Company registration number 13928552 (England and Wales)
TAYLOR MADE PROPERTIES (PALGRAVE) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TAYLOR MADE PROPERTIES (PALGRAVE) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TAYLOR MADE PROPERTIES (PALGRAVE) LTD
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
4
240,000
230,000
Current assets
Debtors
5
889
-
0
Cash at bank and in hand
399
169
1,288
169
Creditors: amounts falling due within one year
6
(83,415)
(77,781)
Net current liabilities
(82,127)
(77,612)
Total assets less current liabilities
157,873
152,388
Creditors: amounts falling due after more than one year
7
(173,903)
(175,648)
Net liabilities
(16,030)
(23,260)
Capital and reserves
Called up share capital
2
2
Fair value reserve
8
(10,000)
(20,000)
Profit and loss reserves
(6,032)
(3,262)
Total equity
(16,030)
(23,260)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr J R K Taylor
Director
Company registration number 13928552 (England and Wales)
TAYLOR MADE PROPERTIES (PALGRAVE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Taylor Made Properties (Palgrave) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Taylor House, Roman Gate, Saxon Way, Great Denham, Bedford, MK40 4FU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Revenue derived from rental income is recognised in the period to which the rent relates.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TAYLOR MADE PROPERTIES (PALGRAVE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
TAYLOR MADE PROPERTIES (PALGRAVE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 March 2023
230,000
Revaluations
10,000
At 29 February 2024
240,000

Investment property comprises leasehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 February 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
889
-
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,000
7,557
Trade creditors
600
-
0
Other creditors
74,815
70,224
83,415
77,781

The short-term loans are secured by fixed charges over the investment property. Total amount secured £8,000 (2023 £7,557).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
173,903
175,648

The long-term loans are secured by fixed charges over the investment property. Total amount secured £173,903 (2023 £175,648).

TAYLOR MADE PROPERTIES (PALGRAVE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
8
Fair value reserve
2024
2023
£
£
At the beginning of the year
(20,000)
-
0
Other movements
10,000
(20,000)
At the end of the year
(10,000)
(20,000)
9
Related party transactions
Transactions with related parties

During the year, the company received funding from related party companies in which the director is also a director and shareholder. These loans are repayable on demand and non interest bearing. The balance outstanding at the end of the year was £ 39,267 (2023 £ 40,885).

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