BrightAccountsProduction v1.0.0 v1.0.0 2022-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the development of building projects. 14 May 2024 10616047 2022-12-31 10616047 2021-12-31 10616047 2020-12-31 10616047 2022-01-01 2022-12-31 10616047 2021-01-01 2021-12-31 10616047 uk-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10616047 uk-curr:PoundSterling 2022-01-01 2022-12-31 10616047 uk-bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10616047 uk-bus:FullAccounts 2022-01-01 2022-12-31 10616047 uk-bus:Director1 2022-01-01 2022-12-31 10616047 uk-bus:RegisteredOffice 2022-01-01 2022-12-31 10616047 uk-bus:Agent1 2022-01-01 2022-12-31 10616047 uk-core:ShareCapital 2022-12-31 10616047 uk-core:ShareCapital 2021-12-31 10616047 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 10616047 uk-core:RetainedEarningsAccumulatedLosses 2021-12-31 10616047 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 10616047 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-12-31 10616047 uk-bus:FRS102 2022-01-01 2022-12-31 10616047 uk-core:CurrentFinancialInstruments 2022-12-31 10616047 uk-core:CurrentFinancialInstruments 2021-12-31 10616047 uk-core:CurrentFinancialInstruments 2022-12-31 10616047 uk-core:CurrentFinancialInstruments 2021-12-31 10616047 uk-core:WithinOneYear 2022-12-31 10616047 uk-core:WithinOneYear 2021-12-31 10616047 uk-core:ParentEntities 2022-01-01 2022-12-31 10616047 2022-01-01 2022-12-31 10616047 uk-bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: 10616047
 
 
Taggart Homes Southern Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2022
Taggart Homes Southern Limited
Director and Other Information

 
Director Nicolas Patrick Taggart
 
 
Company Registration Number 10616047
 
 
Registered Office and Business Address 21 Pemberton Street
Birmingham
B18 6NY
England
 
 
Accountants HCA Chartered Accountants Ltd
Chartered Accountants
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers Santander UK PLC
  2 Triton Square
  Regent's Place
  London
  NW1 3AN
  United Kingdom
 
   
Solicitors A&L Goodbody
  42-46 Fountain St, Belfast
  Belfast
  Co. Antrim
  BT1 5EB
  Northern Ireland



Taggart Homes Southern Limited
Company Registration Number: 10616047
Balance Sheet
as at 31 December 2022

2022 2021
Notes £ £
 
Current Assets
Stocks 4 905,782 580,874
Debtors 5 2,688,890 1,143,523
Cash and cash equivalents 6,443 8,861
───────── ─────────
3,601,115 1,733,258
───────── ─────────
Creditors: amounts falling due within one year 6 (3,484,843) (1,730,210)
───────── ─────────
Net Current Assets 116,272 3,048
───────── ─────────
Total Assets less Current Liabilities 116,272 3,048
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 116,172 2,948
───────── ─────────
Equity attributable to owners of the company 116,272 3,048
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 14 May 2024
           
           
________________________________          
Nicolas Patrick Taggart          
Director          
           



Taggart Homes Southern Limited
Notes to the Financial Statements
for the financial year ended 31 December 2022

   
1. General Information
 
Taggart Homes Southern Limited is a company limited by shares incorporated and registered in the England. The registered number of the company is 10616047. The registered office of the company is 21 Pemberton Street, Birmingham, B18 6NY, England which is also the principal place of business of the company. The principal activity of the company is the development of building projects. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less all estimated costs to completion taking into account current market conditions. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. .
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 3, (2021 - 3).
 
  2022 2021
  Number Number
 
Construction staff 2 2
Directors 1 1
  ───────── ─────────
  3 3
  ═════════ ═════════
       
4. Stocks 2022 2021
  £ £
 
Work in progress 905,782 580,874
  ═════════ ═════════
 
Stock represents the value of work in progress on construction projects. The replacement cost of stock did not differ significantly from the figures shown.
       
5. Debtors 2022 2021
  £ £
 
Trade debtors - 7,319
Amounts owed by group undertakings 987,665 411,340
Amounts owed by connected parties (Note 9) 1,248,343 563,230
Other debtors 67,500 2,500
Director's current account (Note ) 8,204 8,204
Taxation  (Note 7) 67,178 143,913
Prepayments and accrued income 310,000 7,017
  ───────── ─────────
  2,688,890 1,143,523
  ═════════ ═════════
       
6. Creditors 2022 2021
Amounts falling due within one year £ £
 
Insurance loan - 6,038
Trade creditors 443,782 270,243
Amounts owed to connected parties (Note 9) 2,031,339 709,935
Taxation  (Note 7) 378,293 313,573
Accruals:
Pension accrual 7,427 4,841
Other accruals 624,002 425,580
  ───────── ─────────
  3,484,843 1,730,210
  ═════════ ═════════
       
7. Taxation 2022 2021
  £ £
 
Debtors:
VAT 67,178 114,647
Withholding tax - 29,266
  ───────── ─────────
  67,178 143,913
  ═════════ ═════════
Creditors:
Corporation tax 26,661 102
PAYE / NI 117,436 59,025
Subcontractors tax 230,397 217,330
CIS 3,799 37,116
  ───────── ─────────
  378,293 313,573
  ═════════ ═════════
       
8. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2022.
       
9. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
  Balance Balance
  2022 2021
  £ £
 
TH Annesley Limited 111,244 321,590
TH Carterton Limited 1,137,099 241,640
  ───────── ─────────
  1,248,343 563,230
  ═════════ ═════════
 
The following amounts are due to other connected parties:
  2022 2021
  £ £
 
Taggart Homes Limavady Limited 556,800 360,622
TH Annesley Limited - 44,679
TH Carterton Limited 1,202,554 165,501
TH Somerby Limited 86,408 139,133
Taggart Garden Rooms Limited 185,577 -
  ───────── ─────────
  2,031,339 709,935
  ═════════ ═════════
 
Net balances with other connected parties:
  2022 2021
  £ £
 
Taggart Homes Limavady Limited (556,800) (360,622)
TH Annesley Limited 111,244 276,911
TH Carterton Limited (65,455) 76,139
TH Somerby Limited (86,408) (139,133)
Taggart Garden Rooms Limited (185,577) -
  ───────── ─────────
  (782,996) (146,705)
  ═════════ ═════════
 
In the opinion of the director these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
   
10. Parent company
 
The company regards Battersea Projects Limited as its parent company.
 
   
11. Controlling interest
 
The controlling interest in the company is Nicolas Patrick Taggart, as Mr Taggart is a Director of the company and is the majority shareholder in the parent company, Battersea Projects Limited.
   
12. Post-Balance Sheet Events
 
Government restrictions implemented as a result of the Covid-19 pandemic had a very limited impact on the company's operations during and after the reporting date. There have been no other significant events affecting the company since the reporting date.
       
13. Share capital
 
The share capital of the company was comprised of 100 Ordinary Shares of £1 each.