Acorah Software Products - Accounts Production 16.3.350 false true 29 February 2024 1 March 2023 false 1 March 2024 28 February 2025 28 February 2025 07142880 Mr Richard Taylor Mr Anthony Taylor Mr Michael Taylor Anglia Secretaries Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07142880 2024-02-29 07142880 2025-02-28 07142880 2024-03-01 2025-02-28 07142880 frs-core:CurrentFinancialInstruments 2025-02-28 07142880 frs-core:FurnitureFittings 2025-02-28 07142880 frs-core:FurnitureFittings 2024-03-01 2025-02-28 07142880 frs-core:FurnitureFittings 2024-02-29 07142880 frs-core:NetGoodwill 2025-02-28 07142880 frs-core:NetGoodwill 2024-03-01 2025-02-28 07142880 frs-core:NetGoodwill 2024-02-29 07142880 frs-core:MotorVehicles 2025-02-28 07142880 frs-core:MotorVehicles 2024-03-01 2025-02-28 07142880 frs-core:MotorVehicles 2024-02-29 07142880 frs-core:ShareCapital 2025-02-28 07142880 frs-core:RetainedEarningsAccumulatedLosses 2025-02-28 07142880 frs-bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 07142880 frs-bus:FilletedAccounts 2024-03-01 2025-02-28 07142880 frs-bus:SmallEntities 2024-03-01 2025-02-28 07142880 frs-bus:AuditExempt-NoAccountantsReport 2024-03-01 2025-02-28 07142880 frs-bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 07142880 frs-bus:Director1 2024-03-01 2025-02-28 07142880 frs-bus:Director2 2024-03-01 2025-02-28 07142880 frs-bus:Director3 2024-03-01 2025-02-28 07142880 frs-bus:CompanySecretary1 2024-03-01 2025-02-28 07142880 frs-countries:EnglandWales 2024-03-01 2025-02-28 07142880 2023-02-28 07142880 2024-02-29 07142880 2023-03-01 2024-02-29 07142880 frs-core:CurrentFinancialInstruments 2024-02-29 07142880 frs-core:ShareCapital 2024-02-29 07142880 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29
Taylors Petfoods Limited
Financial Statements
For The Year Ended 28 February 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07142880
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 30,885 24,822
30,885 24,822
CURRENT ASSETS
Stocks 6 113,702 97,063
Debtors 7 9,355 3,312
Cash at bank and in hand 132,312 135,173
255,369 235,548
Creditors: Amounts Falling Due Within One Year 8 (87,580 ) (83,725 )
NET CURRENT ASSETS (LIABILITIES) 167,789 151,823
TOTAL ASSETS LESS CURRENT LIABILITIES 198,674 176,645
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,133 ) (5,713 )
NET ASSETS 191,541 170,932
CAPITAL AND RESERVES
Called up share capital 9 153 153
Income Statement 191,388 170,779
SHAREHOLDERS' FUNDS 191,541 170,932
Page 1
Page 2
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Richard Taylor
Director
19th May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Taylors Petfoods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07142880 . The registered office is C\O Swinton Accountants, Park Farm Business Park, Park Farm Hotel, Norwich Road, Hethersett, Norwich, NR9 3DL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2024: 12)
12 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2024 60,000
As at 28 February 2025 60,000
Amortisation
As at 1 March 2024 60,000
As at 28 February 2025 60,000
Net Book Value
As at 28 February 2025 -
As at 1 March 2024 -
Page 4
Page 5
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2024 4,145 61,731 65,876
Additions - 11,086 11,086
As at 28 February 2025 4,145 72,817 76,962
Depreciation
As at 1 March 2024 3,696 37,358 41,054
Provided during the period 112 4,911 5,023
As at 28 February 2025 3,808 42,269 46,077
Net Book Value
As at 28 February 2025 337 30,548 30,885
As at 1 March 2024 449 24,373 24,822
6. Stocks
2025 2024
£ £
Materials 113,702 97,063
7. Debtors
2025 2024
£ £
Due within one year
Other debtors 9,355 3,312
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 41,500 40,482
Other creditors 11,377 9,296
Taxation and social security 34,703 33,947
87,580 83,725
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 153 153
Page 5