Company registration number 09807560 (England and Wales)
JAMES TAYLOR GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR GROUP LIMITED
COMPANY INFORMATION
Directors
M Coath
E Sohrab
Secretary
M Coath
Company number
09807560
Registered office
James Taylor House
St. Albans Road East
Hatfield
Hertfordshire
United Kingdom
AL10 0HE
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
JAMES TAYLOR GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
JAMES TAYLOR GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30 November 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Investments
4
50,099
50,099
Current assets
Debtors
5
7,365,442
6,942,764
Cash at bank and in hand
1,045,477
1,438,805
8,410,919
8,381,569
Creditors: amounts falling due within one year
6
(600,878)
(644,111)
Net current assets
7,810,041
7,737,458
Net assets
7,860,140
7,787,557
Capital and reserves
Called up share capital
50,001
50,001
Profit and loss reserves
7,810,139
7,737,556
Total equity
7,860,140
7,787,557

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
E Sohrab
Director
Company Registration No. 09807560
JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

James Taylor Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.

1.1
Reporting period

The company has changed its accounting reference to 30 November 2023 to be consistent with the the year ends of other companies in the group. These financial statements therefore cover the period from 1 May 2022 to 30 November 2023. The prior year figures are for 12 months and therefore will not be comparable to the current reporting period as it is over 18 months.

 

 

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company has entered into guarantees for loans held by related parties as the borrower which have common directors with James Taylor Group Limited. In the event of a covenant breach the lender could choose to call on the guarantor for the repayment of the loan value should the borrower not be in a position to settle any amounts due.

 

The value of the guarantees provided on these loans exceeds the net asset value of the company, however these loans are primarily collateralised through charges on the properties either owned or developed by the borrower. Hence in most cases it is considered unlikely that the lender would need to call on the guarantee to settle amounts owed.

 

At the time of approving the financial statements there is uncertainty regarding one of the loans, as disclosed by the borrower which may make it possible for James Taylor Group Limited to be called on as guarantor to settle amounts outstanding per the terms of the loan, limited to the value of the guarantee. Based on the commercial relationship with the lender and other options regarding the loan the Directors do not consider it probable at this time that this guarantee will be called upon. As a result no adjustment in the financial statements has been recorded to reflect any liabilities.

 

However as a result of these set of circumstances, the directors acknowledge the existence of a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern, should the company be called upon within the foreseeable future to repay the loan as the guarantor. Considering existing relationships with lenders, potential to refinance and forecasted future cash inflows the directors believe it remains appropriate to prepare the financial statements on a going concern basis. Further detail and disclosures related to this and have been included in Note 8, Contingent Liabilities. The financial statements do not include any adjustments in respect of these liabilities or from the basis of preparation being inappropriate.

JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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 for the provision of services is recognised when the services is peformed. There are no long term term contracts.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company 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 company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

1.7
Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.8
Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

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

Current tax

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases

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 leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

The directors have assessed the potential impact of events that may require the company to commit funds to the settlement of loan agreements that the company is a guarantor of. The directors have disclosed contingent liabilities in line with the reporting requirements of FRS102.

 

The directors consider that there are no other significant judgments or estimates in the preparation of these financial statements.

JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
50,099
50,099
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,921
9,146
Amounts owed by group undertakings
672,337
745,124
Other debtors
6,664,184
6,188,494
7,365,442
6,942,764
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,600
-
0
Amounts owed to group undertakings
552,350
598,495
Taxation and social security
17,496
30,248
Other creditors
18,432
15,368
600,878
644,111
JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

We draw attention to note 1.3 of the financial statements, which describes that there is a material uncertainty relating to going concern.
Senior Statutory Auditor:
Gary Tamkin
Statutory Auditor:
Azets Audit Services
8
Financial commitments, guarantees and contingent liabilities

Guarantees

The company acts as a guarantor for loans secured against development properties owned by related parties. The combined value of the guarantees is £13,091,250 plus any related interest and costs. The guarantees contain conditions, that the borrower is responsible for ensuring they are adhered to, covering the net asset levels of the company.

 

Contingent liability

At the reporting date there is a possibility the company may be called upon as guarantor to settle one of the loans taken out by a related party as the borrower. The development property that the loan is secured over is substantially complete and the estimated sales value is sufficient to settle the loan in full. Hence the likelihood of the guarantor being call upon is considered to be low. Sales of the apartments at the property have begun however the timing of the rate of sales completions is uncertain due to current market conditions.

 

There are a number of means the Directors may pursue with the lender to enable it to meet the liability when it falls due, these actions are being considered but could include the bulk sell of apartments at a larger discount, agree a change in the loan terms, refinance the debt with another lender, request an injection of capital from shareholders or request the guarantor to step in.

 

The directors consider the most likely event is that the borrower will be able to negotiation revised terms regarding the loan, as has been done before and therefore they will not need to call upon the guarantee given by James Taylor Group Limited. At the reporting date no revision in the terms of the loan had been agreed. If the lender did have to call on the guarantor, it is expected that James Taylor Group Limited would be fully reimbursed later on once more apartment sales have completed.

 

The directors therefore only consider it possible that James Taylor Group Limited may be called up as guarantor as a last resort. The financial effect is impracticable to estimate due to the uncertainty of the timing of completion on the apartment sales and therefore the balance of the outstanding loan is also uncertain because of the timing. The directors therefore consider it appropriate to disclose these circumstances as a contingent liability

 

 

JAMES TAYLOR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
9
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

During the period, website development costs of £Nil (2022: £74,160) were paid to an entity where a close relative of one of the directors in considered to have a control.

 

During the period, rent receivable of £6,279 (2022: £Nil) was received from an entity where a close relative of one of the directors in considered to have a control. A debtor balance was outstanding at period end of £718 (2022: £Nil).

 

At the period end a debtor balance of £6,486,199 was outstanding (2022: £6,259,011) from companies under the same control. During the period management charges of £358,000 (2022: £100,000) were charged to those same companies.

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