Registered number
11390478
TAYLOR BESPOKE LIMITED
Filleted Accounts
30 May 2024
TAYLOR BESPOKE LIMITED
Registered number: 11390478 As Restated
Balance Sheet As at
as at 30 May 2024 31st May
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 181,116 153,180
Current assets
Stocks and Work in progress 90,000 -
Debtors 4 238,447 66,820
Cash at bank and in hand 73,992 31,906
402,439 98,726
Creditors: amounts falling due within one year 5 (219,329) (214,047)
Net current assets/(liabilities) 183,110 (115,321)
Total assets less current liabilities 364,226 37,859
Creditors: amounts falling due after more than one year 6 (35,025) (24,019)
Net assets 329,201 13,840
Capital and reserves
Called up share capital 102 100
Profit and loss account 329,099 13,740
Shareholders' funds 329,201 13,840
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D A Smith
Director
Approved by the board on 23 April 2025
TAYLOR BESPOKE LIMITED
Notes to the Accounts
for the period from 1 June 2023 to 30 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 15% reducing balance
Computer equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and Work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress is calculated as a percentage of work done at the year end at its estimated realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 9
3 Tangible fixed assets As Restated
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 165,309 55,848 221,157
Additions 48,378 - 48,378
At 30 May 2024 213,687 55,848 269,535
Depreciation
At 1 June 2023 46,837 21,140 67,977
Charge for the period 15,236 5,206 20,442
At 30 May 2024 62,073 26,346 88,419
Net book value
At 30 May 2024 151,614 29,502 181,116
At 31 May 2023 118,472 34,708 153,180
As Restated
4 Debtors 2024 2023
£ £
Trade debtors 202,611 43,565
Prepayments 18,065 10,638
Other debtors 17,771 12,617
238,447 66,820
As Restated
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,994 11,945
Obligations under finance lease and hire purchase contracts 5,000 20,346
Trade creditors 29,581 2
Taxation and social security costs 91,043 149,184
Directors' loan account 2,837 2,384
Other creditors 82,874 30,186
219,329 214,047
As Restated
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,025 16,019
Obligations under finance lease and hire purchase contracts - 5,000
Other creditors 27,000 3,000
35,025 24,019
7 Prior year Adjustment 2024 2023
£ £
Decrease in Investments - (50,000)
Decrease in Plant and Machinery (27,151)
Increase in Payments in Advance 10,950
Decrease in cash at bank - Bank adjustment - (185,455)
Decrease in other debtors - Supplier payments in advance - (161,745)
Increase in debtors - amounts due at 31st May 2023 - 43,565
Increase in Corporation tax - (39,321)
Increase in taxation and social security costs - PAYE - (9,416)
Increase in other creditors - pension - (1,186)
Decrease in obligations under finance lease and hire purchase contracts - 8,396
Decrease in Depreciation 2,036
Increase in hire purchase loan interest - (2,736)
Increase in bank loan interest - (709)
- (412,772)
During the year the Company changed accountants. On review of the opening balances, it was found that there were several inconsistancies resulting in a prior year adjustment. Opening retained earnings in the comparatives to these financial statements (i.e. at 1 June 2022) have been amended by £6,371. Opening profit and loss reserves to this year's financial statements (i.e. at 1 June 2023) have been amended by a further £412,772 resulting in a cumulative impact on the retained earnings as previously stated at 31 May 2023 of £419,143.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 54,793 19,153
9 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
D A Smith
Director's Loan (2,384) 83,687 (84,140) (2,837)
(2,384) 83,687 (84,140) (2,837)
10 Other information
TAYLOR BESPOKE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Tysea Hill Farm
Murthering Lane
Stapleford Abbotts
Essex
RM4 1JT
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