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REGISTERED NUMBER: 06675539 (England and Wales)



















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: C W Taylor
R J Taylor





REGISTERED OFFICE: Chapel View
Mendlesham Green
Stowmarket
Suffolk
IP14 5RG





REGISTERED NUMBER: 06675539 (England and Wales)





ACCOUNTANT: JDS Accounting
& 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 4 467 1,867
Tangible assets 5 317,884 245,930
318,351 247,797

CURRENT ASSETS
Stocks 80,093 60,000
Debtors 6 343,019 347,780
Prepayments and accrued income 67,879 49,936
Cash at bank and in hand 275,998 267,079
766,989 724,795
CREDITORS
Amounts falling due within one year 7 416,775 436,038
NET CURRENT ASSETS 350,214 288,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

668,565

536,554

CREDITORS
Amounts falling due after more than one
year

8

(16,465

)

(10,898

)

PROVISIONS FOR LIABILITIES (72,301 ) (55,288 )

ACCRUALS AND DEFERRED INCOME (11,750 ) (10,150 )
NET ASSETS 568,049 460,218

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 567,949 460,118
SHAREHOLDERS' FUNDS 568,049 460,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





C W Taylor - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Franchise fee are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on Reducing balance

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 23 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023
and 31 August 2024 15,000
AMORTISATION
At 1 September 2023 13,133
Eliminated on disposal 1,400
At 31 August 2024 14,533
NET BOOK VALUE
At 31 August 2024 467
At 31 August 2023 1,867

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 704,730
Additions 149,578
Disposals (60,690 )
At 31 August 2024 793,618
DEPRECIATION
At 1 September 2023 458,800
Charge for year 73,869
Eliminated on disposal (56,935 )
At 31 August 2024 475,734
NET BOOK VALUE
At 31 August 2024 317,884
At 31 August 2023 245,930

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 47,709
Additions 70,040
Transfer to ownership (47,709 )
At 31 August 2024 70,040
DEPRECIATION
At 1 September 2023 24,023
Charge for year 14,370
Transfer to ownership (29,945 )
At 31 August 2024 8,448
NET BOOK VALUE
At 31 August 2024 61,592
At 31 August 2023 23,686

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 334,740 331,088
Other debtors 8,279 16,692
343,019 347,780

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 6,187 6,034
Hire purchase contracts (see note 9) 19,707 3,293
Trade creditors 197,362 209,181
Taxation and social security 135,509 147,935
Other creditors 58,010 69,595
416,775 436,038

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 4,711 10,898
Hire purchase contracts (see note 9) 11,754 -
16,465 10,898

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: £    £   
100 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.

31.8.2431.8.23
££
Balance outstanding at the start of year8,193 18,320
Amounts advanced16,014 13,513
Amounts repaid(19,798)(23,640)
Balance outstanding at the end of year4,409 8,193

The above unsecured interest free loan was made to one of the directors, for which no repayment terms have been agreed.