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Registered number: 06240489
Taylex Displays Limited
Financial Statements
For The Year Ended 30 April 2024
NJR Accountancy Services Limited
14 Victoria Square
Droitwich Spa
Worcestershire
WR9 8DS
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—8
Page 1
Statement of Financial Position
Registered number: 06240489
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 159,446 239,168
Tangible Assets 6 205,990 194,398
Investments 7 1,002 1,000
366,438 434,566
CURRENT ASSETS
Stocks 8 198,713 172,363
Debtors 9 735,006 762,264
Cash at bank and in hand 212,477 17,971
1,146,196 952,598
Creditors: Amounts Falling Due Within One Year 10 (1,258,375 ) (1,124,732 )
NET CURRENT ASSETS (LIABILITIES) (112,179 ) (172,134 )
TOTAL ASSETS LESS CURRENT LIABILITIES 254,259 262,432
Creditors: Amounts Falling Due After More Than One Year 11 (93,013 ) (166,593 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,498 ) (48,600 )
NET ASSETS 109,748 47,239
CAPITAL AND RESERVES
Called up share capital 13 2 2
Income Statement 109,746 47,237
SHAREHOLDERS' FUNDS 109,748 47,239
Page 1
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 Income Statement.
On behalf of the board
Mr K Clark
Director
22nd November 2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Taylex Displays Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06240489 . The registered office is Unit 2 Amber Way, Halesowen, B62 8AY.
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 income statement 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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
Page 3
Page 4
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. 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.
Page 4
Page 5
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 21)
27 21
4. Prior Period Adjustment
Further to guidance issued by H M Revenue and Customs regarding the company's research and development allowances it was deemed necessary to change the accounting treatment of some turnover items which altered the amounts previously disclosed.
This resulted in a prior year adjustment having the effect of reducing turnover and retained earnings in the earlier year by £352,595, and this turnover amount was deferred to the current accounting period.
The change in accounting treatment will now be carried forward to future periods following the one off prior year adjustment in these financial statements.
5. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 398,614
As at 30 April 2024 398,614
Amortisation
As at 1 May 2023 159,446
Provided during the period 79,722
As at 30 April 2024 239,168
Net Book Value
As at 30 April 2024 159,446
As at 1 May 2023 239,168
Page 5
Page 6
6. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 246,694 64,462 51,570 7,776 370,502
Additions 27,017 52,630 - 5,348 84,995
As at 30 April 2024 273,711 117,092 51,570 13,124 455,497
Depreciation
As at 1 May 2023 101,043 32,749 39,332 2,980 176,104
Provided during the period 27,601 40,207 3,059 2,536 73,403
As at 30 April 2024 128,644 72,956 42,391 5,516 249,507
Net Book Value
As at 30 April 2024 145,067 44,136 9,179 7,608 205,990
As at 1 May 2023 145,651 31,713 12,238 4,796 194,398
7. Investments
Unlisted
£
Cost
As at 1 May 2023 1,000
Additions 2
As at 30 April 2024 1,002
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 1,002
As at 1 May 2023 1,000
8. Stocks
2024 2023
as restated
£ £
Stock 96,598 66,285
Work in progress 102,115 106,078
198,713 172,363
Page 6
Page 7
9. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 479,431 546,030
Amounts owed by group undertakings 207,988 209,022
Other debtors 47,587 7,212
735,006 762,264
10. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 22,793 32,407
Trade creditors 348,354 309,013
Bank loans and overdrafts 70,800 160,770
Other creditors 623,033 488,905
Taxation and social security 193,395 133,637
1,258,375 1,124,732
11. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 10,498 25,397
Bank loans 82,515 141,196
93,013 166,593
12. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,793 32,407
Later than one year and not later than five years 10,498 25,397
33,291 57,804
33,291 57,804
Page 7
Page 8
13. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 2 2
14. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr K Clark 40,000 40,000
Page 8