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COMPANY REGISTRATION NUMBER: 05102937
John Taylor Crane Services Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
John Taylor Crane Services Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
John Taylor Crane Services Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,146,691
1,237,578
Current assets
Stocks
23,727
345,680
Debtors
6
674,778
633,916
Cash at bank and in hand
1,753
695
---------
---------
700,258
980,291
Creditors: amounts falling due within one year
7
728,548
1,285,405
---------
------------
Net current liabilities
28,290
305,114
------------
------------
Total assets less current liabilities
1,118,401
932,464
Creditors: amounts falling due after more than one year
8
461,983
440,469
Provisions
Taxation including deferred tax
272,048
156,900
------------
---------
Net assets
384,370
335,095
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
384,270
334,995
---------
---------
Shareholders funds
384,370
335,095
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
John Taylor Crane Services Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
R J Taylor Director
Company registration number: 05102937
John Taylor Crane Services Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Berrys Yard, Caxton Road, Great Gransden, Sandy, Beds, SG19 3BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, assuming the continued support of the company's directors and bankers.
Revenue recognition
Turnover is measured at the fair value of the consideration received and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10%,12.5%, 20%, 25%, 33% or 50% per annum straight line
Office equipment
-
25% or 33% per annum straight line
Motor vehicles
-
17%, 20%,25%, or 33% per annum straight line
Fixtures and fittings
-
20%, 33% or 50% per annum straight line
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Plant and machinery
Office equipment
Motor vehicles
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 May 2023
1,718,128
33,332
164,637
7,600
1,923,697
Additions
16,037
16,000
32,037
Disposals
( 47,999)
( 12,750)
( 60,749)
------------
--------
---------
-------
------------
At 30 April 2024
1,686,166
33,332
167,887
7,600
1,894,985
------------
--------
---------
-------
------------
Depreciation
At 1 May 2023
553,867
30,216
94,908
7,128
686,119
Charge for the year
83,620
3,116
35,716
472
122,924
Disposals
( 47,999)
( 12,750)
( 60,749)
------------
--------
---------
-------
------------
At 30 April 2024
589,488
33,332
117,874
7,600
748,294
------------
--------
---------
-------
------------
Carrying amount
At 30 April 2024
1,096,678
50,013
1,146,691
------------
--------
---------
-------
------------
At 30 April 2023
1,164,261
3,116
69,729
472
1,237,578
------------
--------
---------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 April 2024
1,080,560
46,217
1,126,777
------------
--------
------------
At 30 April 2023
1,104,315
61,766
1,166,081
------------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
239,602
165,447
Amounts owed by group undertakings and undertakings in which the company has a participating interest
371,495
409,425
Other debtors
63,681
59,044
---------
---------
674,778
633,916
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
195,495
179,764
Trade creditors
158,483
791,543
Social security and other taxes
58,142
73,747
Other creditors
316,428
240,351
---------
------------
728,548
1,285,405
---------
------------
The bank overdraft is secured by a fixed and floating charge over the undertaking and all property and assets present and future.
Other creditors include liabilities under hire purchase and finance lease agreements totalling £281,281 (2023 £224,162). These liabilities are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,231
24,871
Other creditors
437,752
415,598
---------
---------
461,983
440,469
---------
---------
Other creditors include liabilities under hire purchase and finance lease agreements totalling £437,752 (2023 £415,598). These liabilities are secured on the assets concerned.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
272,048
156,900
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
283,810
232,826
Unused tax losses
( 11,762)
( 75,926)
---------
---------
272,048
156,900
---------
---------
10. Directors' advances, credits and guarantees
Director A maintains a loan account with the company. At the beginning of the year the company owed the director £nil. During the year there were advances to the director of £28,572 (2023 £31,625) and receipts of £28,572 (2023 £31,625). At the year end the company owed the director £nil. During the year there was no interest charged and no amounts were written off. Director B maintains a loan account with the company. At the beginning of the year the company owed the director £nil. During the year there were advances to the director of £30,240 (2023 £33,088) and receipts of £30,240 (2023 £33,088). At the year end the company owed the director £nil. During the year there was no interest charged and no amounts were written off.Director C maintains a loan account with the company. At the beginning of the year the company owed the director £nil. During the year there were advances to the director of £30,725 (2023 £29,411) and receipts of £30,725 (2023 £29,411). At the year end the company owed the director £nil. During the year there was no interest charged and no amounts were written off.
11. Related party transactions
A balance of £371,495 (2023 £409,425) was owed to John Taylor Crane Services Limited by the holding company, Penberry Limited, at the year end. No interest was charged and no amounts were written off during the year. The registered office for Penberry Limited is Berrys Yard, Caxton Road, Great Gransden, Sandy, SG19 3BH.