Taylor Austin & Co. Limited 01117988 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true false true 01117988 2023-04-01 2024-03-31 01117988 2024-03-31 01117988 core:RetainedEarningsAccumulatedLosses 2024-03-31 01117988 core:ShareCapital 2024-03-31 01117988 core:CurrentFinancialInstruments 2024-03-31 01117988 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 01117988 core:ParentEntities 2024-03-31 01117988 bus:SmallEntities 2023-04-01 2024-03-31 01117988 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01117988 bus:FilletedAccounts 2023-04-01 2024-03-31 01117988 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01117988 bus:RegisteredOffice 2023-04-01 2024-03-31 01117988 bus:Director1 2023-04-01 2024-03-31 01117988 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 01117988 core:ParentEntities 2023-04-01 2024-03-31 01117988 1 2023-04-01 2024-03-31 01117988 countries:EnglandWales 2023-04-01 2024-03-31 01117988 2023-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 01117988 core:ParentEntities 2023-03-31 01117988 2022-04-01 2023-03-31 01117988 2023-03-31 01117988 core:RetainedEarningsAccumulatedLosses 2023-03-31 01117988 core:ShareCapital 2023-03-31 01117988 core:CurrentFinancialInstruments 2023-03-31 01117988 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 01117988 core:ParentEntities 2023-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 01117988 core:ParentEntities 2022-04-01 2023-03-31 01117988 2022-03-31 01117988 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 01117988 core:ParentEntities 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 01117988

Taylor Austin & Co. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Taylor Austin & Co. Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Taylor Austin & Co. Limited

Company Information

Director

Mr A Grist

Registered office

57 Earls Avenue
Folkestone
Kent
CT20 2HA

 

Taylor Austin & Co. Limited

(Registration number: 01117988)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

7,548

15,097

Current assets

 

Debtors

5

154,223

130,816

Cash at bank and in hand

 

1

1

 

154,224

130,817

Creditors: Amounts falling due within one year

6

(3,437)

(387)

Net current assets

 

150,787

130,430

Net assets

 

158,335

145,527

Capital and reserves

 

Called up share capital

3,000

3,000

Retained earnings

155,335

142,527

Shareholders' funds

 

158,335

145,527

For the financial year ending 31 March 2024 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 11 October 2024
 

.........................................
Mr A Grist
Director

   
     
 

Taylor Austin & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
57 Earls Avenue
Folkestone
Kent
CT20 2HA
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Taylor Austin & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade 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.

Trade creditors

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

 

Taylor Austin & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investment properties (continued)

2024
£

At 1 April

15,097

Disposals

(7,549)

At 31 March

7,548

The fair value of the investment property has been arrived at by assessing similar properties in the immediate area and the sale prices they achieved. Market data on the rise in house prices was also analysed.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

154,223

130,816

   

154,223

130,816

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

207

207

Taxation and social security

 

3,050

-

Accruals and deferred income

 

180

180

 

3,437

387

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

207

207

 

Taylor Austin & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Related party transactions

Loans from related parties

2024

Parent
£

Key management
£

Total
£

At start of period

130,816

206

131,022

Advanced

23,600

-

23,600

Repaid

(193)

-

(193)

At end of period

154,223

206

154,429

2023

Parent
£

Key management
£

Total
£

At start of period

130,996

206

131,202

Repaid

(180)

-

(180)

At end of period

130,816

206

131,022

Terms of loans from related parties

There are no terms on the loans or interest charged and they are repayable on demand.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Kenwood Property Ltd, incorporated in England and Wales.

 The ultimate parent is White Water Metals Ltd, incorporated in England and Wales.

 The ultimate controlling party is Mr A Grist.