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COMPANY REGISTRATION NUMBER: 05261258
Taylor Roberts Limited
Filleted Unaudited Financial Statements
30 November 2023
Taylor Roberts Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Taylor Roberts Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
209
Current assets
Stocks
3,000
3,000
Debtors
6
76,833
90,227
Cash at bank and in hand
20,168
48,117
---------
---------
100,001
141,344
Creditors: amounts falling due within one year
7
67,363
78,836
---------
---------
Net current assets
32,638
62,508
--------
--------
Total assets less current liabilities
32,638
62,717
Creditors: amounts falling due after more than one year
8
23,379
34,027
--------
--------
Net assets
9,259
28,690
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
9,257
28,688
-------
--------
Shareholders funds
9,259
28,690
-------
--------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 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 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 financial statements .
Taylor Roberts Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr N D Taylor
Director
Company registration number: 05261258
Taylor Roberts Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Taylor Roberts Ltd Suite 3, Franklin House, 10 Best Lane, Canterbury, Kent, CT1 2JB, United Kingdom.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 9 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 December 2022 and 30 November 2023
19,375
19,375
--------
--------
Depreciation
At 1 December 2022
19,166
19,166
Charge for the year
209
209
--------
--------
At 30 November 2023
19,375
19,375
--------
--------
Carrying amount
At 30 November 2023
--------
--------
At 30 November 2022
209
209
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
37,750
36,475
Other debtors
39,083
53,752
--------
--------
76,833
90,227
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,542
27,831
Trade creditors
375
375
Corporation tax
8,152
8,872
Social security and other taxes
15,694
18,158
Other creditors
23,600
23,600
--------
--------
67,363
78,836
--------
--------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,379
34,027
--------
--------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
9. Directors' advances, credits and guarantees
At the year end a director owed the company £600 (2022: £600). During the year advances of £600 (2022: £600) were made to the director and repayments of £600 (2022: £863) were made by the director. No interest was charged on the outstanding balance. At the year end a director owed the company £38,483 (2022: £53,152). During the year advances of £41,120 (2022: £55,491) were made to the director and repayments of £56,812 (2022: £55,485) were made by the director. Interest of £1,024 (2022: £1,321) was charged on the outstanding balance.
10. Related party transactions
At the year end the company owed the directors £20,000 (2022: £20,000).