REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
TAYLOR COMMERCIALS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
TAYLOR COMMERCIALS LIMITED |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TAYLOR COMMERCIALS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
& Tax Services Ltd |
8 Long Pastures |
Glemsford |
Sudbury |
Suffolk |
CO10 7SS |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
BALANCE SHEET |
31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Taylor Commercials Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and other income |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods or when the service contract in which they were used is completed. |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from servicing, MOT's and repairs is recognised by reference the amount of time considered spent on the contract and considered to be recoverable at the balance sheet date. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Interest and dividends receivable |
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established. |
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 |
Plant and machinery etc | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Hire purchase and leasing commitments |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
Eliminated on disposal |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2023 |
Additions |
Transfer to ownership | (47,709 | ) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Transfer to ownership | (29,945 | ) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Non cancellable operating leases |
31.8.24 | 31.8.23 |
£ | £ |
Within one year | 4,892 | 4,892 |
Between one and five years | 7,910 | 12,802 |
12,802 | 17,694 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Hire purchase contracts | 31,461 | 3,293 |
Hire purchase liabilities are secured on the assets they are financing. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
TAYLOR COMMERCIALS LIMITED (REGISTERED NUMBER: 06675539) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2024 and 2023. |
31.8.24 | 31.8.23 |
£ | £ |
Balance outstanding at the start of year | 8,193 | 18,320 |
Amounts advanced | 16,014 | 13,513 |
Amounts repaid | (19,798 | ) | (23,640 | ) |
Balance outstanding at the end of year | 4,409 | 8,193 |
The above unsecured interest free loan was made to one of the directors, for which no repayment terms have been agreed. |