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Registered number: 11949380










TAYLOR FAMILY PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
TAYLOR FAMILY PROPERTIES LIMITED
REGISTERED NUMBER: 11949380

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,271,209
876,686

Current assets
  

Debtors: amounts falling due within one year
 5 
48,862
67,649

Bank and cash balances
  
3,894
123,341

  
52,756
190,990

Creditors: amounts falling due within one year
 6 
(255,833)
(371,537)

Net current liabilities
  
 
 
(203,077)
 
 
(180,547)

Total assets less current liabilities
  
1,068,132
696,139

Creditors: amounts falling due after more than one year
 7 
(638,949)
(662,241)

  

Net assets
  
429,183
33,898


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
394,523
-

Profit and loss account
  
34,560
33,798

  
429,183
33,898


Page 1

 
TAYLOR FAMILY PROPERTIES LIMITED
REGISTERED NUMBER: 11949380
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr E P Taylor
Director

Date: 27 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
TAYLOR FAMILY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Taylor Family Properties Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act. 
The registered number and address of the registered office are given in the Company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TAYLOR FAMILY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
TAYLOR FAMILY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
876,686


Surplus on revaluation
394,523



At 30 April 2024
1,271,209

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Other debtors
43,139
66,984

Prepayments and accrued income
5,723
665

48,862
67,649



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
24,493
24,493

Trade creditors
1,084
1,636

Corporation tax
10,434
9,431

Other creditors
217,112
326,568

Accruals and deferred income
2,710
9,409

255,833
371,537


The bank loans of £24,493 (2023: £24,493) falling due within one year are secured by the Company. 

Page 5

 
TAYLOR FAMILY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
638,949
662,241


The bank loans of £638,949 (2023: £662,241) falling due after more than one year are secured by the Company. 


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within 1 year

Bank loans
24,493
24,493

Amounts falling due 1-2 years

Bank loans
24,493
24,493

Amounts falling due 2-5 years

Bank loans
73,480
73,480

Amounts falling due after more than 5 years

Bank loans
540,976
564,268

663,442
686,734



9.


Related party transactions

Included within other creditors is a balance owed to the directors totalling £217,112 (2023: £326,568). This balance is unsecured, interest free and repayable on demand.
Included within other other debtors is a balance due owed by Electrix Celutions (Lincs) Limited of £43,139 (2023: £66,984), a company with shareholders in common. This balance is unsecured, interest free and repayable on demand.

 
Page 6