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Registration number: 07765582

Adam C Taylor Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Adam C Taylor Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Adam C Taylor Limited

(Registration number: 07765582)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

44,400

49,950

Tangible assets

5

594,368

748,915

 

638,768

798,865

Current assets

 

Debtors

6

1,455,822

1,121,434

Cash at bank and in hand

 

34,336

32,412

 

1,490,158

1,153,846

Creditors: Amounts falling due within one year

7

(772,594)

(642,229)

Net current assets

 

717,564

511,617

Total assets less current liabilities

 

1,356,332

1,310,482

Creditors: Amounts falling due after more than one year

7

(104,607)

(248,125)

Provisions for liabilities

(116,601)

(136,710)

Net assets

 

1,135,124

925,647

Capital and reserves

 

Called up share capital

5

5

Retained earnings

1,135,119

925,642

Shareholders' funds

 

1,135,124

925,647

 

Adam C Taylor Limited

(Registration number: 07765582)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 September 2024
 

A C Taylor
Director

   
     
 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
c/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the director on 17 September 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 - 'The Financial Reporting Standard applicable in the UK 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts are prepared on a going concern basis

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 sales/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.

Tax

The tax expense for the period comprises current and 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.

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income 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 method and rate

Motor vehicles

25% Reducing balance

Plant and equipment

25% Reducing balance

Furniture, fittings and equipment

33% Straight line

Land and buildings

10% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

Straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Leases

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 13 (2022 - 13).

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

111,000

111,000

At 30 September 2023

111,000

111,000

Amortisation

At 1 October 2022

61,050

61,050

Amortisation charge

5,550

5,550

At 30 September 2023

66,600

66,600

Carrying amount

At 30 September 2023

44,400

44,400

At 30 September 2022

49,950

49,950

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Land and buildings
£

Plant and equipment
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

66,971

1,173,222

7,982

724,500

1,972,675

Additions

-

20,220

1,832

13,495

35,547

At 30 September 2023

66,971

1,193,442

9,814

737,995

2,008,222

Depreciation

At 1 October 2022

19,591

689,933

6,466

507,770

1,223,760

Charge for the year

4,738

125,877

1,923

57,556

190,094

At 30 September 2023

24,329

815,810

8,389

565,326

1,413,854

Carrying amount

At 30 September 2023

42,642

377,632

1,425

172,669

594,368

At 30 September 2022

47,380

483,289

1,516

216,730

748,915

Included within the net book value of land and buildings above is £42,642 (2022 - £47,380) in respect of freehold land and buildings.
 

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

2023
£

2022
£

Trade debtors

96,328

67,085

Other debtors

1,269,013

1,036,164

Prepayments

7,059

6,660

Accrued income

83,422

11,525

1,455,822

1,121,434

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

148,237

212,943

Trade creditors

 

55,910

66,467

Social security and other taxes

 

284,136

118,843

Other creditors

 

8,930

3,462

Accruals

 

12,046

11,616

Corporation tax

158,523

73,821

Other current financial liabilities

 

104,812

155,077

 

772,594

642,229

Due after one year

 

Loans and borrowings

8

104,607

248,125

 

Adam C Taylor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

104,607

248,125

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

1,100

Hire purchase contracts

148,237

211,843

148,237

212,943

The hire purchase contracts are secured against the assets to which they relate.

9

Related party transactions

Transactions with the director

No interest is charged on loans to related parties, which are repayable on demand.

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

777,727

273,548

(120,113)

931,162

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

731,743

189,743

(143,759)

777,727