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Registered number: 10851410
Taylormade Furniture (Midlands) Ltd
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10851410
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,363 36,939
31,363 36,939
CURRENT ASSETS
Stocks 5 96,832 98,326
Debtors 6 102,386 98,308
Cash at bank and in hand 5,651 6,032
204,869 202,666
Creditors: Amounts Falling Due Within One Year 7 (384,708 ) (382,989 )
NET CURRENT ASSETS (LIABILITIES) (179,839 ) (180,323 )
TOTAL ASSETS LESS CURRENT LIABILITIES (148,476 ) (143,384 )
Creditors: Amounts Falling Due After More Than One Year 8 (26,814 ) (29,680 )
NET LIABILITIES (175,290 ) (173,064 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (175,390 ) (173,164 )
SHAREHOLDERS' FUNDS (175,290) (173,064)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B J Henshaw
Director
4 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Taylormade Furniture (Midlands) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10851410 . The registered office is 550 Valley Rd, Basford, Nottingham, NG5 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
At 31st July 2022 the company had net liabilities of £171,927. The company is reliant on the continued support of the director. The director has confirmed his intention to support the company for at least 12 months from the date of signing the accounts.
On the above basis, the director considers that the accounts should be prepared on a going concern basis.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 17)
18 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 53,882 20,617 8,793 83,292
As at 31 July 2024 53,882 20,617 8,793 83,292
Depreciation
As at 1 August 2023 29,514 11,362 5,477 46,353
Provided during the period 3,657 1,422 497 5,576
As at 31 July 2024 33,171 12,784 5,974 51,929
Net Book Value
As at 31 July 2024 20,711 7,833 2,819 31,363
As at 1 August 2023 24,368 9,255 3,316 36,939
5. Stocks
2024 2023
£ £
Stock 96,832 98,326
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 102,386 98,308
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 63,461 56,424
Bank loans and overdrafts 9,904 9,904
Corporation tax 67,778 62,300
Other taxes and social security 142,268 109,904
VAT 95,537 80,209
Director's loan account 5,760 64,248
384,708 382,989
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,814 29,680
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5