Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-300true12false2023-05-01falseNo description of principal activity12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 5422659 2023-05-01 2024-04-30 5422659 2022-05-01 2023-04-30 5422659 2024-04-30 5422659 2023-04-30 5422659 c:Director2 2023-05-01 2024-04-30 5422659 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 5422659 d:Buildings d:ShortLeaseholdAssets 2024-04-30 5422659 d:Buildings d:ShortLeaseholdAssets 2023-04-30 5422659 d:PlantMachinery 2023-05-01 2024-04-30 5422659 d:PlantMachinery 2024-04-30 5422659 d:PlantMachinery 2023-04-30 5422659 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 5422659 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 5422659 d:MotorVehicles 2023-05-01 2024-04-30 5422659 d:MotorVehicles 2024-04-30 5422659 d:MotorVehicles 2023-04-30 5422659 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 5422659 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 5422659 d:FurnitureFittings 2023-05-01 2024-04-30 5422659 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 5422659 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 5422659 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 5422659 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 5422659 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 5422659 d:CurrentFinancialInstruments 2024-04-30 5422659 d:CurrentFinancialInstruments 2023-04-30 5422659 d:Non-currentFinancialInstruments 2024-04-30 5422659 d:Non-currentFinancialInstruments 2023-04-30 5422659 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 5422659 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 5422659 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 5422659 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 5422659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 5422659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 5422659 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 5422659 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 5422659 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 5422659 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 5422659 d:ShareCapital 2024-04-30 5422659 d:ShareCapital 2023-04-30 5422659 d:RetainedEarningsAccumulatedLosses 2024-04-30 5422659 d:RetainedEarningsAccumulatedLosses 2023-04-30 5422659 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 5422659 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 5422659 c:OrdinaryShareClass1 2023-05-01 2024-04-30 5422659 c:OrdinaryShareClass1 2024-04-30 5422659 c:OrdinaryShareClass1 2023-04-30 5422659 c:OrdinaryShareClass2 2023-05-01 2024-04-30 5422659 c:OrdinaryShareClass2 2024-04-30 5422659 c:OrdinaryShareClass2 2023-04-30 5422659 c:OrdinaryShareClass3 2023-05-01 2024-04-30 5422659 c:OrdinaryShareClass3 2024-04-30 5422659 c:OrdinaryShareClass3 2023-04-30 5422659 c:OrdinaryShareClass4 2023-05-01 2024-04-30 5422659 c:OrdinaryShareClass4 2024-04-30 5422659 c:OrdinaryShareClass4 2023-04-30 5422659 c:OrdinaryShareClass5 2023-05-01 2024-04-30 5422659 c:OrdinaryShareClass5 2024-04-30 5422659 c:OrdinaryShareClass5 2023-04-30 5422659 c:FRS102 2023-05-01 2024-04-30 5422659 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 5422659 c:FullAccounts 2023-05-01 2024-04-30 5422659 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 5422659 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 5422659 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 5422659 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 5422659 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 5422659 2 2023-05-01 2024-04-30 5422659 3 2024-04-30 5422659 3 2023-04-30 5422659 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 5422659










T C & N TAYLOR LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
T C & N TAYLOR LTD
REGISTERED NUMBER: 5422659

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,702,514
3,969,580

Investments
 6 
193,928
193,928

  
4,896,442
4,163,508

Current assets
  

Stocks
  
1,383,574
1,468,016

Debtors: amounts falling due within one year
 7 
5,014,969
5,619,726

Cash at bank and in hand
  
123,183
449,825

  
6,521,726
7,537,567

Creditors: amounts falling due within one year
 8 
(1,946,671)
(2,677,682)

Net current assets
  
 
 
4,575,055
 
 
4,859,885

Total assets less current liabilities
  
9,471,497
9,023,393

Creditors: amounts falling due after more than one year
 9 
(2,146,748)
(2,097,046)

Provisions for liabilities
  

Deferred tax
 12 
(960,317)
(786,876)

  
 
 
(960,317)
 
 
(786,876)

Net assets
  
6,364,432
6,139,471


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
6,364,332
6,139,371

  
6,364,432
6,139,471


Page 1

 
T C & N TAYLOR LTD
REGISTERED NUMBER: 5422659
    
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 profit and loss account 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 N Taylor
Director

Date: 22 January 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

T C & N Taylor Ltd (company number 5422659) is a limited company, limited by shares, incorporated in England and Wales, with it's registered office and principal place of business at Home Farm, Astley, Shrewsbury, Shropshire SY4 4DD. The company is a farming business.

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.

 
2.2

Going concern

After making enquiries, the Directors have reasonable expectation that the Company has adequate reserves to continue to trade for the foreseeable furure, and therefore continue to adopt the going concern basis in preparing the accounts.

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Basic payment entitlements
-
3
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property
-
not depreciated
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Tractors
-
25%
reducing balance (included within plant & machinery)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

  
2.13

Stocks

Farming stocks are valued in accordance with the HM Revenue & Customs helpsheet HS232.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 6

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).


4.


Intangible assets




Basic Payment Entitlements

£



Cost


At 1 May 2023
7,963



At 30 April 2024

7,963



Amortisation


At 1 May 2023
7,963



At 30 April 2024

7,963



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 7

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
725,918
7,347,171
224,660
8,297,749


Additions
3,658
2,093,939
169,643
2,267,240


Disposals
-
(839,417)
(38,245)
(877,662)



At 30 April 2024

729,576
8,601,693
356,058
9,687,327



Depreciation


At 1 May 2023
-
4,206,622
121,547
4,328,169


Charge for the year on owned assets
-
540,738
44,225
584,963


Charge for the year on financed assets
-
497,094
23,009
520,103


Disposals
-
(414,006)
(34,416)
(448,422)



At 30 April 2024

-
4,830,448
154,365
4,984,813



Net book value



At 30 April 2024
729,576
3,771,245
201,693
4,702,514



At 30 April 2023
725,918
3,140,549
103,113
3,969,580

Page 8

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Investment property

£



Cost or valuation


At 1 May 2023
193,928



At 30 April 2024
193,928






Net book value



At 30 April 2024
193,928



At 30 April 2023
193,928


7.


Debtors

2024
2023
£
£


Trade debtors
1,017,102
1,896,921

Amounts owed by group undertakings
3,429,425
3,446,273

Other debtors
301,212
50,169

Prepayments and accrued income
267,230
226,363

5,014,969
5,619,726


Page 9

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
370,583
261,700

Payments received on account
14,871
9,035

Trade creditors
557,444
1,612,344

Corporation tax
18,497
154,562

Other taxation and social security
9,766
8,422

Obligations under finance lease and hire purchase contracts
634,252
259,356

Other creditors
322,667
333,290

Accruals and deferred income
18,591
38,973

1,946,671
2,677,682


The company bank loan is secured by the personal assets of Mr TC Taylor (Director). 
Creditors:amounts falling due within one year includes hire purchase £634,252 (2023:£259,356), which is secured against plant and machinery owned by the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,833,044
1,981,818

Net obligations under finance leases and hire purchase contracts
313,704
115,228

2,146,748
2,097,046


The company bank loan is secured by the personal assets of Mr TC Taylor (Director). 
Creditors:amounts falling due after more than one year includes hire purchase £313,704 (2023:£115,228), which is secured against plant and machinery owned by the company.

Page 10

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
370,583
261,700


370,583
261,700

Amounts falling due 1-2 years

Bank loans
379,583
270,800


379,583
270,800

Amounts falling due 2-5 years

Bank loans
894,678
853,149


894,678
853,149

Amounts falling due after more than 5 years

Bank loans
558,783
857,868

558,783
857,868

2,203,627
2,243,517



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
634,235
259,356

Between 1-5 years
313,721
115,228

947,956
374,584

Page 11

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Deferred taxation




2024


£






At beginning of year
(786,876)


Charged to profit or loss
(173,441)



At end of year
(960,317)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(960,317)
(786,876)

(960,317)
(786,876)


13.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



20 (2023 - 20) Ordinary 'A' shares of £1.00 each
20
20
20 (2023 - 20) Ordinary 'B' shares of £1.00 each
20
20
20 (2023 - 20) Ordinary 'C' shares of £1.00 each
20
20
20 (2023 - 20) Ordinary 'D' shares of £1.00 each
20
20
20 (2023 - 20) Ordinary 'E' shares of £1.00 each
20
20

100

100



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £141,327 (2023 - £19,003). Contributions totalling £nil (2023 - £1,000) were payable to the fund at the balance sheet date.


15.


Related party transactions

During the year, the company has operated loan accounts with connected parties. At the year end the loan account balances due to connected parties totalled £296,214 (2023: £326,906).                                                                                       

Page 12

 
T C & N TAYLOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Controlling party

The controlling party is Home Farm (Shropshire) Ltd. 
The parent and the group headed by it qualify as small within the meaning of the Act. The company is exempt from the obligation to prepare and deliver group accounts. The registered address of the parent undertaking is: Home Farm, Ebrey Wood, Astley, Shrewsbury, United Kingdom, SY4 4DD. 

 
Page 13