Company Registration No. 06415120 (England and Wales)
TAYLORS PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TAYLORS PROPERTY DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
S D Taylor
G R Taylor
Company number
06415120
Registered office
Redroofs
Berrington Road
Tenbury Wells
Worcestershire
WR15 8EN
Accountants
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
TAYLORS PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TAYLORS PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
905,835
851,657
Investment property
4
10,435,582
10,430,582
11,341,417
11,282,239
Current assets
Debtors falling due after more than one year
5
1,048,634
1,048,634
Debtors falling due within one year
5
58,489
132,395
Cash at bank and in hand
132,094
288,969
1,239,217
1,469,998
Creditors: amounts falling due within one year
6
(1,621,280)
(317,959)
Net current (liabilities)/assets
(382,063)
1,152,039
Total assets less current liabilities
10,959,354
12,434,278
Creditors: amounts falling due after more than one year
7
(1,570,461)
(3,016,082)
Provisions for liabilities
9
(603,972)
(601,361)
Net assets
8,784,921
8,816,835
Capital and reserves
Called up share capital
11
65,162
65,162
Share premium account
3,296,812
3,296,812
Profit and loss reserves
5,422,947
5,454,861
Total equity
8,784,921
8,816,835
TAYLORS PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
S D Taylor
Director
Company registration number 06415120 (England and Wales)
TAYLORS PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Taylors Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Redroofs, Berrngton Road, Tenbury Wells, Worcestershire, WR15 8EN.
1.1
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property letting and related recharged services, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Nil due to nature of land and buildings
Plant and machinery
10% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
TAYLORS PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TAYLORS PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
826,312
135,001
961,313
Additions
40,544
18,930
59,474
At 31 December 2023
866,856
153,931
1,020,787
Depreciation and impairment
At 1 January 2023
109,655
109,655
Depreciation charged in the year
5,297
5,297
At 31 December 2023
114,952
114,952
Carrying amount
At 31 December 2023
866,856
38,979
905,835
At 31 December 2022
826,312
25,345
851,657
4
Investment property
2023
£
Fair value
At 1 January 2023
10,430,582
Additions
5,000
At 31 December 2023
10,435,582
Investment property comprises freehold land and buildings that are let for commercial purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out in the year ended 31 December 2022 by a firm of Chartered Surveyors, who are not connected with the company along with valuations made by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
TAYLORS PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,925
91,268
Recharges
4,975
9,975
Prepayments and accrued income
43,589
31,152
58,489
132,395
2023
2022
Amounts falling due after more than one year:
£
£
Amounts due from related parties
1,048,634
1,048,634
Total debtors
1,107,123
1,181,029
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,312,500
62,500
Other borrowings
133,121
126,418
Trade creditors
3,001
9,346
Corporation tax
67,231
37,208
Other taxation and social security
43,721
29,380
Deferred income
8
49,348
42,907
Other creditors
4,520
1,172
Accruals and deferred income
7,838
9,028
1,621,280
317,959
The loans are secured by fixed charges over the freehold property held by the company and by a fixed and floating charge over the company's assets in general. Interest is payable at rates varying between 1.95% above fixed rate and 2.6% over the LIBOR rate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,125,000
2,437,500
Other borrowings
445,461
578,582
1,570,461
3,016,082
TAYLORS PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Deferred income
2023
2022
£
£
Other deferred income - rents in advance
49,348
42,907
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
603,972
601,361
10
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
6,645
4,034
Revaluations
597,327
597,327
603,972
601,361
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
62,000
62,000
62,000
62,000
Ordinary A of 5p each
63,240
63,240
3,162
3,162
125,240
125,240
65,162
65,162
The Ordinary shares have equal voting and income rights. The holders of A shares are not entitled to payment of dividends or any other distribution except that on a winding up of the business, the A shares are entitled to a payment of £10 in priority to any similar payment on the Ordinary shares. Both the Ordinary shares and the A shares are non-redeemable.
12
Profit and loss reserves
Included in the profit and loss account are non-distributable unrealised gains of £2,128,675 (2022: £2,128,675).