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REGISTERED NUMBER: 09235281 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Taylor Forgings Limited

Taylor Forgings Limited (Registered number: 09235281)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Taylor Forgings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr Simon Nicholas Bluff
Mrs Jill Lynda Louise Bluff
Mr Kevin James Parkes
Mr Andrew James Stephen Wright



REGISTERED OFFICE: Queen Street Chambers
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BUSINESS ADDRESS: Acres Hill Lane
Sheffield
South Yorkshire
S9 4LR



REGISTERED NUMBER: 09235281 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: National Westminster Bank Plc
69 Bridge Street
Worksop
Nottinghamshire
S80 1DJ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Taylor Forgings Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Taylor Forgings Limited for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Taylor Forgings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Taylor Forgings Limited and state those matters that we have agreed to state to the Board of Directors of Taylor Forgings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taylor Forgings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Taylor Forgings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Taylor Forgings Limited. You consider that Taylor Forgings 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 financial statements of Taylor Forgings 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 statutory financial statements.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


14 March 2025

Taylor Forgings Limited (Registered number: 09235281)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Tangible assets 4 568,319 630,006
Investments 5 1,000 1,000
569,319 631,006

CURRENT ASSETS
Stocks 371,027 344,658
Debtors 6 2,643,007 2,292,334
3,014,034 2,636,992
CREDITORS
Amounts falling due within one year 7 (2,574,935 ) (2,192,101 )
NET CURRENT ASSETS 439,099 444,891
TOTAL ASSETS LESS CURRENT LIABILITIES 1,008,418 1,075,897

CREDITORS
Amounts falling due after more than one
year

8

(366,465

)

(363,989

)

PROVISIONS FOR LIABILITIES (122,280 ) (134,648 )
NET ASSETS 519,673 577,260

CAPITAL AND RESERVES
Called up share capital 133 133
Share premium 199,967 199,967
Retained earnings 319,573 377,160
519,673 577,260

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Forgings Limited (Registered number: 09235281)

Balance Sheet - continued
31 March 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 14 March 2025 and were signed on its behalf by:





Mr Simon Nicholas Bluff - Director


Taylor Forgings Limited (Registered number: 09235281)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Taylor Forgings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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 - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.


Taylor Forgings Limited (Registered number: 09235281)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 913,157 30,049 248,374 1,191,580
Additions 48,868 - - 48,868
At 31 March 2024 962,025 30,049 248,374 1,240,448
DEPRECIATION
At 1 April 2023 413,091 17,850 130,633 561,574
Charge for year 78,287 2,820 29,448 110,555
At 31 March 2024 491,378 20,670 160,081 672,129
NET BOOK VALUE
At 31 March 2024 470,647 9,379 88,293 568,319
At 31 March 2023 500,066 12,199 117,741 630,006

Taylor Forgings Limited (Registered number: 09235281)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 569,750 239,206 808,956
DEPRECIATION
At 1 April 2023 270,778 122,832 393,610
Charge for year 58,260 29,100 87,360
At 31 March 2024 329,038 151,932 480,970
NET BOOK VALUE
At 31 March 2024 240,712 87,274 327,986
At 31 March 2023 298,972 116,374 415,346

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,000
NET BOOK VALUE
At 31 March 2024 1,000
At 31 March 2023 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 1,214,908 1,229,768
Other debtors 1,428,099 1,062,566
2,643,007 2,292,334

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 1,320 45,336
Hire purchase contracts 67,304 181,378
Trade creditors 1,039,078 708,056
Taxation and social security 451,915 238,653
Other creditors 1,015,318 1,018,678
2,574,935 2,192,101

Taylor Forgings Limited (Registered number: 09235281)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts 111,941 109,473
Other creditors 254,524 254,516
366,465 363,989

9. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank overdrafts 1,320 1,267
Bank loans - 44,069
Hire purchase contracts 179,245 290,851
Other Creditors 851,925 851,926
1,032,490 1,188,113

Other creditors include a cbils loan which is unsecured but guaranteed by the government and amounts to £150,016 (2023 -£200,008.)

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
Mr Simon Nicholas Bluff and Mrs Jill Lynda Louise Bluff
Balance outstanding at start of year 809,320 797,675
Amounts advanced 358,822 271,645
Amounts repaid (150,000 ) (260,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,018,142 809,320