REGISTERED NUMBER: 13366525 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
E.J.TAYLOR GROUP LIMITED |
REGISTERED NUMBER: 13366525 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
E.J.TAYLOR GROUP LIMITED |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
E.J.TAYLOR GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old School House |
Bridge Road |
Hunton Bridge |
Kings Langley |
Hertfordshire |
WD4 8SZ |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The results for the year and financial position of the group are as shown in the annexed financial statements. |
There have not been any significant changes in the subsidiary companies' principal activities in the period under review. The directors are not aware, at the date of this report, of any likely major changes in the group or its subsidiary companies' activities. |
The group's turnover was £40,533,701 (2023: £47,139,191) with an overall gross profit margin of 1.14% (2023: 7.46%). |
The year ending March 2024 was significant in a number of ways not least the very difficult financial circumstances that we have weathered. |
Despite a variety of successes across many parts of our business, losses sustained were primarily due to the effects of cost inflation on two large site contracts. These large contracts were in place prior to considerable price hikes for our most regularly purchased goods with prices peaking during the year at 64% higher than March 2020. Even though inflation settled somewhat, prices were still 36% higher by March 2024. |
The pandemic and geopolitical matters impacted supply in cost and lead time, as well as staff and subcontractor availability during prior years. We were then further impacted during 2023/24 by inflation, interest rates and recessionary conditions significantly slowing down the housing market which held up progress on existing sites and awards of new ones. |
Despite these significant headwinds, during this period we continued to forge ahead with the diversification of our client base which has been very successful into 2024/2025. In the wider group, we continued to build on the success of our insurance repair business, our road sweeping and back to black road cleaning service and our HGV servicing and repair work, all of which provide us with a more stable business base which is insulated from the construction industry large site work fluctuations. We also continue to drive forward on our own new build developments which give us greater control and another client base to build even greater stability. We have also boosted our trusted network of subcontractors, suppliers and consultants as well as our in-house teams. |
In 2024/25 we continue to grow and diversify our business and relationships which allow us to operate off a stable base. Additionally, with broader economic conditions alleviating gradually, we look forward to stability and successful growth in the year ahead. |
ON BEHALF OF THE BOARD: |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year, the company made various one-off donations totalling £2,894 (2023: £4,172). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
AUDITORS |
The auditors, Gowers Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E.J.TAYLOR GROUP LIMITED |
Opinion |
We have audited the financial statements of E.J.Taylor Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E.J.TAYLOR GROUP LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E.J.TAYLOR GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- the nature of the industry and sector, control environment and business performance, any key drivers for director's |
remuneration, and performance targets; |
- results of our enquiries of management and directors about their own identification and assessment of irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal systems established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- the matters discussed among the engagement team including tax personnel, regarding where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management override of controls. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements in this case, specifically in this context, Companies Act 2006 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or |
non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- enquiring of management, the directors and in-house management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E.J.TAYLOR GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
The Old School House |
Bridge Road |
Hunton Bridge |
Kings Langley |
Hertfordshire |
WD4 8SZ |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 40,533,701 | 47,139,191 |
Cost of sales | (40,072,536 | ) | (43,623,800 | ) |
GROSS PROFIT | 461,165 | 3,515,391 |
Administrative expenses | (2,969,266 | ) | (2,677,180 | ) |
(2,508,101 | ) | 838,211 |
Other operating income | 83 | 579 |
OPERATING (LOSS)/PROFIT | 4 | (2,508,018 | ) | 838,790 |
Interest receivable and similar income | 5,357 | - |
(2,502,661 | ) | 838,790 |
Interest payable and similar expenses | 5 | (395,986 | ) | (218,266 | ) |
(LOSS)/PROFIT BEFORE TAXATION | (2,898,647 | ) | 620,524 |
Tax on (loss)/profit | 6 | 254,866 | (207,020 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (2,657,002 | ) | 413,504 |
Non-controlling interests | 13,221 | - |
(2,643,781 | ) | 413,504 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (2,643,781 | ) | 413,504 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(2,643,781 |
) |
413,504 |
Total comprehensive income attributable to: |
Owners of the parent | (2,657,002 | ) | 413,504 |
Non-controlling interests | 13,221 | - |
(2,643,781 | ) | 413,504 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | - |
Tangible assets | 9 | 3,655,713 | 3,683,574 |
Investments | 10 | - | - |
3,655,713 | 3,683,574 |
CURRENT ASSETS |
Stocks | 11 | 53,262 | 86,850 |
Debtors | 12 | 10,810,397 | 9,572,653 |
Prepayments and accrued income | 27,300 | 36,193 |
Cash at bank and in hand | 376,249 | 2,029,563 |
11,267,208 | 11,725,259 |
CREDITORS |
Amounts falling due within one year | 13 | (11,504,525 | ) | (9,642,677 | ) |
NET CURRENT (LIABILITIES)/ASSETS | (237,317 | ) | 2,082,582 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,418,396 |
5,766,156 |
CREDITORS |
Amounts falling due after more than one year | 14 | (2,907,327 | ) | (2,335,007 | ) |
PROVISIONS FOR LIABILITIES | 17 | (180,400 | ) | (456,699 | ) |
NET ASSETS | 330,669 | 2,974,450 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED BALANCE SHEET - continued |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 18 | 200 | 200 |
Revaluation reserve | 19 | 28,000 | 28,000 |
Other reserves | 19 | 110,000 | 110,000 |
Retained earnings | 19 | 179,248 | 2,836,250 |
SHAREHOLDERS' FUNDS | 317,448 | 2,974,450 |
NON-CONTROLLING INTERESTS | 13,221 | - |
TOTAL EQUITY | 330,669 | 2,974,450 |
The financial statements were approved by the Board of Directors and authorised for issue on 24th January 2025 and were signed on its behalf by: |
S J T Peck - Director |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 29,901 | (49 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1st April 2022 | 200 | 2,422,746 | 28,000 |
Changes in equity |
Total comprehensive income | - | 413,504 | - |
Balance at 31st March 2023 | 200 | 2,836,250 | 28,000 |
Changes in equity |
Total comprehensive income | - | (2,657,002 | ) | - |
Balance at 31st March 2024 | 200 | 179,248 | 28,000 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 | 110,000 | 2,560,946 | - | 2,560,946 |
Changes in equity |
Total comprehensive income | - | 413,504 | - | 413,504 |
Balance at 31st March 2023 | 110,000 | 2,974,450 | - | 2,974,450 |
Changes in equity |
Total comprehensive income | - | (2,657,002 | ) | 13,221 | (2,643,781 | ) |
Balance at 31st March 2024 | 110,000 | 317,448 | 13,221 | 330,669 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st March 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2024 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (3,301,006 | ) | 1,825,102 |
Interest paid | (155,473 | ) | (72,986 | ) |
Interest element of hire purchase payments paid |
(240,513 |
) |
(145,280 |
) |
Tax paid | 18,667 | 19,483 |
Net cash from operating activities | (3,678,325 | ) | 1,626,319 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,028,591 | ) | (1,873,291 | ) |
Sale of tangible fixed assets | 2,499,454 | 49,196 |
Interest received | 5,357 | - |
Net cash from investing activities | (523,780 | ) | (1,824,095 | ) |
Cash flows from financing activities |
New shareholder loans in year | 600,000 | - |
Net capital borrowed on HP | 543,176 | 741,872 |
Amount introduced by directors | 253 | 715 |
Amount withdrawn by directors | - | (20,405 | ) |
Net loan movement | 1,405,362 | (111,878 | ) |
Net cash from financing activities | 2,548,791 | 610,304 |
(Decrease)/increase in cash and cash equivalents | (1,653,314 | ) | 412,528 |
Cash and cash equivalents at beginning of year |
2 |
2,029,563 |
1,617,035 |
Cash and cash equivalents at end of year | 2 | 376,249 | 2,029,563 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (2,898,647 | ) | 620,524 |
Depreciation charges | 728,796 | 630,140 |
(Profit)/loss on disposal of fixed assets | (171,798 | ) | 42,951 |
Finance costs | 395,986 | 218,266 |
Finance income | (5,357 | ) | - |
(1,951,020 | ) | 1,511,881 |
Decrease/(increase) in stocks | 33,588 | (30,717 | ) |
Increase in trade and other debtors | (1,228,851 | ) | (1,487,297 | ) |
(Decrease)/increase in trade and other creditors | (154,723 | ) | 1,831,235 |
Cash generated from operations | (3,301,006 | ) | 1,825,102 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 376,249 | 2,029,563 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,029,563 | 1,617,035 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,029,563 | (1,653,314 | ) | 376,249 |
2,029,563 | (1,653,314 | ) | 376,249 |
Debt |
Finance leases | (2,593,305 | ) | (543,176 | ) | (3,136,481 | ) |
Debts falling due within 1 year | (919,144 | ) | (1,602,862 | ) | (2,522,006 | ) |
Debts falling due after 1 year | (769,208 | ) | 197,500 | (571,708 | ) |
(4,281,657 | ) | (1,948,538 | ) | (6,230,195 | ) |
Total | (2,252,094 | ) | (3,601,852 | ) | (5,853,946 | ) |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
E.J.Taylor Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements include the financial statements of the company and all its subsidiaries, made up to 31st March, together with the group's results for the year. The results of subsidiaries acquired during the year are included as from the date of incorporation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Purchased goodwill has been capitalised as an intangible asset and amortised on a straight-line basis over its estimated useful life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant - 20% on reducing balance |
Portable Buildings - 20% on reducing balance |
Earth Moving Plant - 15% on reducing balance |
Motor Vehicles - 25% on reducing balance |
Office Equipment - 25% on reducing balance |
Freehold land is not depreciated. Some assets have been fully depreciated. |
Investments in subsidaries |
Investments in subsidiary undertakings are recognised at cost. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Construction contracts - revenue recognition |
Revenue related to construction contracts is accounted for using the stage of completion method. Revenue is recognised based on the stage of completion of contract activity and is calculated by comparing the latest estimate of the contract's loss or profit margin against the contract activities, revenues and costs incurred to date. Provision is made for any contracts expected to give rise to a loss as soon as the loss is foreseen. |
The stage of completion of a transaction or contract using the method that measures most reliably the work |
performed including, where appropriate: |
(a) the proportion that costs incurred for work performed to date bear to the estimated total costs, not including costs relating to future activity, such as for materials or prepayments; |
(b) surveys of work performed; and |
(c) completion of a physical proportion of the contract work or the completion of a proportion of a contract. |
Costs that relate to future activity on the transaction or contract, such as for materials or prepayments, as an asset if it is probable that the costs will be recovered. Costs are recognised as an expense when recovery is not probable. |
When the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable; and contract costs are recognised as an expense in the period in which they are incurred. |
When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense. Similarly, if the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is recognised as an expense. |
Accrued Income and Retentions in respect of construction contracts are included within Trade and Other Debtors, as appropriate, within note 13. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates defined contribution pension schemes. Contributions payable to the group's pension schemes are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 7,614,963 | 6,877,244 |
Social security costs | 521,408 | 520,460 |
Other pension costs | 197,170 | 191,614 |
8,333,541 | 7,589,318 |
The average number of employees during the year was as follows: |
2024 | 2023 |
E.J. Taylor & Sons Limited | 140 | 138 |
Millstar Plant Limited | 8 | 6 |
Esmera Limited | 2 | - |
Fleetsmith Ltd | 1 | - |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
Directors' remuneration £160,559 (2023: £130,130) |
The number of directors to whom retirement benefits were accruing under money purchase schemes was 2 (2023: 2). |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Plant hire | 846,525 | 1,115,467 |
Depreciation - owned assets | 81,953 | 66,542 |
Depreciation - assets on hire purchase contracts | 646,843 | 563,597 |
(Profit)/loss on disposal of fixed assets | (171,798 | ) | 42,951 |
Auditors remuneration | 22,375 | 23,445 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 97,957 | 33,165 |
Late payment interest | 4 | - |
Loan | 57,512 | 39,821 |
Hire purchase | 240,513 | 145,280 |
395,986 | 218,266 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 22,100 | - |
Interest on Corporation tax | (667 | ) | (243 | ) |
Corporation Tax repayment | - | (55,236 | ) |
Over provision in prior year | - | (101 | ) |
Total current tax | 21,433 | (55,580 | ) |
Deferred tax | (276,299 | ) | 262,600 |
Tax on (loss)/profit | (254,866 | ) | 207,020 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 | 60,000 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 | 60,000 |
NET BOOK VALUE |
At 31st March 2024 | - |
At 31st March 2023 | - |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Portable |
property | buildings | Plant |
£ | £ | £ |
COST |
At 1st April 2023 | 50,000 | 123,250 | 1,286,944 |
Additions | - | 25,202 | 981,091 |
Disposals | - | (35,500 | ) | (1,106,906 | ) |
At 31st March 2024 | 50,000 | 112,952 | 1,161,129 |
DEPRECIATION |
At 1st April 2023 | - | 37,451 | 381,155 |
Charge for year | - | 17,247 | 200,608 |
Eliminated on disposal | - | (18,728 | ) | (327,906 | ) |
At 31st March 2024 | - | 35,970 | 253,857 |
NET BOOK VALUE |
At 31st March 2024 | 50,000 | 76,982 | 907,272 |
At 31st March 2023 | 50,000 | 85,799 | 905,789 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Earth |
moving | Motor | Office |
plant | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 | 2,017,900 | 1,702,725 | 130,616 | 5,311,435 |
Additions | 874,303 | 1,139,695 | 8,300 | 3,028,591 |
Disposals | (1,320,170 | ) | (1,601,989 | ) | - | (4,064,565 | ) |
At 31st March 2024 | 1,572,033 | 1,240,431 | 138,916 | 4,275,461 |
DEPRECIATION |
At 1st April 2023 | 396,100 | 725,639 | 87,516 | 1,627,861 |
Charge for year | 245,433 | 254,179 | 11,329 | 728,796 |
Eliminated on disposal | (461,302 | ) | (928,973 | ) | - | (1,736,909 | ) |
At 31st March 2024 | 180,231 | 50,845 | 98,845 | 619,748 |
NET BOOK VALUE |
At 31st March 2024 | 1,391,802 | 1,189,586 | 40,071 | 3,655,713 |
At 31st March 2023 | 1,621,800 | 977,086 | 43,100 | 3,683,574 |
Included in cost of land and buildings is freehold land of £50,000 (2023 - £50,000) which is not depreciated. |
Freehold land was valued on an open market basis on 31st March 2014 by qualified chartered surveyors. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Earth |
Portable | moving | Motor |
buildings | Plant | plant | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 | 49,900 | 766,043 | 1,976,400 | 1,633,927 | 4,426,270 |
Additions | 25,202 | 971,558 | 870,317 | 1,136,414 | 3,003,491 |
Disposals | (28,600 | ) | (750,313 | ) | (1,292,270 | ) | (1,578,676 | ) | (3,649,859 | ) |
At 31st March 2024 | 46,502 | 987,288 | 1,554,447 | 1,191,665 | 3,779,902 |
DEPRECIATION |
At 1st April 2023 | 22,222 | 159,849 | 379,809 | 701,157 | 1,263,037 |
Charge for year | 5,663 | 151,666 | 241,735 | 247,779 | 646,843 |
Eliminated on disposal | (15,343 | ) | (134,056 | ) | (455,378 | ) | (918,373 | ) | (1,523,150 | ) |
At 31st March 2024 | 12,542 | 177,459 | 166,166 | 30,563 | 386,730 |
NET BOOK VALUE |
At 31st March 2024 | 33,960 | 809,829 | 1,388,281 | 1,161,102 | 3,393,172 |
At 31st March 2023 | 27,678 | 606,194 | 1,596,591 | 932,770 | 3,163,233 |
10. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
E J Taylor & Sons Limited |
Registered office: Mill Works, Hazeleigh, Nr. Purleigh, Chelmsford, Essex. CM3 6QT |
Nature of business: Construction |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 197,713 | 2,677,926 |
(Loss)/profit for the year | (2,480,213 | ) | 422,784 |
E J Taylor & Sons (Coggeshall) Limited |
Registered office: Mill Works, Hazeleigh, Nr. Purleigh, Chelmsford, Essex. CM3 6QT |
Nature of business: Construction |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (5,413 | ) | (5,311 | ) |
Loss for the year | (102 | ) | (106 | ) |
Millstar Plant Limited |
Registered office: Mill Works, Hazeleigh, Nr. Purleigh, Chelmsford, Essex. CM3 6QT |
Nature of business: Construction |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 547,951 | 316,553 |
Profit for the year | 231,398 | 5,543 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Esmera (Maplestead) Limited |
Registered office: Mill Works, Hazeleigh, Nr. Purleigh, Chelmsford, Essex. CM3 6QT |
Nature of business: Construction |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (109,758 | ) | 3,016 |
(Loss)/profit for the year | (112,774 | ) | 2,916 |
Fleetsmith Ltd |
Registered office: Mill Works Burnham Road, Hazeleigh, Chelmsford, England, CM3 6QT |
Nature of business: Maintenance and repair of motor vehicles |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (50,756 | ) | (15,339 | ) |
Loss for the year | (35,417 | ) | (15,439 | ) |
Esmera Limited |
Registered office: Mill Works Burnham Road, Hazeleigh, Chelmsford, England, CM3 6QT |
Nature of business: Development of building projects |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (342,360 | ) | 100 |
Loss for the year | (342,460 | ) | - |
Necton Developments |
Registered office: Mill Works Burnham Road, Hazeleigh, Chelmsford, England, CM3 6QT |
Nature of business: Development of building projects |
% |
Class of shares: | holding |
Ordinary | 80.00 |
2024 |
£ |
Aggregate capital and reserves | 66,204 |
Profit for the year | 66,104 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Inventories | 53,262 | 86,850 |
12. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 4,778,539 | 5,859,838 |
Other debtors | 3,960,172 | 3,020,926 |
Shareholders' loan accounts | 20,008 | 20,008 | 20,008 | 20,008 |
VAT | 292,374 | 562,536 |
Prepayments | 1,759,304 | 109,345 |
10,810,397 | 9,572,653 |
Amounts falling due after more than one year: |
Amounts owed by related undertakings | - | - |
Aggregate amounts | 10,810,397 | 9,572,653 |
Trade and other debtors include accrued income of £4,957,942 (2023: £4,994,909) and retentions of £2,472,763 (2023: £1,980,977). |
Amounts totalling £20,008 (2023: £20,008) are due to the company by directors and shareholders. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 1,991,126 | 566,205 |
Other loans (see note 15) | 530,880 | 352,939 |
Hire purchase contracts (see note 16) | 942,842 | 1,027,506 |
Trade creditors | 5,638,268 | 6,467,554 |
Amounts owed to Shareholders | 600,000 | - |
Tax | 22,003 | (18,097 | ) |
Social security and other taxes | 275,763 | 266,153 |
Other creditors | 720,750 | 378,314 |
Shareholders' loan accounts | 4,865 | 4,612 | - | - |
Accrued expenses | 778,028 | 597,491 |
11,504,525 | 9,642,677 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 15) | 571,708 | 769,208 |
Hire purchase contracts (see note 16) | 2,193,639 | 1,565,799 |
Amounts owed to related undertakings | - | - | 2,527,444 | - |
Other creditors | 141,980 | - |
2,907,327 | 2,335,007 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 1,991,126 | 566,205 |
Other loans < 1 year | 227,346 | 212,500 |
Loans by individuals | 303,534 | 140,439 |
2,522,006 | 919,144 |
Amounts falling due between one and two | years: |
Other loans > 1 year | 180,208 | 392,708 |
Loans by individuals | 391,500 | 376,500 |
571,708 | 769,208 |
Other loans |
Other loans relate to a total of £1,000,000 which were borrowed under the Coronavirus Business Interruption Loan Scheme in April and May 2020 and the first repayments were made during the year ended 31st March 2022. The loans are being repaid by 48 monthly instalments of £5,208.33 commencing April 2021 and 60 monthly instalments of £12,500 commencing May 2021. The loans are secured by a fixed and floating charge over all the assets of the company. |
Bank loans |
The bank loan is secured by a fixed and floating charge over all freehold and leasehold property in the company together with all buildings, fixtures and fixed plant and machinery, the goodwill and any uncalled capital of the company, all book debts and other debts owing to the company now or in the future, and all intellectual property rights. The amount is repayable on the anniversary of the drawdown which was 4th November 2022. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 1,171,092 | 1,150,079 |
Between one and five years | 2,729,951 | 1,706,003 |
3,901,043 | 2,856,082 |
Finance charges repayable: |
Within one year | 228,250 | 122,573 |
Between one and five years | 536,312 | 140,204 |
764,562 | 262,777 |
Net obligations repayable: |
Within one year | 942,842 | 1,027,506 |
Between one and five years | 2,193,639 | 1,565,799 |
3,136,481 | 2,593,305 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 180,400 | 456,699 |
Group |
Deferred |
tax |
£ |
Balance at 1st April 2023 | 456,699 |
Movement in provision | (276,299 | ) |
Balance at 31st March 2024 | 180,400 |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
18. | CALLED UP SHARE CAPITAL |
On incorporation, 100 ordinary shares of £1 each in the company were issued and fully paid. |
On 16th September 2021 a further 100 ordinary shares of £1 each were issued in share for share exchange to acquire 100% of the shares in E J Taylor & Sons Limited, E J Taylor & Sons (Coggeshall) Limited and Millstar Plant Limited. |
19. | RESERVES |
Group |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1st April 2023 | 2,836,250 | 28,000 | 110,000 | 2,974,250 |
Deficit for the year | (2,657,002 | ) | (2,657,002 | ) |
At 31st March 2024 | 179,248 | 28,000 | 110,000 | 317,248 |
20. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the ownership of the shares is sufficiently widespread for there to be no individual controlling party. |
21. | PENSION COMMITMENTS |
E J Taylor & Sons Limited, a subsidiary undertaking, operates a defined contribution scheme under the Auto Enrolment legislation for all employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable to the funds and amounted to £174,115 (2023: £175,593). Contributions outstanding at the balance sheet date amounted to £32,724 (2023: £23,706). |
E J Taylor & Sons Limited, a subsidiary undertaking, also operates a defined contribution scheme for the three directors. The assets of the scheme are held separately from those of the company in an independently administered fund. There were contributions totalling £24,000 made in the year. |
E.J.TAYLOR GROUP LIMITED (REGISTERED NUMBER: 13366525) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
22. | RELATED PARTIES |
As at 31st March 2024 the company owed J R Taylor Esq, £165,380 (2023: £nil). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed Mrs L M Taylor, wife of R C B Taylor, £45,500 (2023: £45,500). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed J Peck Esq, husband of S J Peck, £115,000 (2023: £100,000). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed E J T & Sons Retirement and Death Benefit Scheme, £450,075 (2023: £248,199). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed other individuals, £354,154 (2023: £356,439). Interest is charged at a commercial rate. |
The E J Taylor Foundation, a charity, was registered as a charitable incorporated company on 18th April 2019. Two of the trustees of the charity are directors of the group. At the period end the group held (net) funds totalling £1,097 (2023: £228) on behalf of the charity. |
E J Taylor & Sons Limited, a subsidiary undertaking, occupies a property under a commercial lease at an arms length rent of £92,000 per annum (2023: £92,000 per annum) from EJ Taylor & Sons Limited Retirement and Death Benefit Scheme, a scheme which is for the benefit of R C B Taylor (director), Mrs S J T Peck (director) and J R Taylor (director). The property is leased under a 10 year lease with an upward only rent review at the fifth year. Rents paid to the pension scheme during the year amounted to £92,000 (2023: £92,000). |