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Registered number: 04744642
L F Taylor Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04744642
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 125,103 108,033
Investment Properties 6 845,000 484,500
970,103 592,533
CURRENT ASSETS
Stocks 7 284 316
Cash at bank and in hand 8,048 7,298
8,332 7,614
Creditors: Amounts Falling Due Within One Year 8 (152,089 ) (136,508 )
NET CURRENT ASSETS (LIABILITIES) (143,757 ) (128,894 )
TOTAL ASSETS LESS CURRENT LIABILITIES 826,346 463,639
PROVISIONS FOR LIABILITIES
Deferred Taxation (91,850 ) -
NET ASSETS 734,496 463,639
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 270,375 -
Profit and Loss Account 464,021 463,539
SHAREHOLDERS' FUNDS 734,496 463,639
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Leslie Taylor
Director
18/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
L F Taylor Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04744642 . The registered office is Holly Cottage, Wiseton, Doncaster, South Yorkshire, DN10 5AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 15% reducing balance
Computer Equipment 15% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 30,000
As at 30 April 2024 30,000
Amortisation
As at 1 May 2023 30,000
As at 30 April 2024 30,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 May 2023 110,100 9,146 24,845 1,630 145,721
Additions - - 25,566 - 25,566
As at 30 April 2024 110,100 9,146 50,411 1,630 171,287
...CONTINUED
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Depreciation
As at 1 May 2023 12,664 8,567 14,900 1,557 37,688
Provided during the period 1,651 87 6,747 11 8,496
As at 30 April 2024 14,315 8,654 21,647 1,568 46,184
Net Book Value
As at 30 April 2024 95,785 492 28,764 62 125,103
As at 1 May 2023 97,436 579 9,945 73 108,033
6. Investment Property
2024
£
Fair Value
As at 1 May 2023 515,698
Revaluations 329,302
Depreciation and impairment -
As at 30 April 2024 845,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 515,698 -
7. Stocks
2024 2023
£ £
Stock 284 316
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 151,628 136,508
Taxation and social security 461 -
152,089 136,508
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
Surplus on revaluation 270,375
As at 30 April 2024 270,375
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