2023-09-012024-08-312024-08-31false14305037TAYLOR MADE PROSPECTS 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TAYLOR MADE PROSPECTS LTD

Registered Number
14305037
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

TAYLOR MADE PROSPECTS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

KIDD, Emma
TAYLOR, Anthony
TAYLOR, Michael

Registered Address

2 Europe Way
Cockermouth
CA13 0RJ

Registered Number

14305037 (England and Wales)
TAYLOR MADE PROSPECTS LTD
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3179,02621,577
179,02621,577
Current assets
Debtors442,44162,949
Cash at bank and on hand567,633177,710
610,074240,659
Creditors amounts falling due within one year5(236,770)(119,632)
Net current assets (liabilities)373,304121,027
Total assets less current liabilities552,330142,604
Provisions for liabilities6(9,905)(5,394)
Net assets542,425137,210
Capital and reserves
Called up share capital100100
Profit and loss account542,325137,110
Shareholders' funds542,425137,210
The financial statements were approved and authorised for issue by the Board of Directors on 22 October 2024, and are signed on its behalf by:
KIDD, Emma
Director
TAYLOR, Anthony
Director
TAYLOR, Michael
Director

Registered Company No. 14305037
TAYLOR MADE PROSPECTS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings20-
Office Equipment403
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year114
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 September 23-16,7866,95723,743
Additions139,40519,0887,077165,570
At 31 August 24139,40535,87414,034189,313
Depreciation and impairment
At 01 September 23-1,8922742,166
Charge for year-4,9713,1508,121
At 31 August 24-6,8633,42410,287
Net book value
At 31 August 24139,40529,01110,610179,026
At 31 August 23-14,8946,68321,577
4.Debtors: amounts due within one year

2024

2023

££
Other debtors1,1001,378
Prepayments and accrued income41,34161,571
Total42,44162,949
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security177,67263,421
Other creditors57,10152,764
Accrued liabilities and deferred income1,9973,447
Total236,770119,632
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,9055,394
Total9,9055,394