Company Registration No. 03517182 (England and Wales)
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
26 DECEMBER 2023
26 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
BALANCE SHEET
AS AT
26 DECEMBER 2023
26 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
829
975
Current assets
Stocks
109,377
132,029
Debtors
4
28,033
44,682
Cash at bank and in hand
27,196
38,641
164,606
215,352
Creditors: amounts falling due within one year
5
(155,781)
(182,769)
Net current assets
8,825
32,583
Total assets less current liabilities
9,654
33,558
Creditors: amounts falling due after more than one year
6
(8,616)
Provisions for liabilities
(374)
Net assets
9,280
24,942
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
9,278
24,940
Total equity
9,280
24,942
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
26 DECEMBER 2023
26 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 26 December 2023 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 and delivered 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 8 October 2024 and are signed on its behalf by:
Mr A E Glenn
Director
Company Registration No. 03517182
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Taylor's Supplies (Haberdashery) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O PM+M, Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, England, BB1 5QB.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include 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 goods and 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 trade discounts, settlement discounts and volume rebates.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Fixtures and fittings
15% reducing balance
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.
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
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.
1.6
Financial instruments
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
Tax is recognised in the Statement of income and retained earnings,except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted by the balance sheet date in the countries where the Company operates and generates income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
TAYLOR'S SUPPLIES (HABERDASHERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 December 2022 and 26 December 2023
3,127
Depreciation and impairment
At 27 December 2022
2,152
Depreciation charged in the year
146
At 26 December 2023
2,298
Carrying amount
At 26 December 2023
829
At 26 December 2022
975
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,964
32,119
Corporation tax recoverable
5,832
Other debtors
2,069
6,731
28,033
44,682
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
Trade creditors
47,244
70,969
Corporation tax
1,987
4,345
Other taxation and social security
51
27
Other creditors
106,499
97,428
155,781
182,769
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,616