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Registration number: 10359066

Prepared for the registrar

Taylor & Taylor (Shires) Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Taylor & Taylor (Shires) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Taylor & Taylor (Shires) Limited

Company Information

Director

C A Taylor

Registered office

Banbury Heights Nursing Home
11 Old Parr Road
Banbury
Oxon
OX16 5HT

Bankers

NatWest
1 Town Hall Buildings
Bridge Street
Banbury
Oxfordshire
OX16 5JS

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Taylor & Taylor (Shires) Limited

(Registration number: 10359066)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,045,236

7,138,313

Current assets

 

Stocks

5

-

645,000

Debtors

6

117,510

100

Cash at bank and in hand

 

4,590

71,130

 

122,100

716,230

Creditors: Amounts falling due within one year

7

(6,038,046)

(7,328,167)

Net current liabilities

 

(5,915,946)

(6,611,937)

Total assets less current liabilities

 

1,129,290

526,376

Deferred tax liabilities

(393,327)

(199,966)

Net assets

 

735,963

326,410

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

735,763

326,210

Shareholders' funds

 

735,963

326,410

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 February 2025
 


C A Taylor
Director

 

Taylor & Taylor (Shires) Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

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

The address of its registered office is:
Banbury Heights Nursing Home
11 Old Parr Road
Banbury
Oxon
OX16 5HT
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Taylor and Taylor Care Limited.

The financial statements of Taylor and Taylor Care Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for rental income. The company recognises revenue when the amount of revenue can be reliably measured, it is probably that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Taylor & Taylor (Shires) Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% Straight line

Freehold land

Not depreciated

Furniture, fittings and equipment

25% Reducing Balance

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

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

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Taylor & Taylor (Shires) Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

Taylor & Taylor (Shires) Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 July 2023 and at 30 June 2024

7,640,927

3,594

7,644,521

Depreciation

At 1 July 2023

503,245

2,963

506,208

Charge for the year

92,919

158

93,077

At 30 June 2024

596,164

3,121

599,285

Carrying amount

At 30 June 2024

7,044,763

473

7,045,236

At 30 June 2023

7,137,682

631

7,138,313

Land of £2,350,000 (2023 - £2,350,000) is not depreciated.

 

5

Stocks

2024
£

2023
£

Properties held for resale

-

645,000

 

6

Debtors

2024
£

2023
£

Prepayments

590

-

Other debtors

116,920

100

117,510

100

 

7

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

2,239

-

Amounts due to group undertakings

6,025,057

7,317,417

Accrued expenses

10,750

10,750

6,038,046

7,328,167

 

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Taylor & Taylor (Shires) Limited has contractual rental income totalling £10,675,000 (2023 - £12,075,000)

The company is bound an intra-group cross guarantee in respect of bank borrowings with other members of the group headed by its immediate parent undertakings, Taylor and Taylor Care Limited. The amount guaranteed at 30 June 2024 is £15,679,896 (2023 - £14,812,512).

 

Taylor & Taylor (Shires) Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Taylor and Taylor Care Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Taylor and Taylor Care Limited. These financial statements are available from Companies house.

 The ultimate controlling party is C A Taylor.

 

10

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 February 2025 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.