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Registration number: 11506827

Taylor Stone Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Taylor Stone Ltd

(Registration number: 11506827)

Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

28,706

43,254

Investment property

4

444,900

330,000

 

473,606

373,254

Current assets

 

Cash at bank and in hand

 

533

4,960

Creditors: Amounts falling due within one year

5

(238,307)

(258,007)

Net current liabilities

 

(237,774)

(253,047)

Total assets less current liabilities

 

235,832

120,207

Creditors: Amounts falling due after more than one year

5

(263,477)

(113,497)

Provisions for liabilities

-

(1,852)

Net (liabilities)/assets

 

(27,645)

4,858

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

78,863

77,011

Retained earnings

(106,608)

(72,253)

Shareholders' (deficit)/funds

 

(27,645)

4,858

 

Taylor Stone Ltd

(Registration number: 11506827)

Balance Sheet as at 31 August 2024 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 1 May 2025
 

.........................................

S E Stone

Director

 

Taylor Stone Ltd

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2023

100

77,011

(72,253)

4,858

Loss for the year

-

-

(32,503)

(32,503)

Transfers

-

1,852

(1,852)

-

At 31 August 2024

100

78,863

(106,608)

(27,645)

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2022

100

-

538

638

Profit for the year

-

-

4,220

4,220

Transfers

-

77,011

(77,011)

-

At 31 August 2023

100

77,011

(72,253)

4,858

 

Taylor Stone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

Accounting policies

Statutory information

Taylor Stone Ltd is a private company, limited by shares, domiciled in England and Wales, company number 11506827. The registered office is at Pegasus House, 463a Glossop Road, Sheffield, S10 2QD.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents rental income from occupied investment properties.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Taylor Stone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Investment property

Not depreciated

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard FRS102 - Section 1A, as follows:

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments


Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is
presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income
.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Taylor Stone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

3

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

58,190

58,190

At 31 August 2024

58,190

58,190

Depreciation

At 1 September 2023

14,936

14,936

Charge for the year

14,548

14,548

At 31 August 2024

29,484

29,484

Carrying amount

At 31 August 2024

28,706

28,706

At 31 August 2023

43,254

43,254

4

Investment properties

Valuation

2024
£

At 1 September 2023

330,000

Additions

114,900

At 31 August 2024

444,900

The investment properties class of fixed assets were revalued by the directors on 31 August 2023. The basis of this valuation was existing use basis. The class of assets has a current value of £444,900 and a carrying amount at historical cost of £366,037. The depreciation on this historical cost is £Nil.

 

Taylor Stone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Accruals and deferred income

2,400

1,440

Other creditors

235,907

256,567

238,307

258,007

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

263,477

113,497

2024
£

2023
£

Due after more than five years

After more than five years by instalments

263,477

113,497

-

-


Bank loans and overdrafts after 5 years

The bank loans are in respect of Mortgage Works. They are repayable in line with the terms of the loan. The loans are interest only and repayable in 2037. The bank loan is secured on 25 Brinkburn Road, Hazel Grove, Stockport, SK7 4NR and 5 Fenton Street, Bury, Lancashire, BL8 1LU.

6

Related party transactions

Included in other creditors is an amount of £231,720 (2023: £252,105) due to the director. The loan is interest free.