Registered number
04384082
Taylor Andrews Limited
Filleted Accounts
29 February 2024
Taylor Andrews Limited
Registered number: 04384082
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 7,099 8,931
Current assets
Debtors 5 40,738 37,934
Cash at bank and in hand 61,469 61,223
102,207 99,157
Creditors: amounts falling due within one year 6 (35,819) (29,316)
Net current assets 66,388 69,841
Total assets less current liabilities 73,487 78,772
Creditors: amounts falling due after more than one year 7 (9,004) (20,300)
Net assets 64,483 58,472
Capital and reserves
Called up share capital 100 100
Profit and loss account 64,383 58,372
Shareholders' funds 64,483 58,472
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M S Andrews
Director
Approved by the board on 8 November 2024
Taylor Andrews Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% straight line
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 122,985
At 29 February 2024 122,985
Amortisation
At 1 March 2023 122,985
At 29 February 2024 122,985
Net book value
At 29 February 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 16,102 11,597 27,699
At 29 February 2024 16,102 11,597 27,699
Depreciation
At 1 March 2023 8,055 10,713 18,768
Charge for the year 1,611 221 1,832
At 29 February 2024 9,666 10,934 20,600
Net book value
At 29 February 2024 6,436 663 7,099
At 28 February 2023 8,047 884 8,931
5 Debtors 2024 2023
£ £
Trade debtors 40,738 37,633
Other debtors - 301
40,738 37,934
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,780 8,700
Trade creditors 65 1,567
Taxation and social security costs 22,720 18,782
Other creditors 6,254 267
35,819 29,316
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,004 20,300
8 Other information
Taylor Andrews Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chapel Cottage
Kilnsea Road
Kilnsea
Hull
HU12 0UB
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