Registration number:
Taylor Stone Ltd
for the Year Ended 31 August 2024
Taylor Stone Ltd
(Registration number: 11506827)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
( |
( |
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Shareholders' (deficit)/funds |
( |
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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:
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• |
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• |
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.
.........................................
S E Stone
Director
Taylor Stone Ltd
Statement of Changes in Equity for the Year Ended 31 August 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2023 |
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|
( |
|
|
Loss for the year |
- |
- |
( |
( |
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Transfers |
- |
1,852 |
(1,852) |
- |
|
At 31 August 2024 |
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|
( |
( |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2022 |
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- |
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Profit for the year |
- |
- |
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|
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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
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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)
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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:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
25% straight line |
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Investment property |
Not depreciated |
Investment property
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
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
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taylor Stone Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Tangible assets |
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Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Investment properties |
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Valuation |
2024 |
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At 1 September 2023 |
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Additions |
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At 31 August 2024 |
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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)
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Creditors |
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2024 |
2023 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
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.
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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.