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Registration number: 10940739

Taylor Taylor Homes Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2023 to 31 August 2024

 

Taylor Taylor Homes Limited

(Registration number: 10940739)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

76,392

83,446

Current assets

 

Stocks

5

876,684

1,667,350

Debtors

6

152,748

252,601

Cash at bank and in hand

 

4,380

136,616

 

1,033,812

2,056,567

Creditors: Amounts falling due within one year

7

(1,014,503)

(2,035,793)

Net current assets

 

19,309

20,774

Total assets less current liabilities

 

95,701

104,220

Creditors: Amounts falling due after more than one year

7

(53,285)

(64,836)

Net assets

 

42,416

39,384

Capital and reserves

 

Called up share capital

1

1

Retained earnings

42,415

39,383

Shareholders' funds

 

42,416

39,384

 

Taylor Taylor Homes Limited

(Registration number: 10940739)
Statement of Financial Position as at 31 August 2024

For the financial period ending 31 August 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 accounts for the period 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 and 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 Income Statement.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Mr Gareth James Taylor
Director

 

Taylor Taylor Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024

1

General information

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

The address of its registered office is:
4 Lansdowne Terrace
Gosforth
Newcastle Upon Tyne
Tyne And Wear
NE3 1HN

These financial statements were authorised for issue by the Board on 16 January 2025.

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.

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.

Tangible assets

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:

 

Taylor Taylor Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Motor vehicles

10% straight line

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.

Leases

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 statement of financial position as a finance lease obligation.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2023 - 2).

 

Taylor Taylor Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

8,338

96,140

104,478

At 31 August 2024

8,338

96,140

104,478

Depreciation

At 1 November 2023

5,030

16,002

21,032

Charge for the period

689

6,365

7,054

At 31 August 2024

5,719

22,367

28,086

Carrying amount

At 31 August 2024

2,619

73,773

76,392

At 31 October 2023

3,308

80,138

83,446

5

Stocks

2024
£

2023
£

Work in progress

876,684

1,667,350

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

53,843

-

Other debtors

 

98,905

252,601

   

152,748

252,601

 

Taylor Taylor Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

15,337

15,337

Trade creditors

 

3,304

19,110

Accruals and deferred income

 

2,400

2,520

Other creditors

 

993,462

1,998,826

 

1,014,503

2,035,793

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

53,285

64,836

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,096

32,863

Hire purchase contracts

25,189

31,973

53,285

64,836

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,046

6,046

Hire purchase contracts

9,291

9,291

15,337

15,337

9

Related party transactions

 

Taylor Taylor Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

-

5,885