Team Taylor Ltd |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
Held at market value |
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Office Equipment |
15% Straight Line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
|
Cost |
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At 1 July 2023 |
410,000 |
|
734 |
|
410,734 |
|
Additions |
10,000 |
|
- |
|
10,000 |
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At 30 June 2024 |
420,000 |
|
734 |
|
420,734 |
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|
|
|
|
|
|
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|
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Depreciation |
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At 1 July 2023 |
- |
|
549 |
|
549 |
|
Charge for the year |
- |
|
110 |
|
110 |
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At 30 June 2024 |
- |
|
659 |
|
659 |
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|
|
|
|
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Net book value |
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At 30 June 2024 |
420,000 |
|
75 |
|
420,075 |
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At 30 June 2023 |
410,000 |
|
185 |
|
410,185 |
|
|
|
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4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
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Other creditors |
325,562 |
|
310,377 |
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5 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
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At 1 July 2023 |
144,894 |
|
36,095 |
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Gain on revaluation of land and buildings |
10,000 |
|
108,799 |
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At 30 June 2024 |
154,894 |
|
144,894 |
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6 |
Other information |
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Team Taylor Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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21 Aire View Avenue |
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Bingley |
|
BD16 1NS |