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Registered number: 06366893
Taylor James Associates Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Taylor James Associates Limited for the year ended 30 September 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Taylor James Associates Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Taylor James Associates Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Taylor James Associates Limited and state those matters that we have agreed to state to the director of Taylor James Associates Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taylor James Associates Limited and its director as a body for our work or for this report.
It is your duty to ensure that Taylor James Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Taylor James Associates Limited . You consider that Taylor James Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Taylor James Associates Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
22 February 2025
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 06366893
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 8,516 9,465
Investment Properties 6 230,000 221,100
238,516 230,565
CURRENT ASSETS
Debtors 7 273,557 249,845
Cash at bank and in hand 83,998 28,972
357,555 278,817
Creditors: Amounts Falling Due Within One Year 8 (80,878 ) (32,561 )
NET CURRENT ASSETS (LIABILITIES) 276,677 246,256
TOTAL ASSETS LESS CURRENT LIABILITIES 515,193 476,821
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,894 ) (16,660 )
NET ASSETS 496,299 460,161
CAPITAL AND RESERVES
Called up share capital 10 10 10
Fair value reserve 11 61,905 55,230
Profit and Loss Account 434,384 404,921
SHAREHOLDERS' FUNDS 496,299 460,161
Page 2
Page 3
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 22 February 2025 and were signed on its behalf by:
Mr P J Grice
Director
22 February 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Taylor James Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06366893 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business in 2007 and the fair value of the separable net assets. It was amortised to profit and loss account over its estimated economic life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 25 years
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 25,000
As at 30 September 2024 25,000
Amortisation
As at 1 October 2023 25,000
As at 30 September 2024 25,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 October 2023 9,792 1,274 995 2,896 14,957
As at 30 September 2024 9,792 1,274 995 2,896 14,957
Depreciation
As at 1 October 2023 3,168 678 86 1,560 5,492
Provided during the period 392 119 99 339 949
As at 30 September 2024 3,560 797 185 1,899 6,441
Net Book Value
As at 30 September 2024 6,232 477 810 997 8,516
As at 1 October 2023 6,624 596 909 1,336 9,465
Page 5
Page 6
6. Investment Property
2024
£
Fair Value
As at 1 October 2023 221,100
Revaluations 8,900
As at 30 September 2024 230,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 147,460 147,460
7. Debtors
2024 2023
£ £
Due within one year
Amounts recoverable on contracts - 20,748
Other debtors 273,557 229,097
273,557 249,845
Contained in debtors is a loan of £272,302 (2023: £228,005) advanced to a company of which the director has full control.
The loan is unsecured, repayable on demand, and subject to interest at 1.35% per annum.
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 10,840 7,814
Taxation and social security 70,038 24,747
80,878 32,561
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2023 16,660 16,660
Deferred taxation 2,234 2,234
Balance at 30 September 2024 18,894 18,894
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
6 Ordinary A shares of £ 1 each 6 6
3 Ordinary B shares of £ 1 each 3 3
1 Ordinary C shares of £ 1 each 1 1
10 10
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11. Reserves
Fair Value Reserve
£
As at 1 October 2023 55,230
Transfer to profit and loss 6,675
As at 30 September 2024 61,905
12. Related Party Transactions
During the year, total dividends of £77,000 (2023: £81,937) were paid to the director.
The director of the company has loaned the company money which is unsecured, interest free, and repayable on demand. At the end of the year the outstanding amounts totalled £3,291 (2023: £2,268).
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