REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
Taylor Lindsey Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
Taylor Lindsey Limited |
Taylor Lindsey Limited (Registered number: 00519939) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Taylor Lindsey Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Taylor Lindsey Limited (Registered number: 00519939) |
Strategic Report |
for the Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
The number of residential properties developed by the company reflects the wish of the directors to operate in a sustainable manner without experiencing large swings in activity levels. It is a strategy of the company to focus on house building in Lincolnshire and, where possible, to maintain a consistent level of building activity. Whilst sales of new houses dipped slightly in this financial year due to economic factors and the company completing a stage of affordable housing, development continued in a similar manner to the previous accounting periods. |
We continue to add to our stock of leased properties, which are a blend of residential and commercial properties, the rental income from which provides a sustainable source of income for the company. A number of new commercial and residential developments were completed during the year with further ongoing projects at the year end. |
Overall, the turnover of the company fell slightly in the year to £18.30m, compared to £21.48m at the 2023 year end. |
The company's profit before taxation for the year, excluding the fair value adjustment, was £3.29m (2023: £4.54m), added to which was an increase in the value of properties held by the company. The company saw its overall net assets increase from £107.80m at the 2023 year end to £111.00m at the 2024 year end. |
The strength of the company's balance sheet means it is well placed to continue with its activities into the future. The company also has strong liquidity; at the year end the company had cash reserves of £9.90m, which are sufficient to fund its working capital requirements and planned property development. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors regularly review any risks facing the business and put in place appropriate measures to mitigate them. |
A risk endemic in many sectors, including ours, relates to the supply of materials and labour. We have mitigated material supply risks by making sure our stock levels are sufficiently high and that we have in place more than one supplier for all of our key materials. We have mitigated the risks of labour shortages by paying competitive rates for our workers. |
There are always risks relating to fluctuations in the property market however we mitigate this risk by maintaining strong liquidity, a good portfolio of leased properties, and a significant land stock which will provide us with a supply of land well into the future. |
ON BEHALF OF THE BOARD: |
Taylor Lindsey Limited (Registered number: 00519939) |
Report of the Directors |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of construction and property management. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Taylor Lindsey Limited |
Opinion |
We have audited the financial statements of Taylor Lindsey Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 company's affairs as at 31 July 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Taylor Lindsey Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | Substantive procedures performed in accordance with the ISAs (UK). |
- | Challenging assumptions and judgments made by management in its significant accounting estimates. |
- | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- | Assessing the extent of compliance with the relevant laws and regulations. |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Taylor Lindsey Limited (Registered number: 00519939) |
Statement of Comprehensive |
Income |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,404,393 | 4,515,371 |
Other operating income | 4 |
Gain on revaluation of investment property | 1,555,294 | 2,267,981 |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
5,344,132 | 7,030,720 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Taylor Lindsey Limited (Registered number: 00519939) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Taylor Lindsey Limited (Registered number: 00519939) |
Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 July 2024 |
Taylor Lindsey Limited (Registered number: 00519939) |
Cash Flow Statement |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Finance costs paid | (297,055 | ) | (189,068 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 109,153 | 4,349,950 |
Amount withdrawn by directors | (894,824 | ) | (3,734,108 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
6,741,796 |
Cash and cash equivalents at end of year | 2 | 9,900,152 | 8,672,283 |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Cash Flow Statement |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Gain on revaluation of fixed assets | (1,555,294 | ) | (2,267,981 | ) |
Finance costs | 502,870 | 223,446 |
Finance income | (354,919 | ) | (194,456 | ) |
3,516,710 | 4,685,123 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 9,900,152 | 8,672,283 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 8,672,283 | 6,741,796 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,672,283 | 1,227,869 | 9,900,152 |
8,672,283 | 9,900,152 |
Debt |
Debts falling due after 1 year | (3,948,500 | ) | - | (3,948,500 | ) |
(3,948,500 | ) | - | (3,948,500 | ) |
Total | 4,723,783 | 1,227,869 | 5,951,652 |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Taylor Lindsey Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of land and property sales made and rental income from investment properties during the year, excluding value added tax. |
Turnover from land and property sales is recognised at the date of completion. Rental income received from investment properties is recognised in advance at the start of each month/quarter. An adjustment is made at the year end to defer any rental income not relating to the current period. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is carried at fair value determined annually by the Directors 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. Changes in fair value are recognised in the Income Statement. |
Stocks |
Land on hand and work in progress have been valued at the lower of cost and net realisable value with due allowance for obsolete or slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads apart from land on hand where cost includes only direct expenditure. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
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. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
The Company's entire turnover is to customers in the United Kingdom. |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Administration recharge | 21,083 | 26,236 |
Other income |
Insurance claims |
29,526 | 52,912 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration & professional | 21 | 20 |
Site | 15 | 16 |
Director | 2 | 3 |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest |
Settlement interest |
Dividend - series 1 variable rate preference shares |
112,097 |
71,347 |
Dividend - series 2 variable rate preference shares |
56,048 |
35,673 |
Dividend - series 3 variable rate preference shares |
56,048 |
35,673 |
Dividend - series 4 variable rate preference shares |
22,419 |
14,269 |
Dividend - series 5 variable |
rate preference shares | 22,419 | 14,269 |
Dividend - series 6 variable |
rate preference shares | 28,024 | 17,837 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax: |
Accelerated capital allowances |
Unrealised gain on properties | 430,520 | 520,422 |
Total deferred tax |
Tax on profit |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Profit on disposal of fixed assets | (27,835 | ) | (24,342 | ) |
Appropriation of stock to fixed assets | - | 92,000 |
Preference dividends | 74,264 | 47,267 |
General provisions | (3,375 | ) | (9,844 | ) |
Land remediation | (3,632 | ) | (6,527 | ) |
Structures and Buildings Allowance | (39,600 | ) | (46,789 | ) |
(Gain)/Loss on fair value adjustment | (388,824 | ) | (566,995 | ) |
Deferred tax | 439,232 | 559,909 |
Difference between standard rate of corporation tax and actual for period | - | (181,810 | ) |
Enquiry settlement | 368,395 | - |
Total tax charge | 1,637,236 | 1,515,974 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Preferred Ordinary Shares shares of 10p each |
Interim |
B Preferred Ordinary Shares shares of 10p each |
Interim | - | 188,114 |
A Ordinary Shares shares of 10p each |
Interim | - | 1,811,886 |
B Ordinary Shares shares of 10p each |
Interim | - | 1,811,886 |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
12. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
13. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
Additions |
Revaluations | 1,555,294 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The properties were valued by RCS Taylor and the company's in house chartered surveyors, who are members of RICS, on the basis described in the accounting policy notes for investment property at 31 July 2024. In their opinion, this valuation fairly reflects the value of properties at 31 July 2024. |
Cost or valuation of investment properties at 31 July 2024 is represented by: |
2024 | 2023 |
£ | £ |
Valuation | 43,054,611 | 41,592,168 |
Cost | 46,881,456 | 45,717,419 |
89,936,067 | 87,309,587 |
14. | STOCKS |
2024 | 2023 |
£ | £ |
Properties for resale |
Land on hand | 14,629,023 | 15,078,451 |
Work-in-progress |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Assets under construction | 1,337,910 | - |
VAT |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 103,438 |
Other creditors |
Directors' loan accounts | 221,414 | 1,007,085 |
Accruals and deferred income |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Preference shares (see note 18) |
18. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Preference shares | 3,948,500 | 3,948,500 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Series 1 Variable Rate | £1 | 1,490,000 | 1,490,000 |
Series 2 Variable Rate | £1 | 745,000 | 745,000 |
745,000 | Series 3 Variable Rate | £1 | 745,000 | 745,000 |
298,000 | Series 4 Variable Rate | £1 | 298,000 | 298,000 |
298,000 | Series 5 Variable Rate | £1 | 298,000 | 298,000 |
372,500 | Series 6 Variable Rate | £1 | 372,500 | 372,500 |
3,948,500 | 3,948,500 |
The Preference Shares are redeemable at par at the shareholders option, at a date not less than six months from the date the option is exercised. At the date of signing these accounts no option had been exercised. |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 173,927 | 165,215 |
Unrealised gains on properties | 7,168,594 | 6,738,074 |
7,342,521 | 6,903,289 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during the year on: |
Accelerated capital allowances | 8,712 |
Unrealised gain on properties | 430,520 |
Balance at 31 July 2024 |
Taylor Lindsey Limited (Registered number: 00519939) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Preferred Ordinary Shares | 10p | 18 | 18 |
182 | B Preferred Ordinary Shares | 10p | 18 | 18 |
1,753 | A Ordinary Shares | 10p | 175 | 175 |
1,753 | B Ordinary Shares | 10p | 175 | 175 |
1,596 | C Ordinary Shares | 10p | 160 | 160 |
1,596 | D Ordinary shares | 10p | 160 | 160 |
189 | C Preferred Ordinary Shares | 10p | 19 | 19 |
189 | D Preferred Ordinary Shares | 10p | 19 | 19 |
744 | 744 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
2,600,000 | E Class Shares | £1 | 26,000 | 26,000 |
21. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 August 2023 | 107,772,813 |
Profit for the year |
At 31 July 2024 | 110,976,839 |
22. | PENSION COMMITMENTS |
The company operates a non-contributory pension scheme. It is a defined contribution scheme and contributions are charged in the profit and loss account as they accrue. The charge for the year was £464,000 (2023: £120,000). |
23. | CONTINGENT LIABILITIES |
Handelsbanken has provided, in the ordinary course of business, guarantee bonds of £670,863 (2023: £1,479,574) to local authorities for road developments undertaken by the company. |
24. | RELATED PARTY DISCLOSURES |
Entities controlled by key management personnel |
At 31 July 2024, the amount owed from entities controlled by key management personnel was £3,820,090 (2023: £2,897,337). |
Transactions with connected persons |
At 31 July 2024, the amount owed to connected persons was £4,257 (2023: £4,257). |
25. | CONTROLLING PARTIES |
The company is under the control of the directors. |