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Registration number: 09513903

Taylor Farm Supplies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Taylor Farm Supplies Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Taylor Farm Supplies Ltd

Company Information

Directors

Mr Peter Taylor

Mrs Helen Taylor

Registered office

Unit 3 Canterbury Works
18 Ashchurch Road
Tewkesbury
GL20 8BT

Accountants

Cashtrac Ltd
15 Westgate House
Westgate Street
Gloucester
Gloucestershire
GL1 2RU

 

Taylor Farm Supplies Ltd

(Registration number: 09513903)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

90,014

82,974

Current assets

 

Stocks

6

116,259

143,134

Debtors

7

159,702

140,568

Cash at bank and in hand

 

87,815

101,207

 

363,776

384,909

Creditors: Amounts falling due within one year

8

(185,653)

(209,321)

Net current assets

 

178,123

175,588

Net assets

 

268,137

258,562

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

268,135

258,560

Shareholders' funds

 

268,137

258,562

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr Peter Taylor
Director

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
Unit 3 Canterbury Works
18 Ashchurch Road
Tewkesbury
GL20 8BT
United Kingdom

These financial statements were authorised for issue by the Board on 21 August 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 method and rate

Fixtures & Fittings

25% reducing balance

Commercial Property

3% reducing balance

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Intangible assets

Separately acquired trademarks, franchises and licences are shown at historical cost.

Trademarks, franchises and licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Franchise

20% 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.

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.

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Franchise
£

Total
£

Cost or valuation

At 1 April 2023

4,320

4,320

At 31 March 2024

4,320

4,320

Amortisation

At 1 April 2023

4,320

4,320

At 31 March 2024

4,320

4,320

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

74,000

4,889

36,035

114,924

Additions

-

1,306

18,137

19,443

Disposals

-

-

(11,895)

(11,895)

At 31 March 2024

74,000

6,195

42,277

122,472

Depreciation

At 1 April 2023

8,151

3,494

20,305

31,950

Charge for the year

1,975

621

4,997

7,593

Eliminated on disposal

-

-

(7,085)

(7,085)

At 31 March 2024

10,126

4,115

18,217

32,458

Carrying amount

At 31 March 2024

63,874

2,080

24,060

90,014

At 31 March 2023

65,849

1,395

15,730

82,974

Included within the net book value of land and buildings above is £63,874 (2023 - £65,849) in respect of freehold land and buildings.
 

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Merchandise

116,259

143,134

7

Debtors

Current

2024
£

2023
£

Trade debtors

151,901

138,727

Prepayments

7,771

1,841

Other debtors

30

-

 

159,702

140,568

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

92,731

93,893

Taxation and social security

18,448

26,295

Other creditors

74,474

89,133

185,653

209,321

Creditors: amounts falling due after more than one year

2024
£

2023
£

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £26,000.00 (2023 - £19,500.00) per each Ordinary

 

52,000

 

39,000

         

11

Related party transactions

 

Taylor Farm Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,128

25,128