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Registration number: 09382813

Taurus Developments (London) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Taurus Developments (London) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Taurus Developments (London) Ltd

Company Information

Director

Mr Michael Dixon

Registered office

C/o BDK Accountants LTD
24 Scotts Road
Bromley
Kent
BR1 3QD

Accountants

BDK Accountants Ltd
24 Scotts Road
Bromley
Kent
BR1 3QD

 

Taurus Developments (London) Ltd

(Registration number: 09382813)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

40,205

51,342

Current assets

 

Stocks

6

50,673

194,744

Debtors

7

264,760

144,163

Cash at bank and in hand

 

48,521

12,209

 

363,954

351,116

Creditors: Amounts falling due within one year

8

(440,975)

(301,492)

Net current (liabilities)/assets

 

(77,021)

49,624

Net (liabilities)/assets

 

(36,816)

100,966

Capital and Reserves

 

Called up share capital

9

300

300

Retained Earnings

(37,116)

100,666

Shareholders' (deficit)/funds

 

(36,816)

100,966

For the financial year ending 31 January 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 30 October 2024
 

.........................................
Mr Michael Dixon
Director

 

Taurus Developments (London) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o BDK Accountants LTD
24 Scotts Road
Bromley
Kent
BR1 3QD
England

These financial statements were authorised for issue by the director on 30 October 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Taurus Developments (London) Ltd

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

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% on Cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Taurus Developments (London) Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Taurus Developments (London) Ltd

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

8,153

52,268

40,000

100,421

Additions

3,805

-

1,124

4,929

At 31 January 2024

11,958

52,268

41,124

105,350

Depreciation

At 1 February 2023

5,035

25,271

24,000

54,306

Charge for the year

2,614

-

8,225

10,839

At 31 January 2024

7,649

25,271

32,225

65,145

Carrying amount

At 31 January 2024

4,309

26,997

8,899

40,205

At 31 January 2023

3,118

32,224

16,000

51,342

5

Investments

2024
£

2023
£

Joint ventures

Cost

Provision

Carrying amount

At 31 January 2024

6

Stocks

2024
£

2023
£

Work in progress

50,673

194,744

7

Debtors

 

Taurus Developments (London) Ltd

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

Current

2024
£

2023
£

Trade Debtors

226,139

136,021

Other debtors

38,621

8,142

 

264,760

144,163

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

58,264

108,868

Trade Creditors

 

342,464

45,557

Taxation and social security

 

1,606

103,471

Accruals and deferred income

 

-

4,389

Other creditors

 

38,641

39,207

 

440,975

301,492

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Class A of £1 each

300

300

300

300

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

35,529

76,647

Other borrowings

22,735

32,221

58,264

108,868