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Registered number: 08253945









TAYLOR FARMS INDUSTRIES LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAYLOR FARMS INDUSTRIES LTD
REGISTERED NUMBER: 08253945

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,099
32,426

Current assets
  

Debtors: amounts falling due within one year
 5 
788,966
796,100

Cash at bank
  
7,990
2,821

  
796,956
798,921

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(270,773)
(233,116)

Net current assets
  
 
 
526,183
 
 
565,805

Total assets less current liabilities
  
549,282
598,231

Creditors: amounts falling due after more than one year
 7 
(495,300)
(516,702)

  

Net assets
  
53,982
81,529


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
53,882
81,429

  
53,982
81,529


Page 1

 
TAYLOR FARMS INDUSTRIES LTD
REGISTERED NUMBER: 08253945

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Taylor
Director

Date: 31 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Taylor Farms Industries Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is 17 Oak Lane, Littleport, Ely, Cambridgeshire, CB6 1RS. This Company is not part of a group.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2022 - 8).

Page 6

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Other fixed assets

£



Cost 


At 1 January 2023
166,588


Disposals
(5,561)



At 31 December 2023

161,027



Depreciation


At 1 January 2023
134,162


Charge for the year on owned assets
7,795


Disposals
(4,029)



At 31 December 2023

137,928



Net book value



At 31 December 2023
23,099



At 31 December 2022
32,426


5.


DEBTORS

2023
2022
£
£


Trade debtors
5,026
8,400

Other debtors
756,513
769,729

Prepayments and accrued income
16,194
15,806

Deferred taxation
11,233
2,165

788,966
796,100


Page 7

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
24,465
30,480

Trade creditors
55,836
1,515

Corporation tax
3,058
2,839

Other creditors
165,586
174,048

Accruals and deferred income
21,828
24,234

270,773
233,116



7.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
495,300
516,702


Included within creditors are secured debts amounting to £484,117 (2022 - £505,979) which are secured via a fixed and floating charge on the Company’s assets.


8.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
24,465
30,480

Amounts falling due 1-2 years

Bank loans
33,783
32,963

Amounts falling due 2-5 years

Bank loans
123,981
105,658

Amounts falling due after more than 5 years

Bank loans
337,536
378,081

519,765
547,182


Page 8

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
2,165
-


Charged to profit or loss
9,068
2,165



At end of year
11,233
2,165

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,836
2,117

Tax losses carried forward
7,389
48

Pension surplus
8
-

11,233
2,165


10.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £763 (2022 - £804). Contributions totalling £76 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
TAYLOR FARMS INDUSTRIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


RELATED PARTY TRANSACTIONS

During the year the Company operated loans with the directors of the Company. The amount payable to the directors at the year end was £21,293 (2022 - £10,005). These loans are interest free and repayable on demand.
During the year the Company operated loans with the GT & SE Taylor & Sons partnership, a partnership in which the directors are partners. The amount receivable from the partnership at the year end was £94,510 (2022 - £72,177). This loan is interest free and repayable on demand.
During the year the Company operated loans with The Potato Link Limited, a Company under common control. The amount receivable from the Company at the year end was £3,693 (2022 - £3,515). This loan is interest free and repayable on demand.
During the year the Company operated loans with Head Fen Country Retreat Limited, a Company under common control. The amount receivable from the Company at the year end was £38,967 (2022 - £11,841). This loan is interest free and repayable on demand.
During the year the Company operated loans with Taylor Potatoes Limited, a Company under common control. The amount receivable from the Company at the year end was £607,228 (2022 - £681,740). This loan is interest free and repayable on demand. 
During the year the Company operated loans with Timberland Lodges UK Limited, a Company under common control. The amount receivable from the Company at the year end was £276 (2022 - £276). This loan is interest free and repayable on demand.
During the year the Company operated loans with Oak Lane Business Park Limited, a Company under common control. The amount payable to the Company at the year end was £144,217 (2022 - £141,967). This loan is interest free and repayable on demand.
During the year the Company operated loans with Head Fen Lake Fisheries Limited, a Company under common control. The amount receivable from the Company at the year end was £5,057 (2022 - £22,077 owed to Head Fen Lake Fisheries Limited). This loan is interest free and repayable on demand.


Page 10