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Company registration number: 01395614







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED






































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TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
COMPANY INFORMATION


Directors
Mr C W Durant 
Mr P Goldthorpe 




Registered number
01395614



Registered office
2a London Avenue

Portsmouth

Hampshire

PO2 9BU




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Lloyds Bank PLC
38 London Road

North End

Portsmouth

Hampshire

PO2 0LR





 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
REGISTERED NUMBER:01395614



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,487
34,492

  
28,487
34,492

Current assets
  

Stocks
  
3,000
3,000

Debtors: amounts falling due within one year
 5 
111,074
524,509

Cash at bank and in hand
  
489,755
180,237

  
603,829
707,746

Creditors: amounts falling due within one year
 6 
(56,592)
(105,932)

Net current assets
  
 
 
547,237
 
 
601,814

Total assets less current liabilities
  
575,724
636,306

Provisions for liabilities
  

Deferred tax
  
(4,034)
(5,554)

  
 
 
(4,034)
 
 
(5,554)

Net assets
  
571,690
630,752

Page 1

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
REGISTERED NUMBER:01395614


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Capital redemption reserve
  
98
98

Profit and loss account
  
571,590
630,652

  
571,690
630,752


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

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

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

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

The Company has opted not to file the statement of income and retained earnings 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 on 12 February 2025.




Mr C W Durant
Mr P Goldthorpe
Director
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Taylor Durant (Electrical Contractors) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

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

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.

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.


Page 4

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

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.

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 and using the straight line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing Balance
Office equipment
-
10%
Reducing Balance
Computer equipment
-
50%
Straight Line

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.

Freehold Property has been maintained at a value equal to its original cost, on the basis that this is equivalent to, or lower than the residual value of the land element contained within the freehold.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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 5

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 8 (2023 - 9).

Page 6

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
11,000
75,364
11,459
3,495
101,318


Additions
-
200
17
532
749


Disposals
-
(12,170)
(3,042)
(1,174)
(16,386)



At 31 October 2024

11,000
63,394
8,434
2,853
85,681



Depreciation


At 1 November 2023
-
56,043
7,919
2,864
66,826


Charge for the year on owned assets
-
4,863
294
895
6,052


Disposals
-
(12,102)
(2,408)
(1,174)
(15,684)



At 31 October 2024

-
48,804
5,805
2,585
57,194



Net book value



At 31 October 2024
11,000
14,590
2,629
268
28,487



At 31 October 2023
11,000
19,321
3,540
631
34,492


5.


Debtors

2024
2023
£
£


Trade debtors
93,317
192,695

Other debtors
4,112
252,174

Prepayments and accrued income
13,645
79,640

111,074
524,509


Page 7

 


TAYLOR DURANT (ELECTRICAL CONTRACTORS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
24,577
7,551

Corporation tax
10,719
51,564

Other taxation and social security
16,505
39,976

Other creditors
2,741
4,841

Accruals and deferred income
2,050
2,000

56,592
105,932



7.


Transactions with directors

At the year end within debtors due within one year were directors loans due to the company totalling £4,113 (2023: £252,174), during the year £250,000 was repaid. The loans are undated and interest is charged at the official government rate.

 
Page 8