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Registration number: 00765226

F.Taylor & Sons (Chorley) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

F.Taylor & Sons (Chorley) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

F.Taylor & Sons (Chorley) Limited

Company Information

Directors

Mr Graham Darbyshire

Mrs Gillian Darbyshire

Company secretary

Mr Graham Darbyshire

Registered office

Yarrow Bridge Garage
Bolton Road
Chorley
Lancashire
PR7 4AB

Accountants

Harrison Salmon Associates Limited
Chartered Accountants
Suite 21 Chorley Business & Technology Centre
East Terrace
Euxton Lane
Chorley
Lancashire
PR7 6TE

 

F.Taylor & Sons (Chorley) Limited

(Registration number: 00765226)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

509,812

502,024

Current assets

 

Stocks

5

140,000

153,000

Debtors

6

73,918

66,474

Cash at bank and in hand

 

28,204

30,579

 

242,122

250,053

Creditors: Amounts falling due within one year

7

(164,298)

(167,547)

Net current assets

 

77,824

82,506

Total assets less current liabilities

 

587,636

584,530

Creditors: Amounts falling due after more than one year

7

(132,609)

(166,857)

Provisions for liabilities

(75,780)

(86,157)

Net assets

 

379,247

331,516

Capital and reserves

 

Called up share capital

8

500

500

Revaluation reserve

297,106

297,106

Retained earnings

81,641

33,910

Shareholders' funds

 

379,247

331,516

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

F.Taylor & Sons (Chorley) Limited

(Registration number: 00765226)
Balance Sheet as at 31 December 2023

.........................................
Mrs Gillian Darbyshire
Director

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Yarrow Bridge Garage
Bolton Road
Chorley
Lancashire
PR7 4AB

The principal place of business is:
Bolton Road
Chorley
Lancashire
PR7 4AB

These financial statements were authorised for issue by the Board on 20 November 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.

Going concern

The potential impacts of the Coronavirus pandemic have been considered, and the directors belive that the company's approach to mitigating their risks, including control of overheads and accessing financial support measures employed by the government in response to the pandemic, will help to reduce the financial impact. On this basis the director considers that it remains appropriate to prepare the accounts on a going concern basis.

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.

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Government grants

Government grants relating to the support provided for the Coronavirus pandemic are recognised when there is reasonable assurance that the grant is reveivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the relatd costs are recongnised.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Freehold property is stated in the statement of financial position at fair value based upon the directors assessment at the balance sheet date.

All other tangible assets are stated in the statement of financial position 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

Plant and machinery

15% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

15% reducing balance basis

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.

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors adn creditors.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

408,500

3,113

119,219

27,039

557,871

Additions

-

-

95,388

1,925

97,313

Disposals

-

-

(73,809)

-

(73,809)

At 31 December 2023

408,500

3,113

140,798

28,964

581,375

Depreciation

At 1 January 2023

-

2,663

37,674

15,510

55,847

Charge for the year

-

113

28,162

2,018

30,293

Eliminated on disposal

-

-

(14,577)

-

(14,577)

At 31 December 2023

-

2,776

51,259

17,528

71,563

Carrying amount

At 31 December 2023

408,500

337

89,539

11,436

509,812

At 31 December 2022

408,500

450

81,545

11,529

502,024

Included within the net book value of land and buildings above is £408,500 (2022 - £408,500) in respect of freehold land and buildings.
 

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

140,000

153,000

6

Debtors

2023
£

2022
£

Trade debtors

5,727

-

Prepayments

498

498

Other debtors

67,693

65,976

73,918

66,474

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

78,496

27,473

Taxation and social security

36,464

18,734

Accruals and deferred income

1,739

2,319

Other creditors

47,599

119,021

164,298

167,547

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

132,609

166,857

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Share Capital of £1 each

500

500

500

500

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

24,167

34,167

Hire purchase contracts

65,126

67,261

Other borrowings

43,316

65,429

132,609

166,857

10

Related party transactions

 

F.Taylor & Sons (Chorley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

84,885

84,703

Contributions paid to money purchase schemes

2,167

2,250

87,052

86,953

Summary of transactions with other related parties

During the year the company operated a loan account with its Directors. At the balance sheet date the company was owed £45,592 ( 2022 £43,876) by its Directors, which is contained in other debtors.