Registration number:
Egbert H. Taylor & Company Limited
for the Year Ended 31 December 2023
Egbert H. Taylor & Company Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Egbert H. Taylor & Company Limited
Company Information
Directors |
L R Bull D J Williams |
Company secretary |
L R Bull |
Registered office |
|
Auditors |
|
Egbert H. Taylor & Company Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the manufacture and supply of waste containers.
Fair review of the business
2023 was a successful year with the company achieving nearly £600K in EBITDA. However, turnover was reduced from £12.5M to £7.5M as customer budgets were stretched and orders deferred into 2024. With associated cost cutting the company actually increased the gross margin from 30% to 36% which resulted in the still profitable year.
2024 is expected to improve further with further expansions and acqusitions in the wider UK group.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ |
7,574,166 |
12,559,954 |
Profit/(loss) before tax |
£ |
102,071 |
415,039 |
Gross profit |
% |
36 |
30 |
EBITDA (before non-recurring exceptional costs) |
£ |
586,939 |
1,090,502 |
The cash position of the business remains strong and well managed.
The company continues its focus on health, safety and employee welfare and has a very good record of staff retention.
Principal risks and uncertainties
The key business risks and uncertainties affecting the company are considered to relate to competition from other waste container providers both, employee retention and product availability.
Approved and authorised by the
......................................... |
Egbert H. Taylor & Company Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
Objectives and policies
The company’s activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The company does not use derivative financial instruments for speculative purposes.
Price risk, credit risk, liquidity risk and cash flow risk
Commodity price risk
The company is exposed to commodity price risk, namely the prices steel and zinc, as a result of its operations. In order to manage these risks, the company has a policy of dual-sourcing raw materials and carries out regular supplier benchmarking exercises. The company is also able to use its buying power to gain price commitments from suppliers for periods between three and twelve months. This gives the company more time to react to unavoidable commodity price increases and to ensure that such increased costs are appropriately reflected in the company’s selling prices.
Export sales
Export sales are both an opportunity and a risk for the business which is now experiencing the need for increased foreign currency management, adherence to the terms of letters of credit, export carriage and transfer of ownership risk. To mitigate these risks, the business has increased its training expenditure on export related courses, holds regular currency reviews with its bankers and ensures that terms of sale are adequately communicated to customers.
Credit risk
The company’s customers generally have high quality credit ratings and trade debtor default is accordingly low. However, in the continuing subdued economic climate, the company acknowledges that there may be an increased risk of trade debtor default. The company manages this risk through maintaining a rigorous credit control and debtor collection policy. Aged debtor analyses are regularly reviewed, and credit is suspended if a customer fails to meet its obligations on a timely basis. The company makes extensive use of confirmed letters of credit when selling to overseas customers.
Egbert H. Taylor & Company Limited
Directors' Report for the Year Ended 31 December 2023
Funding risk
The funding risk for this entity is borne by Egbert Taylor Holdings Limited, the company’s parent company, which in turn is supported financially by its controlling shareholder. The company also uses its invoice discounting facility to finance its day-to-day working capital needs and therefore the continuing availability of this facility is an important source of funding for the company.
Capital spending plans of the major customers
The company is exposed to the buying patterns of its major customers many of which are public sector local authorities. The company maintains close relationships with customers with a view to predicting demand patterns. The company also seeks to track as far as possible the activities and supply quotations of its competitors.
Going concern
The financial statements have been prepared on a going concern basis with the support received from its parent organisation and wider UK group.
Directors' liabilities
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial period and is currently in force. The company also purchased, and maintained throughout the financial period, directors and officers’ liability insurance in respect of itself and its directors.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Egbert H. Taylor & Company Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Egbert H. Taylor & Company Limited
Independent Auditor's Report to the Members of Egbert H. Taylor & Company Limited
Opinion
We have audited the financial statements of Egbert H. Taylor & Company Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
Egbert H. Taylor & Company Limited
Independent Auditor's Report to the Members of Egbert H. Taylor & Company Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Egbert H. Taylor & Company Limited
Independent Auditor's Report to the Members of Egbert H. Taylor & Company Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management, those charged with governance around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
Egbert H. Taylor & Company Limited
Independent Auditor's Report to the Members of Egbert H. Taylor & Company Limited
......................................
For and on behalf of
111/113 High Street
Worcestershire
WR11 4XP
Egbert H. Taylor & Company Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
180,763 |
527,769 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(78,692) |
(112,730) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Egbert H. Taylor & Company Limited
(Registration number: 00718441)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
566,000 |
566,000 |
|
Retained earnings |
(1,480,646) |
(1,551,849) |
|
Shareholders' deficit |
(914,646) |
(985,849) |
Approved and authorised by the
......................................... |
Egbert H. Taylor & Company Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
(1,551,849) |
(985,849) |
Profit for the year |
- |
|
|
At 31 December 2023 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
( |
Profit for the year |
- |
|
|
At 31 December 2022 |
566,000 |
(1,551,849) |
(985,849) |
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales, UK.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to the preparation of a statement of cash flows, financial instruments and key management compensation.
Going concern
The financial statements have been prepared on a going concern basis with the support received from its parent organisation and wider UK group.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity; and
-specific criteria have been met for each of the company's activities.
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Government grants
Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and
generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives as follows:
Asset class |
Depreciation rate and method |
Leasehold improvements |
straight line over the life of the lease |
Plant and machinery, including tooling |
10% - 20%, straight line |
Office machinery, fixtures and fittings |
10% or 33%, straight line |
Motor vehicles |
5% or 25%, straight line |
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
over 5 years, straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Other revenue |
|
|
|
|
The analysis of the company's turnover for the year by class of business is as follows:
2023 |
2022 |
|
Waste containers |
|
|
Other revenue |
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Research and development cost |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
406,408 |
337,842 |
An additional bonus totalling £179,507 paid to directors is stated in exceptional costs.
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
Total tax charge |
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Provisions |
|
- |
Tax losses carry-forwards |
|
- |
|
|
2022 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Provisions |
|
- |
Tax losses carry-forwards |
|
- |
|
|
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 January 2023 |
|
|
|
|
|
|
Additions |
- |
|
|
|
- |
|
At 31 December 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 January 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 December 2023 |
|
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £27,476 (2022 - £32,787) in respect of short leasehold land and buildings.
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
33,735 |
42,731 |
Stocks |
2023 |
2022 |
|
Raw materials and consumables |
|
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
|
|
Details of non-current trade and other debtors
£104,967 (2022 -£135,835) of Deferred tax assets is classified as non-current.
The carrying amount of trade debtors pledged as security for liabilities amounted to £775,747 (2022 - £1,368,133).
The UK book debts of the company are subject to a new invoice discounting facility from Santander and therefore, the receivables are pledged as security at the year end.
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
( |
Cash at bank |
|
|
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
|
|
|
|
|
||
Due after one year |
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Loans and borrowings |
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
Provisions for liabilities |
Warranties |
Deferred tax |
Other provisions |
Total |
|
At 1 January 2023 |
|
( |
|
|
Increase (decrease) in existing provisions |
- |
|
- |
|
Provisions used |
- |
- |
( |
( |
At 31 December 2023 |
|
( |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
566,000 |
|
566,000 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings
The invoice discounting facility with Santander UK plc is guaranteed by Egbert Taylor Holdings Ltd. The facility is secured against the trade debtor book.
|
The loan has been repaid in full as at March 2023 |
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2023 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
|
2022 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2023 |
|
2022 |
Other related parties |
Rendering of services |
|
|
Egbert H. Taylor & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Loans from related parties
2023 |
EHT Holdco Inc - US Parent |
Total |
At start of period |
|
|
Advanced |
|
|
Interest transactions |
|
|
At end of period |
|
|
|
2022 |
EHT Holdco Inc - US Parent |
Total |
At start of period |
|
|
Repaid |
( |
( |
Interest transactions |
|
|
At end of period |
|
|
|
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is