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Company registration number: 04996666
Loates-Taylor Shannon Limited
Unaudited filleted financial statements
31 March 2024
Loates-Taylor Shannon Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Loates-Taylor Shannon Limited
Directors and other information
Director Mr G Shannon
Company number 04996666
Registered office Ground And Lower Ground Floor
66 Wentworth Street
London
E1 7BB
Loates-Taylor Shannon Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 30,700 37,664
_______ _______
30,700 37,664
Current assets
Debtors 6 261,341 220,610
Cash at bank and in hand 265 75,398
_______ _______
261,606 296,008
Creditors: amounts falling due
within one year 7 ( 217,962) ( 183,721)
_______ _______
Net current assets 43,644 112,287
_______ _______
Total assets less current liabilities 74,344 149,951
Creditors: amounts falling due
after more than one year 8 ( 73,599) ( 149,771)
_______ _______
Net assets 745 180
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 645 80
_______ _______
Shareholder funds 745 180
_______ _______
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 October 2024 , and are signed on behalf of the board by:
Mr G Shannon
Director
Company registration number: 04996666
Loates-Taylor Shannon Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground And Lower Ground Floor, 66 Wentworth Street, London, E1 7BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease
Fittings fixtures and equipment - 15 % reducing balance
Computer equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 8 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 April 2023 32,780 19,517 18,478 70,775
Additions - - 3,345 3,345
_______ _______ _______ _______
At 31 March 2024 32,780 19,517 21,823 74,120
_______ _______ _______ _______
Depreciation
At 1 April 2023 12,613 8,795 11,703 33,111
Charge for the year 7,334 1,608 1,367 10,309
_______ _______ _______ _______
At 31 March 2024 19,947 10,403 13,070 43,420
_______ _______ _______ _______
Carrying amount
At 31 March 2024 12,833 9,114 8,753 30,700
_______ _______ _______ _______
At 31 March 2023 20,167 10,722 6,775 37,664
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 164,153 138,869
Other debtors 97,188 81,741
_______ _______
261,341 220,610
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 104,158 70,147
Trade creditors 23,983 27,567
Corporation tax 4,357 -
Social security and other taxes 74,552 73,967
Other creditors 10,912 12,040
_______ _______
217,962 183,721
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 73,599 149,771
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 90,985 76,942
Later than 1 year and not later than 5 years 351,852 125,522
Later than 5 years 43,965 -
_______ _______
486,802 202,464
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr G Shannon 75,335 46,188 ( 75,335) 46,188
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr G Shannon 38,740 75,335 ( 38,740) 75,335
_______ _______ _______ _______