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REGISTERED NUMBER: 03980418 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

TAUNTON FABRICATIONS LTD

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TAUNTON FABRICATIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J T A Rigby
Mrs L R Brown
P Harris
C S Sampson





SECRETARY: J T A Rigby





REGISTERED OFFICE: Cornishway East
Galmington Trading Estate
Taunton
Somerset
TA1 5LZ





REGISTERED NUMBER: 03980418 (England and Wales)





ACCOUNTANTS: Mitchells Chartered Accountants
St. John's House
Castle Street
TAUNTON
Somerset
TA1 4AY

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 929,815 850,669
Investments 5 436,170 -
Investment property 6 732,693 555,000
2,098,678 1,405,669

CURRENT ASSETS
Stocks 273,986 287,197
Debtors 7 3,095,972 2,453,083
Cash at bank and in hand 349,371 937,941
3,719,329 3,678,221
CREDITORS
Amounts falling due within one year 8 1,334,472 952,455
NET CURRENT ASSETS 2,384,857 2,725,766
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,483,535

4,131,435

CREDITORS
Amounts falling due after more than one
year

9

(12,531

)

(54,208

)

PROVISIONS FOR LIABILITIES 11 (175,431 ) (147,081 )
NET ASSETS 4,295,573 3,930,146

CAPITAL AND RESERVES
Called up share capital 12 10,005 10,005
Share premium 13 737 737
Non-distributable reserves 13 (22,489 ) (15,684 )
Retained earnings 13 4,307,320 3,935,088
SHAREHOLDERS' FUNDS 4,295,573 3,930,146

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

BALANCE SHEET - continued
30 JUNE 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 13 January 2025 and were signed on its behalf by:





J T A Rigby - Director


TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Taunton Fabrications Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods, and net applied invoiced sales of goods excluding value added tax.


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.

Freehold Property - 4% on cost

Plant & Equipment - 15% reducing balance

Motor Vehicles - 25% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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.

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 63 (2023 - 61 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 424,204 1,188,637 504,003 2,116,844
Additions - 270,830 - 270,830
Disposals - - (14,948 ) (14,948 )
At 30 June 2024 424,204 1,459,467 489,055 2,372,726
DEPRECIATION
At 1 July 2023 317,795 648,953 299,427 1,266,175
Charge for year 16,968 121,577 50,479 189,024
Eliminated on disposal - - (12,288 ) (12,288 )
At 30 June 2024 334,763 770,530 337,618 1,442,911
NET BOOK VALUE
At 30 June 2024 89,441 688,937 151,437 929,815
At 30 June 2023 106,409 539,684 204,576 850,669

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 93,065
DEPRECIATION
At 1 July 2023 23,266
Charge for year 17,450
At 30 June 2024 40,716
NET BOOK VALUE
At 30 June 2024 52,349
At 30 June 2023 69,799

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 436,170
At 30 June 2024 436,170
NET BOOK VALUE
At 30 June 2024 436,170

A 50% non-controlling shareholding was acquired in Courtlands Estates (Taunton) Limited on 5 March 2024.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 555,000
Additions 184,498
Revaluations (6,805 )
At 30 June 2024 732,693
NET BOOK VALUE
At 30 June 2024 732,693
At 30 June 2023 555,000

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. INVESTMENT PROPERTY - continued

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2023 (15,684 )
Valuation in 2024 (6,805 )
Cost 755,182
732,693

If investment property had not been revalued it would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 755,182 570,684

Investment property was valued on an open market basis on 30 June 2024 by the directors .

As the investment properties have been acquired in the current and previous years they have been valued at total cost less purchase fees and stamp duty as a reflection of open market value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 2,701,754 2,181,714
Other debtors 394,218 271,369
3,095,972 2,453,083

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts - 10,000
Hire purchase contracts 15,010 18,557
Trade creditors 850,061 659,122
Taxation and social security 274,161 169,569
Other creditors 195,240 95,207
1,334,472 952,455

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 26,667
Hire purchase contracts 12,531 27,541
12,531 54,208

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 27,541 46,098

Bank loans and the overdraft facility have been secured by way of an unlimited debenture dated 17 November 2004, including the right of set-off, a first legal charge dated 3 February 2005 over the leasehold land on the east side of Cornishway East, Taunton. Title no. ST234434 and an all moneys guarantee from Mr J Rigby for a principal amount of £544,000 plus interest and other costs as detailed in the Guarantee. This excluded the Bounce Back Loan which was unsecured but was guaranteed by the UK Government. This loan was repaid shortly before the year end.

The hire purchase creditors are secured against the vehicles that are the subject of the agreements. Failure to complete payment under the terms of the agreement entitle the owner to recover the equipment.

11. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 175,431 147,081

Deferred
tax
£   
Balance at 1 July 2023 147,081
Provided during year 28,350
Balance at 30 June 2024 175,431

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
10,000 Ordinary £1 10,000 10,000
5 Ordinary "A" to "E" £1 5 5
10,005 10,005

13. RESERVES
Retained Share Non-distributable
earnings premium reserves Totals
£    £    £    £   

At 1 July 2023 3,935,088 737 (15,684 ) 3,920,141
Profit for the year 516,451 516,451
Dividends (151,024 ) (151,024 )
Profit adjustment re property 6,805 - (6,805 ) -
At 30 June 2024 4,307,320 737 (22,489 ) 4,285,568

TAUNTON FABRICATIONS LTD (REGISTERED NUMBER: 03980418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

J.T.A. Rigby and his wife Mrs L.J. Rigby are partners in the business known as J.T. and Mrs L.J. Rigby, the company has been involved in several arms length transactions with this business.

15. RELATED PARTY DISCLOSURES

During the year, total dividends of £151,024 (2023 - £87,924) were paid to the directors .

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J T A Rigby.