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Registration number: 10277700

Taylormade Lytham Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

Pages for filing with Registrar

 

Taylormade Lytham Investments Ltd

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Taylormade Lytham Investments Ltd

Company Information


 

Directors

Mrs G Taylor

Mr D D A Taylor

Mr A J Taylor

Mr P Taylor

Registered office

47 St Thomas Road
Lytham St.Anne's
Lancashire
FY8 1JP

 

Taylormade Lytham Investments Ltd

(Registration number: 10277700)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

139,656

139,656

Current assets

 

Debtors

5

312

765

Cash at bank and in hand

 

2,228

3,043

 

2,540

3,808

Creditors: Amounts falling due within one year

6

(71,528)

(63,363)

Net current liabilities

 

(68,988)

(59,555)

Total assets less current liabilities

 

70,668

80,101

Creditors: Amounts falling due after more than one year

6

(67,363)

(69,996)

Net assets

 

3,305

10,105

Capital and reserves

 

Called up share capital

4

4

Retained earnings

3,301

10,101

Shareholders' funds

 

3,305

10,105

 

Taylormade Lytham Investments Ltd

(Registration number: 10277700)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 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 year 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
Mr D D A Taylor
Director

 

Taylormade Lytham Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
47 St Thomas Road
Lytham St.Anne's
Lancashire
FY8 1JP
England

These financial statements were authorised for issue by the Board on 24 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.

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 £.

 

Taylormade Lytham Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Judgements

No significant judgements have had to be made by management and directors in preparing these financial statements.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Taylormade Lytham Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Taylormade Lytham Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

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

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investment properties

2024
£

At 1 August

139,656

At 31 July

139,656

The directors deem this value to still be appropriate, therefore there was no revaluation within the year.
There has been no valuation of investment property by an independent valuer.

 

Taylormade Lytham Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Prepayments

312

281

Other debtors

-

484

 

312

765

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

2,850

2,850

Taxation and social security

 

-

563

Accruals and deferred income

 

533

533

Other creditors

 

68,145

59,417

 

71,528

63,363

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

67,363

69,996