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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC148937
2023-04-01
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SC148937
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2024-03-31
COMPANY REGISTRATION NUMBER:
SC148937
Taylor Shepherd Homes Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Taylor Shepherd Homes Limited |
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
7 |
1,021,696 |
964,069 |
Investments |
8 |
100 |
100 |
|
------------ |
--------- |
|
1,021,796 |
964,169 |
|
|
|
|
Current assets
Debtors |
718,722 |
724,437 |
Cash at bank and in hand |
150,306 |
117,922 |
|
--------- |
--------- |
|
869,028 |
842,359 |
|
|
|
Creditors: amounts falling due within one year |
61,380 |
42,345 |
|
--------- |
--------- |
Net current assets |
807,648 |
800,014 |
|
------------ |
------------ |
Total assets less current liabilities |
1,829,444 |
1,764,183 |
|
|
|
Creditors: amounts falling due after more than one year |
430,000 |
430,000 |
|
|
|
Provisions for liabilities
Deferred taxation |
756 |
(
3,878) |
|
------------ |
------------ |
Net assets |
1,398,688 |
1,338,061 |
|
------------ |
------------ |
|
|
|
Taylor Shepherd Homes Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
10 |
100 |
100 |
Profit and loss account |
1,398,588 |
1,337,961 |
|
------------ |
------------ |
Shareholders funds |
1,398,688 |
1,338,061 |
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
2 July 2024
, and are signed on behalf of the board by:
Stuart G. Taylor |
Director |
|
Company registration number:
SC148937
Taylor Shepherd Homes Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, Angus, Scotland, DD8 3DX.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents property rents received exclusive of Value Added Tax and revenue from the sale of properties which the company has developed.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
20% Straight line
|
|
Motor Vehicles |
- |
25% Straight line
|
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
23,196 |
17,843 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
4,634 |
(
2,836) |
|
-------- |
-------- |
Tax on profit |
27,830 |
15,007 |
|
-------- |
-------- |
|
|
|
6.
Dividends
|
2024 |
2023 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
20,000 |
50,000 |
|
-------- |
-------- |
|
|
|
7.
Tangible assets
|
£ |
Cost |
|
At 1 April 2023 |
1,055,879 |
Additions |
103,553 |
Disposals |
(
87,951) |
|
------------ |
At 31 March 2024 |
1,071,481 |
|
------------ |
Depreciation |
|
At 1 April 2023 |
91,810 |
Charge for the year |
23,938 |
Disposals |
(
65,963) |
|
------------ |
At 31 March 2024 |
49,785 |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
1,021,696 |
|
------------ |
At 31 March 2023 |
964,069 |
|
------------ |
|
|
The directors consider that the cost of the investment properties is not significantly different from the market value at the year end.
8.
Investments
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
100 |
|
---- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
---- |
Carrying amount |
|
At 31 March 2024 |
100 |
|
---- |
At 31 March 2023 |
100 |
|
---- |
|
|
9.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions for liabilities |
756 |
(
3,878) |
|
---- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Accelerated capital allowances |
1,296 |
3,878 |
|
------- |
------- |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
Related party transactions
The company was under the control of the directors throughout the current and previous year. The company has previously advanced funds to its subsidiary company and at the year end the amount due to the company was £714,999 (2023 - £714,999). This balance has no set repayment term, does not attract interest and is expected to be fully recoverable. The company has a liability in respect of loan notes held by the shareholders totalling £430,000 (2023 - £430,000). These loan notes have no set repayment terms and do not attract interest. The company paid dividends to the directors and their immediate family members in the year of £20,000 (2023 - £50,000).