Company registration number 04437141 (England and Wales)
TAYLORS FUNFAIRS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TAYLORS FUNFAIRS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TAYLORS FUNFAIRS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
524,961
123,369
Current assets
Debtors
5
989,457
465,962
Cash at bank and in hand
8,666
27,021
998,123
492,983
Creditors: amounts falling due within one year
6
(681,330)
(346,605)
Net current assets
316,793
146,378
Total assets less current liabilities
841,754
269,747
Creditors: amounts falling due after more than one year
7
(737,047)
(33,132)
Net assets
104,707
236,615
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
104,706
236,614
Total equity
104,707
236,615

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 7 May 2025
Mr D Taylor
Director
Company registration number 04437141 (England and Wales)
TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Taylors Funfairs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Taylors Yard, Foulshaw Lane, Gilpin Bridge, Kendal, Cumbria, LA8 8ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
115,329
74,000
189,329
Additions
479,807
31,000
510,807
At 31 March 2024
595,136
105,000
700,136
Depreciation and impairment
At 1 April 2023
28,710
37,250
65,960
Depreciation charged in the year
89,215
20,000
109,215
At 31 March 2024
117,925
57,250
175,175
Carrying amount
At 31 March 2024
477,211
47,750
524,961
At 31 March 2023
86,619
36,750
123,369
TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
426,679
376,893
Other debtors
258,628
89,069
685,307
465,962
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
304,150
-
0
Total debtors
989,457
465,962
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
87,911
31,558
Trade creditors
34,356
66,653
Amounts owed to group undertakings
4,760
-
0
Taxation and social security
74,620
50,774
Other creditors
479,683
197,620
681,330
346,605
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
638,983
33,132
Other creditors
98,064
-
0
737,047
33,132

The business loan is a capital repayment loan with a market rate of interest payable over the term of the loan.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
11,985
TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Related party transactions

Taylors Cumbrian Holdings Limited, the groups parent company, was owed £4760 (2023: £0) at the reporting date.

 

Gilpin Rentals Limited, a subsidiary company of the groups parent company, owed £406688 (2023: £357724) at the reporting date.

 

Gilpin Rentals Limited rented equipment to the company during the year. The total rent charged during the year was £346 (2023: £49600).

 

Taylors Funfairs Limited took out a loan during the reporting period, this loan was secured over an asset owned by Gilpin Rentals Limited. At the reporting date the outstanding balance of the loan totalled £346,237 (2023: £0).

 

Taylors Cumbrian Amusements Limited, a subsidiary company of the groups parent company, owed £240046 (2023: £239224) at the reporting date. At the reporting date a provision for doubtful debts in respect of the amount owed was provided totalling £220055 (2023: £220055).

 

AKE Investments Limited, a company controlled by family members of the director, owed £304150 (2023: £4230) at the reporting date. The balance owed at 31 March 2024 was recognised as a non current asset.

 

Taylor Properties (Kendal) Limited, a company controlled by the director, owed £245104 (2023: £26011) at the reporting date.

 

Taylor Extreme Rides Limited, a company controlled by family members of the director, owed £0 (2023: £58262) at the reporting date.

 

As Taylor Extreme Rides Limited was dissolved during the reporting period the balance owed on dissolution was written off in the year, the balance written off totalled £71262.

 

Taylor Bros Extreme Rides Limited, a company controlled by family members of the director, owed £180 (2023: £0) at the reporting date.

 

Lyth Valley Lettings Limited, a company controlled by family members of the director, owed £240 (2023: £0) at the reporting date.

 

Mr N Taylor, a family member of the director, owed the company £7200 (2023: £0) at the reporting date.

 

A further company controlled by family member of the director, was owed £306782 (2023: £0) at the reporting date.

 

Mr K Taylor, a family member of the director, was owed £115986 (2023: £187676) at the reporting date.

 

No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.

9
Directors' transactions

Mr D Taylor owed the company £5,724 (2023: £566) at the year end. During the year the loan account was overdrawn and the maximum balance outstanding was £5,724 (2023: £44,805)

 

Interest is applied to overdrawn loan accounts exceeding £10,000 at the official rate of interest. The total loan interest charged during the period was £0 (2023: £803).

TAYLORS FUNFAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Parent company

The parent company of Taylors Funfairs Limited is Taylors Cumbrian Holdings Ltd and its registered office is Taylors Yard, Foulshaw Lane, Gilpin Bridge, Cumbria, LA8 8ET.

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