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COMPANY REGISTRATION NUMBER: 06912783
FB Taylor (Holdings) Limited
Financial Statements
For the year ended
31 August 2024
FB Taylor (Holdings) Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
11
Company statement of income and retained earnings
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
FB Taylor (Holdings) Limited
Officers and Professional Advisers
The board of directors
G Taylor
N Baldwin
JC Taylor
VM Taylor
Registered office
5 Camp Hill Close
Ripon
HG4 1QY
Auditor
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
National Westminster Bank Plc
16 South Parade
Nottingham
NG1 2JX
FB Taylor (Holdings) Limited
Strategic Report
Year ended 31 August 2024
The business continues to operate as a cable installation contractor and property owner within the construction industry. The Directors are pleased to report the business, due to ongoing projects and acquisition of new contracts, has continued to build upon the strong results achieved over preceding year for the year to 31 August 2024. The business continues to be successful across key markets sectors; Renewable Energy Projects, Nuclear, Petrochemical, Energy from Waste (EfW) and Water and benefits from broad client base built up over many years trading. The Directors are confident that the business' good reputation as a leading Cable Installation provider, its skilled and dedicated workforce combined with a strong balance sheet stands the business in an excellent position to continue to improve performance throughout 2025/26. Operational Performance and Key Performance Indicators The Directors of the business consider the key performance indicators (KPI's) of the group to be: - turnover - gross margin and - operating profit The Group achieved turnover of £17.1m for the year to 31 August 2024, an increase of 15% on previous year (2023: £14.9m). The improvement to turnover demonstrates successful tendering for projects over the year and successful delivery of ongoing contracts. The business notes that core markets climate continues to be buoyant with strong pipeline and visibility of projects for 2025 and beyond. Such projects are closely aligned with our capabilities and the business is confident of securing further projects throughout the coming year. Gross profit margin increased to 27% (2023: 26%) due to operational efficiencies and monitoring and control of cost base and utilisation of knowledge of complex environments. Operating Profit remained consistent at 8% (2023: 8%) due to control of administrative expenses. The results for the year reflect a successful trading year. The business has worked closely with our existing client base delivering successful projects across the year. Working collaboratively with clients and suppliers is considered at the core of our business ethos and has allowed us to deliver successful and profitable projects throughout the year. The Directors remain prudent and aware the principal trading risk for future years is to successfully tender with its customer base to secure new opportunities. The company will continue to manage its sales pipeline, workforce, and related costs, as necessary. The business will closely monitor overheads throughout 2025 to ensure they are aligned with trading conditions. The board regularly reviews financial forecasts to ensure it is on track to achieve these aims and assess business opportunities and challenges to ensure there is sufficient financial and resource capital to meet future revenue streams. The Directors of the business consider the non-financial KPI's of the group to be: - Staff retention - Environmental issues - Health and Safety compliance and improvement - Tender Success % - Annual Labour Hours The Directors continuously review each of the non-financial KPI's ensuring that the company is maximising added value in each of these areas. The Directors would like to acknowledge and thank the hard work put in by a very dedicated team of employees, our customer base for continuing to recognise the value of working with our business and all other stakeholders involved. The business has demonstrated its ability to react to difficult and challenging markets and shown the importance of financial stability and good reputation which has allowed the business to respond to market conditions. Principal Risks and Uncertainties The company's principal financial instruments comprise of cash and various items, such as trade debtors and trade creditors, which arise directly from operations. The main purpose of these financial instruments is to provide working capital for the company's operations. The existence of financial instruments exposes the company to financial risks such as credit risk and liquidity risk, however strong cash reserves mitigate these risks. Despite the low level of financial risk faced by the company, the Directors consider it important to review and agree policies for managing each of these risks as summarised below. Credit risk The construction industry remains a volatile sector intrinsically linked to prevailing economic conditions. Operating as a specialist sub-contractor within this sector exposes the business to significant credit risk. The company has a credit insurance policy which covers 85% (2023: 85%) of the company's debts. There remains inherent risk within the construction industry with many businesses still suffering result of covid-19 and VAT reverse charge's impact of cash flows. The Directors will continue to to review prevailing market conditions and assess each contract on its own merit. Liquidity risk (Financial Strength) The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Over previous years the business has built up a strong balance sheet to mitigate liquidity risk and comfortably operates within its working capital requirements. The main functional currency of the business is Sterling and the company does not have material exposure to foreign-denominated currency. Competition and Winning Work The business operates in a competitive market sensitive to price and delivery. The businesses pricing strategy remains consistent with previous years with the board continuing to review strategy on a contract-by-contract basis to ensure margin is maintained and risk appetite satisfied. The board considers failure to identify the right price a significant challenge and will continue to monitor closely. The board is confident that being selective about engaging in the right contracts at the right price will allow it to continue to deliver projects to its own exacting standards and that of its clients while protecting the good reputation of the organisation. Outlook The business is optimistic and has a strong pipeline entering 2024/25. There is significant demand within the industry and we are confident our customer base, strong brand and broad experience across sectors and environments will allow it to capitalise on future opportunities. The board will continue to react to market conditions while maintaining high standards in order to deliver value to its customer base whilst delivering operational efficiencies to the business.
This report was approved by the board of directors on 14 March 2025 and signed on behalf of the board by:
G Taylor
Director
FB Taylor (Holdings) Limited
Directors' Report
Year ended 31 August 2024
The directors present their report and the financial statements of the group for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
G Taylor
N Baldwin
JC Taylor
VM Taylor
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 14 March 2025 and signed on behalf of the board by:
G Taylor
Director
FB Taylor (Holdings) Limited
Independent Auditor's Report to the Members of FB Taylor (Holdings) Limited
Year ended 31 August 2024
Opinion
We have audited the financial statements of FB Taylor (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 August 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
JONATHAN DAY
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
7 April 2025
FB Taylor (Holdings) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
4
17,126,186
14,934,269
Cost of sales
12,571,757
11,115,955
---------------
---------------
Gross profit
4,554,429
3,818,314
Administrative expenses
3,321,793
2,607,567
-------------
-------------
Operating profit
5
1,232,636
1,210,747
Other interest receivable and similar income
9
124,938
61,921
Interest payable and similar expenses
10
21,888
14,129
-------------
-------------
Profit before taxation
1,335,686
1,258,539
Tax on profit
11
348,289
278,970
-------------
-------------
Profit for the financial year and total comprehensive income
987,397
979,569
-------------
-------------
Dividends paid and payable
12
( 500,000)
( 500,000)
Retained earnings at the start of the year
7,249,141
6,769,572
-------------
-------------
Retained earnings at the end of the year
7,736,538
7,249,141
-------------
-------------
All the activities of the group are from continuing operations.
FB Taylor (Holdings) Limited
Company Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
745,298
896,262
Dividends paid and payable
12
( 500,000)
( 500,000)
Retained earnings at the start of the year
4,857,610
4,461,348
-------------
-------------
Retained earnings at the end of the year
5,102,908
4,857,610
-------------
-------------
FB Taylor (Holdings) Limited
Consolidated Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
2,913,754
1,944,695
Current assets
Debtors
15
4,040,150
4,292,939
Cash at bank and in hand
3,739,056
4,143,849
-------------
-------------
7,779,206
8,436,788
Creditors: amounts falling due within one year
16
2,357,028
2,940,685
-------------
-------------
Net current assets
5,422,178
5,496,103
-------------
-------------
Total assets less current liabilities
8,335,932
7,440,798
Creditors: amounts falling due after more than one year
17
153,863
Provisions
Taxation including deferred tax
19
435,381
181,507
-------------
-------------
Net assets
7,746,688
7,259,291
-------------
-------------
Capital and reserves
Called up share capital
22
10,150
10,150
Profit and loss account
23
7,736,538
7,249,141
-------------
-------------
Shareholders funds
7,746,688
7,259,291
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
G Taylor
Director
Company registration number: 06912783
FB Taylor (Holdings) Limited
Company Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
2,146,781
1,747,065
Investments
14
10,150
10,150
-------------
-------------
2,156,931
1,757,215
Current assets
Debtors
15
629,345
497,168
Cash at bank and in hand
3,179,829
3,433,431
-------------
-------------
3,809,174
3,930,599
Creditors: amounts falling due within one year
16
590,966
665,911
-------------
-------------
Net current assets
3,218,208
3,264,688
-------------
-------------
Total assets less current liabilities
5,375,139
5,021,903
Provisions
Taxation including deferred tax
19
262,081
154,143
-------------
-------------
Net assets
5,113,058
4,867,760
-------------
-------------
Capital and reserves
Called up share capital
22
10,150
10,150
Profit and loss account
23
5,102,908
4,857,610
-------------
-------------
Shareholders funds
5,113,058
4,867,760
-------------
-------------
The profit for the financial year of the parent company was £ 745,298 (2023: £ 896,262 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
G Taylor
Director
Company registration number: 06912783
FB Taylor (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 31 August 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
987,397
979,569
Adjustments for:
Depreciation of tangible assets
276,827
143,000
Other interest receivable and similar income
( 124,938)
( 61,921)
Interest payable and similar expenses
21,888
14,129
Gains on disposal of tangible assets
( 82,681)
( 54,886)
Tax on profit
348,289
278,970
Accrued (income)/expenses
( 254,244)
280,810
Changes in:
Trade and other debtors
252,789
( 838,359)
Trade and other creditors
( 265,867)
583,062
-------------
-------------
Cash generated from operations
1,159,460
1,324,374
Interest paid
( 21,888)
( 14,129)
Interest received
124,938
61,921
Tax paid
( 207,676)
( 150,076)
-------------
-------------
Net cash from operating activities
1,054,834
1,222,090
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 1,270,420)
( 435,339)
Proceeds from sale of tangible assets
107,215
62,438
-------------
-------------
Net cash used in investing activities
( 1,163,205)
( 372,901)
-------------
-------------
Cash flows from financing activities
Proceeds from borrowings
( 45,280)
43,885
Payments of finance lease liabilities
248,858
Dividends paid
( 500,000)
( 500,000)
-------------
-------------
Net cash used in financing activities
( 296,422)
( 456,115)
-------------
-------------
Net (decrease)/increase in cash and cash equivalents
( 404,793)
393,074
Cash and cash equivalents at beginning of year
4,143,849
3,750,775
-------------
-------------
Cash and cash equivalents at end of year
3,739,056
4,143,849
-------------
-------------
FB Taylor (Holdings) Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Camp Hill Close, Ripon, HG4 1QY. The principal activity of the group is the undertaking of contracts to lay cables.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through income statement. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
No disclosure exemptions are available under FRS102.
Consolidation
The financial statements consolidate the financial statements of the Group and its subsidiary undertaking. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1) Recognition of turnover on on-going contracts at the year end Turnover is recognised when the outcome of a transaction involving the rendering of services can be reliably estimated. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1) Depreciation charge The annual depreciation charge for each class of tangible fixed asset us based on an estimate of the useful economic life of the respective assents. This is reviewed periodically by the directors to ensure threat they reflect both the external and internal factors. 2) Retentions The group recognise half of the retention on completion of a contract and the remainder when received. The directors consider this policy to be appropriate as it takes into account the uncertainty attached to receiving the balance of the final retention. A provision is recognised for older retentions until received. 3) Revaluation of assets Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
25% Reducing balance or straight line
Equipment
-
10% - 33% straight line
Freehold land is not depreciated.
Investments
Other fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Dividends and other distributions received from investments are recognised as income in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
The group makes contributions to individual and industry defined contribution or money purchase pension schemes. The pension charge represents the amounts payable by the group to the individual and the industry fund in respect of the year.
4. Turnover
Turnover arises from:
2024
2023
£
£
Construction contracts
17,074,323
14,868,907
Rent Income
51,863
65,362
---------------
---------------
17,126,186
14,934,269
---------------
---------------
The whole of the turnover is attributable to the principal activity of the group. 100% of the turnover was generated within the United Kingdom (2023 100%).
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
276,827
143,000
Gains on disposal of tangible assets
( 82,681)
( 54,886)
Impairment of trade debtors
33,627
24,742
Operating lease costs
933,909
476,575
----------
----------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,000
18,000
---------
---------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
8,500
8,500
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
141
142
Management staff
18
17
----
----
159
159
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
10,545,652
9,846,180
Social security costs
1,120,899
1,095,172
Other pension costs
302,777
278,712
---------------
---------------
11,969,328
11,220,064
---------------
---------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
633,000
556,500
Company contributions to defined contribution pension plans
86,000
85,000
----------
----------
719,000
641,500
----------
----------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
223,000
220,000
Company contributions to defined contribution pension plans
40,000
56,000
----------
----------
263,000
276,000
----------
----------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
124,938
61,921
----------
---------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
9,065
Other interest payable and similar charges
12,823
14,129
---------
---------
21,888
14,129
---------
---------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
94,659
205,094
Adjustments in respect of prior periods
( 244)
4,209
---------
----------
Total current tax
94,415
209,303
---------
----------
Deferred tax:
Origination and reversal of timing differences
253,874
69,667
----------
----------
Tax on profit
348,289
278,970
----------
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,335,686
1,258,539
-------------
-------------
Profit on ordinary activities by rate of tax
437,127
270,746
Adjustment to tax charge in respect of prior periods
(178)
(9,277)
Effect of expenses not deductible for tax purposes
( 88,064)
( 2,646)
Effect of capital allowances and depreciation
( 531)
6,661
Effect of different UK tax rates on some earnings
13,486
Utilisation of tax losses
( 65)
-------------
-------------
Tax on profit
348,289
278,970
-------------
-------------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
500,000
500,000
----------
----------
13. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Equipment
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
621,399
1,930,494
544,708
120,005
745,000
3,961,606
Additions
540,413
730,007
1,270,420
Disposals
( 70,247)
( 261,722)
( 331,969)
----------
-------------
-------------
----------
----------
-------------
At 31 Aug 2024
621,399
2,400,660
1,012,993
120,005
745,000
4,900,057
----------
-------------
-------------
----------
----------
-------------
Depreciation
At 1 Sep 2023
143,027
1,406,801
347,098
119,985
2,016,911
Charge for the year
11,316
124,311
141,200
276,827
Disposals
( 65,177)
( 242,258)
( 307,435)
----------
-------------
-------------
----------
----------
-------------
At 31 Aug 2024
154,343
1,465,935
246,040
119,985
1,986,303
----------
-------------
-------------
----------
----------
-------------
Carrying amount
At 31 Aug 2024
467,056
934,725
766,953
20
745,000
2,913,754
----------
-------------
-------------
----------
----------
-------------
At 31 Aug 2023
478,372
523,693
197,610
20
745,000
1,944,695
----------
-------------
-------------
----------
----------
-------------
Company
Freehold property
Plant and machinery
Investment property
Total
£
£
£
£
Cost
At 1 September 2023
615,122
1,930,494
745,000
3,290,616
Additions
540,413
540,413
Disposals
( 70,247)
( 70,247)
----------
-------------
----------
-------------
At 31 August 2024
615,122
2,400,660
745,000
3,760,782
----------
-------------
----------
-------------
Depreciation
At 1 September 2023
136,750
1,406,801
1,543,551
Charge for the year
11,316
124,311
135,627
Disposals
( 65,177)
( 65,177)
----------
-------------
----------
-------------
At 31 August 2024
148,066
1,465,935
1,614,001
----------
-------------
----------
-------------
Carrying amount
At 31 August 2024
467,056
934,725
745,000
2,146,781
----------
-------------
----------
-------------
At 31 August 2023
478,372
523,693
745,000
1,747,065
----------
-------------
----------
-------------
Included within freehold property for the group and company is land of £152,130 (2023 - £152,130) which is not depreciated. The group and company owns long term investment properties. The investment property was revalued by an Independent valuer, Dacres Commercial, on an open market value for existing use basis on 10 January 2022, the Directors consider this to be the fair value of the property at the statement of financial position date.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group and company
Investment property
£
At 31 August 2024
Aggregate cost
649,544
Aggregate depreciation
----------
Carrying value
649,544
----------
At 31 August 2023
Aggregate cost
649,544
Aggregate depreciation
(298,835)
----------
Carrying value
350,709
----------
Capital commitments
Group
Company
2024
2023
2024
2023
£
£
£
£
Contracted for but not provided for in the financial statements
301,527
----
----------
----
----
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 September 2023 and 31 August 2024
10,150
---------
Impairment
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 1 September 2023 and 31 August 2024
10,150
---------
At 31 August 2023
10,150
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
F B Taylor (Cable Contractors) Limited
Ordinary
100
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,172,808
2,277,044
Amounts owed by group undertakings
629,345
342,206
Prepayments and accrued income
120,355
432,579
129,187
Amounts recoverable on contracts
2,601,275
1,469,788
Other debtors
145,712
113,528
25,775
-------------
-------------
----------
----------
4,040,150
4,292,939
629,345
497,168
-------------
-------------
----------
----------
16. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
438,870
812,690
Accruals and deferred income
801,211
1,055,455
Corporation tax
94,659
207,920
17,331
56,305
Social security and other taxes
234,143
216,577
5,785
Obligations under finance leases and hire purchase contracts
94,995
Director loan accounts
301,926
347,206
301,926
347,206
Other creditors
391,224
300,837
265,924
262,400
-------------
-------------
----------
----------
2,357,028
2,940,685
590,966
665,911
-------------
-------------
----------
----------
Obligations under finance leases and hire purchase contracts are secured against assets to which they relate.
17. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
153,863
----------
----
----
----
Obligations under finance leases and hire purchase contracts are secured against assets to which they relate.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
94,995
Later than 1 year and not later than 5 years
153,863
----------
----
----
----
248,858
----------
----
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 September 2023
181,507
Additions
253,874
----------
At 31 August 2024
435,381
----------
Company
Deferred tax (note 20)
£
At 1 September 2023
154,143
Additions
107,938
----------
At 31 August 2024
262,081
----------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
435,381
181,507
262,081
154,143
----------
----------
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
406,399
150,651
262,081
119,050
Revaluation of tangible assets
35,093
Fair value adjustment of investment property
35,093
35,093
Pension plan obligations
( 6,111)
( 4,237)
----------
----------
----------
----------
435,381
181,507
262,081
154,143
----------
----------
----------
----------
Deferred tax has been calculated at 25% (2023 - 25%).
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 216,428 (2023: £ 193,872 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
5,327
5,327
5,327
5,327
Ordinary B shares of £ 1 each
2,763
2,763
2,763
2,763
Ordinary C shares of £ 1 each
2,060
2,060
2,060
2,060
---------
---------
---------
---------
10,150
10,150
10,150
10,150
---------
---------
---------
---------
The A, B and C ordinary shares rank pari passu.
23. Reserves
Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - this reserve records retained earnings and accumulated losses and the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
24. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
4,143,849
(404,793)
3,739,056
Debt due within one year
(347,206)
(49,715)
(396,921)
Debt due after one year
(153,863)
(153,863)
-------------
----------
-------------
3,796,643
( 608,371)
3,188,272
-------------
----------
-------------
FB Taylor (Holdings) Limited
Notes to the Financial Statements (continued)
Year ended 31 August 2024
25. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
10,542
19,402
Later than 1 year and not later than 5 years
10,569
275,894
---------
----------
----
----
21,111
256,492
---------
----------
----
----
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
46,190
67,839
97,690
125,339
Later than 1 year and not later than 5 years
74,803
133,133
232,928
348,758
----------
----------
----------
----------
120,993
200,972
330,618
474,097
----------
----------
----------
----------
26. Directors' advances, credits and guarantees
The directors loan accounts remained in credit throughout the year. Interest is charged at 7% and the balance is repayable on demand.
27. Related party transactions
Company
The total remuneration of key management personnel are deemed to be the directors, the remuneration is disclosed in note 9. During the year dividends totalling £500,000 (2023 £500,000) were declared to directors and FB Taylor (Holdings) Limited Will Trust by virtue of their shareholding in the company. At the year end £262,400 (2023 £262,400) was unpaid. The company has taken advantage from the exemption available under FRS102 from reporting transactions with wholly owned members of the same group.
28. Controlling party
In the opinion of the directors, the group was under the control of the trustees of the FB Taylor (Holdings) Limited Will Trust being G Taylor and H Rutter.