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REGISTERED NUMBER: 07959964 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TAYLOR FIT OUT LTD

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TAYLOR FIT OUT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: N D Taylor





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





REGISTERED NUMBER: 07959964 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,834 24,043

CURRENT ASSETS
Stocks 5 14,903 96,526
Debtors 6 81,541 97,732
96,444 194,258
CREDITORS
Amounts falling due within one year 7 134,792 170,739
NET CURRENT (LIABILITIES)/ASSETS (38,348 ) 23,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,514

)

47,562

CREDITORS
Amounts falling due after more than one
year

8

(103,684

)

(39,202

)

PROVISIONS FOR LIABILITIES 10 - (4,568 )
NET (LIABILITIES)/ASSETS (133,198 ) 3,792

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (133,208 ) 3,782
SHAREHOLDERS' FUNDS (133,198 ) 3,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 September 2024 and were signed by:





N D Taylor - Director


TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Taylor Fit Out Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 25% on reducing balance
Furniture,fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant & Furniture,fittings Motor Computer
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 1,440 1,111 32,690 8,137 43,378
Additions - 924 - - 924
Disposals - - (15,995 ) - (15,995 )
At 31 December 2023 1,440 2,035 16,695 8,137 28,307
DEPRECIATION
At 1 January 2023 1,367 950 11,303 5,715 19,335
Charge for year 18 271 2,348 1,500 4,137
Eliminated on disposal - - (3,999 ) - (3,999 )
At 31 December 2023 1,385 1,221 9,652 7,215 19,473
NET BOOK VALUE
At 31 December 2023 55 814 7,043 922 8,834
At 31 December 2022 73 161 21,387 2,422 24,043

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 32,690
Disposals (15,995 )
At 31 December 2023 16,695
DEPRECIATION
At 1 January 2023 11,303
Charge for year 2,348
Eliminated on disposal (3,999 )
At 31 December 2023 9,652
NET BOOK VALUE
At 31 December 2023 7,043
At 31 December 2022 21,387

5. STOCKS
2023 2022
£    £   
Work-in-progress 14,903 96,526

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,211 45,170
Directors' current accounts 40,707 52,350
Tax 24,656 -
Deferred tax asset 1,548 -
Prepayments 419 212
81,541 97,732

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 47,282 43,635
Other loans 16,432 -
Hire purchase contracts (see note 9) 3,339 6,473
Trade creditors 22,653 41,821
Tax 22,856 21,440
PAYE & CIS 4,249 19,329
VAT 6,053 4,199
Credit card 10,004 6,792
Accrued expenses 1,924 27,050
134,792 170,739

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,398 10,140
Bank loans - 2-5 years 4,379 14,773
Other loans - 1-2 years 19,724 -
Other loans - 2-5 years 65,556 -
Hire purchase contracts (see note 9) 3,627 14,289
103,684 39,202

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 4,025 7,670
Between one and five years 4,370 16,910
8,395 24,580

Finance charges repayable:
Within one year 686 1,197
Between one and five years 743 2,621
1,429 3,818

Net obligations repayable:
Within one year 3,339 6,473
Between one and five years 3,627 14,289
6,966 20,762

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,146 1,188
Between one and five years 11,910 -
19,056 1,188

10. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax
Deferred tax 4,568

Deferred
tax
£   
Balance at 1 January 2023 4,568
Credit to Income Statement during year (6,116 )
Balance at 31 December 2023 (1,548 )

TAYLOR FIT OUT LTD (REGISTERED NUMBER: 07959964)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
N D Taylor
Balance outstanding at start of year 52,350 23,642
Amounts advanced 48,357 58,708
Amounts repaid (60,000 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,707 52,350

Interest of £586 (2022 : £529) was charged at the official rate.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N D Taylor.