremium2022-03-3113843661core:RetainedEarningsAccumulatedLosses2022-03-3113843661core:RetainedEarningsAccumulatedLosses2022-11-30138436612022-11-3013843661core:ShareCapitalbus:Consolidated2022-04-012022-11-3013843661core:SharePremiumbus:Consolidated2022-04-012022-11-3013843661core:ShareCapital2022-04-012022-11-3013843661core:SharePremium2022-04-012022-11-3013843661bus:Consolidated2022-03-3113843661core:Goodwill2022-12-012023-11-3013843661core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-012023-11-3013843661core:FurnitureFittings2022-12-012023-11-3013843661core:MotorVehicles2022-12-012023-11-3013843661core:UKTaxbus:Consolidated2022-12-012023-11-3013843661core:UKTaxbus:Consolidated2022-04-012022-11-3013843661bus:Consolidated12022-12-012023-11-3013843661bus:Consolidated12022-04-012022-11-3013843661bus:Consolidated22022-12-012023-11-3013843661bus:Consolidated22022-04-012022-11-3013843661bus:Consolidated32022-12-012023-11-3013843661bus:Consolidated32022-04-012022-11-3013843661bus:Consolidated42022-12-012023-11-3013843661bus:Consolidated42022-04-012022-11-3013843661core:Goodwillbus:Consolidated2022-11-3013843661core:Goodwillbus:Consolidated2022-12-012023-11-3013843661core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-11-3013843661core:FurnitureFittingsbus:Consolidated2022-11-3013843661core:MotorVehiclesbus:Consolidated2022-11-3013843661bus:Consolidated2022-11-3013843661core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-012023-11-3013843661core:FurnitureFittingsbus:Consolidated2022-12-012023-11-3013843661core:MotorVehiclesbus:Consolidated2022-12-012023-11-3013843661core:Subsidiary12022-12-012023-11-3013843661core:Subsidiary112022-12-012023-11-3013843661core:WithinOneYearbus:Consolidated2023-11-3013843661core:WithinOneYearbus:Consolidated2022-11-3013843661core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3013843661core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3013843661core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-11-3013843661core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-11-3013843661core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3013843661core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3013843661core:CurrentFinancialInstrumentsbus:Consolidated2023-11-3013843661core:CurrentFinancialInstrumentsbus:Consolidated2022-11-3013843661core:CurrentFinancialInstruments2023-11-3013843661core:CurrentFinancialInstruments2022-11-3013843661core:Non-currentFinancialInstrumentsbus:Consolidated2023-11-3013843661core:Non-currentFinancialInstrumentsbus:Consolidated2022-11-3013843661core:Non-currentFinancialInstruments2023-11-3013843661core:Non-currentFinancialInstruments2022-11-3013843661core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-11-3013843661core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-11-3013843661core:WithinOneYear2023-11-3013843661core:WithinOneYear2022-11-3013843661core:BetweenTwoFiveYearsbus:Consolidated2023-11-3013843661core:BetweenTwoFiveYearsbus:Consolidated2022-11-3013843661core:BetweenTwoFiveYears2023-11-3013843661core:BetweenTwoFiveYears2022-11-3013843661bus:PrivateLimitedCompanyLtd2022-12-012023-11-3013843661bus:FRS1022022-12-012023-11-3013843661bus:Audited2022-12-012023-11-3013843661bus:ConsolidatedGroupCompanyAccounts2022-12-012023-11-3013843661bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP