Company registration number 14630952 (England and Wales)
TAYLOR PROPERTY (PETERBOROUGH) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
TAYLOR PROPERTY (PETERBOROUGH) LTD
COMPANY INFORMATION
Directors
S Taylor
D Taylor
Secretary
Company number
14630952
Registered office
90 High Street
Newmarket
Suffolk
CB8 8FE
Accountants
Hardcastle Burton (Newmarket) Limited
90 High Street
Newmarket
Suffolk
CB8 8FE
TAYLOR PROPERTY (PETERBOROUGH) LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
TAYLOR PROPERTY (PETERBOROUGH) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Taylor
D Taylor
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Taylor
Director
23 September 2024
TAYLOR PROPERTY (PETERBOROUGH) LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TAYLOR PROPERTY (PETERBOROUGH) LTD
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Taylor Property (Peterborough) Ltd for the year ended 29 February 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Taylor Property (Peterborough) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Taylor Property (Peterborough) Ltd and state those matters that we have agreed to state to the board of directors of Taylor Property (Peterborough) Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taylor Property (Peterborough) Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Taylor Property (Peterborough) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Taylor Property (Peterborough) Ltd. You consider that Taylor Property (Peterborough) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Taylor Property (Peterborough) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardcastle Burton (Newmarket) Limited
7 October 2024
Chartered Certified Accountants
90 High Street
Newmarket
Suffolk
CB8 8FE
TAYLOR PROPERTY (PETERBOROUGH) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
2024
£
Turnover
107,415
Administrative expenses
(65,617)
Operating profit
41,798
Interest payable and similar expenses
(58,254)
Loss before taxation
(16,456)
Tax on loss
-
0
Loss for the financial year
(16,456)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TAYLOR PROPERTY (PETERBOROUGH) LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 4 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
1,746,000
Current assets
Cash at bank and in hand
3,774
Creditors: amounts falling due within one year
5
(20,230)
Net current liabilities
(16,456)
Total assets less current liabilities
1,729,544
Creditors: amounts falling due after more than one year
6
(1,009,300)
Net assets
720,244
Capital and reserves
Called up share capital
100
Share premium account
736,600
Profit and loss reserves
(16,456)
Total equity
720,244

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
S Taylor
Director
Company registration number 14630952 (England and Wales)
TAYLOR PROPERTY (PETERBOROUGH) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
1
Accounting policies
Company information

Taylor Property (Peterborough) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 90 High Street, Newmarket, Suffolk, CB8 8FE.

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. 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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any discounts.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Freehold land and buildings
No depreciation applicable

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TAYLOR PROPERTY (PETERBOROUGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
Number
Total
2
TAYLOR PROPERTY (PETERBOROUGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023
-
0
Additions
1,746,000
At 29 February 2024
1,746,000
Depreciation and impairment
At 1 February 2023 and 29 February 2024
-
0
Carrying amount
At 29 February 2024
1,746,000
5
Creditors: amounts falling due within one year
2024
£
Other creditors
20,230
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
1,009,300
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