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D W Taylor & Sons Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 02288627

 

D W Taylor & Sons Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

D W Taylor & Sons Ltd

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

1,620

Tangible assets

6

3,844,056

3,760,627

Other financial assets

7

5

5

 

3,844,061

3,762,252

Current assets

 

Stocks

392,890

287,663

Debtors

8

520,901

478,527

Cash at bank and in hand

 

6

6

 

913,797

766,196

Creditors: Amounts falling due within one year

9

(648,580)

(554,633)

Net current assets

 

265,217

211,563

Total assets less current liabilities

 

4,109,278

3,973,815

Creditors: Amounts falling due after more than one year

9

(144,794)

(231,389)

Provisions for liabilities

(87,587)

(84,755)

Net assets

 

3,876,897

3,657,671

Capital and reserves

 

Called up share capital

123,935

123,935

Share premium reserve

1,309,500

1,309,500

Capital redemption reserve

68,354

68,354

Profit and loss account

2,375,108

2,155,882

Shareholders' funds

 

3,876,897

3,657,671

 

D W Taylor & Sons Ltd

Balance Sheet

30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................
W.T.M. Taylor
Director

Company Registration Number: 02288627

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Farm Office
Langbourne
Blandford Forum
Dorset
DT11 8BT

These financial statements were authorised for issue by the Board on 2 June 2025.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimated of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-gong services is recognised by reference to the stage of completion.

Turnover is accounted for at the time goods leave the company's premises or the service is performed. The Basic Payment Scheme agricultural subsidy is accounted for at the earlier of the date of receipt or end of scheme year.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold Property

2% per annum, straight line, excluding land

Plant & Machinery

25% per annum, reducing balance

Tractors & Combines

33% per annum, reducing balance

Motor Vehicles

33% per annum, reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

74,785

(37,519)

Deferred taxation

Arising from origination and reversal of timing differences

2,832

22,905

Tax expense/(receipt) in the income statement

77,617

(14,614)

5

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 October 2023

5,400

5,400

Disposals

(5,400)

(5,400)

At 30 September 2024

-

-

Amortisation

At 1 October 2023

3,780

3,780

Amortisation eliminated on disposals

(3,780)

(3,780)

At 30 September 2024

-

-

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

1,620

1,620

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

3,519,151

755,103

51,611

927,529

5,253,394

Additions

91,418

-

38,367

143,873

273,658

Disposals

-

(79,941)

(10,250)

(328,831)

(419,022)

At 30 September 2024

3,610,569

675,162

79,728

742,571

5,108,030

Depreciation

At 1 October 2023

106,773

589,428

45,407

751,159

1,492,767

Charge for the year

19,761

54,888

13,692

74,119

162,460

Eliminated on disposal

-

(79,094)

(7,167)

(304,992)

(391,253)

At 30 September 2024

126,534

565,222

51,932

520,286

1,263,974

Carrying amount

At 30 September 2024

3,484,035

109,940

27,796

222,285

3,844,056

At 30 September 2023

3,412,378

165,675

6,204

176,370

3,760,627

Included within the net book value of land and buildings above is £3,484,035 (2023 - £3,412,378) in respect of freehold land and buildings.
 

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

5

5

At 30 September 2024

5

5

Impairment

Carrying amount

At 30 September 2024

5

5

8

Debtors

2024
£

2023
£

Trade debtors

34,303

14,891

Prepayments

1,826

1,101

Other debtors

484,772

462,535

520,901

478,527

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

417,450

434,774

Trade creditors

 

137,586

66,283

Taxation and social security

 

78,596

11,130

Accruals and deferred income

 

14,948

42,446

 

648,580

554,633

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

144,794

231,389

Security has been given on the aggregate value of finance leases held by the company.

 

D W Taylor & Sons Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

56,450

77,357

Hire purchase contracts

88,344

154,032

144,794

231,389

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,671

21,541

Bank overdrafts

329,070

347,502

Hire purchase contracts

65,709

65,731

417,450

434,774

Security has been given on the aggregate value of finance leases held by the company.

Bank loans and overdrafts are secured by a legal charge over the assets of the company.

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Interest free loan, repayable on demand

(285,200)

(39,414)

6,438

(318,176)

 

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Interest free loan, repayable on demand

(318,176)

(12,288)

994

(329,469)