Company registration number 10549796 (England and Wales)
TAYGAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TAYGAN LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
TAYGAN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 JULY 2024
- 1 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TAYGAN LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
31 July 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
446
Investment property
5
325,000
325,446
Current assets
Debtors
6
2,957
18,103
Cash at bank and in hand
37,289
27,672
40,246
45,775
Creditors: amounts falling due within one year
7
(43,043)
(4,945)
Net current (liabilities)/assets
(2,797)
40,830
Total assets less current liabilities
(2,797)
366,276
Creditors: amounts falling due after more than one year
8
(395,000)
Provisions for liabilities
(4,461)
Net liabilities
(2,797)
(33,185)
Capital and reserves
Called up share capital
100
100
Other reserves
19,016
Profit and loss reserves
(2,897)
(52,301)
Total equity
(2,797)
(33,185)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TAYGAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 February 2025 and are signed on its behalf by:
G Hogan
Director
Company Registration No. 10549796
TAYGAN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
100
-
(62,338)
(62,238)
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
29,053
29,053
Fair value gains and losses on investment property, net of tax
-
19,016
(19,016)
-
Balance at 31 January 2023
100
19,016
(52,301)
(33,185)
Period ended 31 July 2024:
Profit and total comprehensive income for the period
-
-
30,388
30,388
Fair value gains and losses on investment property, net of tax
-
25,000
(25,000)
-
Transfers
-
(44,016)
44,016
-
Balance at 31 July 2024
100
-
(2,897)
(2,797)
TAYGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
1
Accounting policies
Company information
Taygan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, United Kingdom, SG13 7HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have concluded that the company is not a going concern and have prepared the financial statements on a break up basis. Under this basis, all fixed assets are shown as current assets and are valued at the lower of cost and net realisable value; long term liabilities are taken to current liabilities and any costs of early settlement are recognised; and no provision is made for deferred tax. The directors consider this basis to be appropriate as the company has ceased trading and is in the process of being wound uptrue.
1.3
Reporting period
During the year Taygan Limited extended their accounting period end date. These financial statements are for the period 1 February 2023 to 31 July 2024. The comparatives are not entirely compareable due to the current period being 16 months and previous year was 12 months. The company sold the property and its assets on 25 July 2024.
1.4
Turnover
Turnover comprises the value of fees receivable exclusive of Value Added Tax and is recognised when the service has been provided. The whole of the turnover is attributable to fees receivable from the operation of care homes.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight line 50%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
TAYGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 1A. The directors consider that, because these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS 102 1A in order to give a true and fair view.
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TAYGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Trade debtor and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
1.10
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
2
2
TAYGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
11,836
Disposals
(11,836)
At 31 July 2024
Depreciation and impairment
At 1 February 2023
11,390
Depreciation charged in the period
371
Eliminated in respect of disposals
(11,761)
At 31 July 2024
Carrying amount
At 31 July 2024
At 31 January 2023
446
5
Investment property
2024
£
Fair value
At 1 February 2023
325,000
Disposals
(350,000)
Revaluations
25,000
At 31 July 2024
The investment property was valued on an open market basis on 29 March 2024 by the directors.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,957
2,981
Other debtors
735
2,957
3,716
Deferred tax
14,387
2,957
18,103
TAYGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
228
Amounts owed to group undertakings
1,626
Other creditors
42,815
3,319
43,043
4,945
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
395,000
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Advanced Caring (Doncaster) Limited
-
1,625
The directors and shareholders of Advanced Caring (Doncaster) Limited have a common interest with Taygan Limited.