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Registered number: 02946842









TIMOTHY TAYLOR LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
TIMOTHY TAYLOR LIMITED
 
 
COMPANY INFORMATION


Director
T Taylor 




Registered number
02946842



Registered office
15 Bolton Street

London

W1J 8BG




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

45 Pall Mall

London

SW1Y 5JG





 
TIMOTHY TAYLOR LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Director's report
 
 
2 - 3
Independent auditor's report
 
 
4 - 7
Statement of income and retained earnings
 
 
8
Balance sheet
 
 
9
Statement of cash flows
 
 
10
Analysis of net debt
 
 
11
Notes to the financial statements
 
 
12 - 25

 
TIMOTHY TAYLOR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The director presents the Strategic Report together with the audited financial statements of Timothy Taylor Limited ("the company") for the year ended 31 July 2024.
The principal activity of the company has continued to be that of art dealership.

Business review and key performance indicators
 
The results for the year are set out at page 8.
Turnover decreased from £23.0m to £17.1m. The major key performance indicator is gross profit. Due to the nature of the business this is monitored on an item by item basis and reviewed as an overall statistic to ensure this is sufficient to cover overheads and meet profit expectations. Gross profit decreased in line with turnover from £5.5m to £4.4m.

Principal risks and uncertainties
 
Market volatility
The principal risk and uncertainty facing the company is the volatility of the art market. This can be affected by economic factors as well as general and specific trends in the popularity of art as collectible investment. The company addresses this risk primarily through extensive experience of the marketplace and its trends and also through sourcing a wide range of contemporary art by well-known and also emerging artists as well as other sources.
Strategy

The company will look to further promote its brand identity in the UK, US and Asia by way of a focused, strengthened programme and international art fair presence, and this has included an increased online presence. This will result in increased primary trading whilst targeted sales initiatives will encourage greater secondary market opportunities.


This report was approved by the board and signed on its behalf.



T Taylor
Director

Date: 18 July 2025
Page 1

 
TIMOTHY TAYLOR LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £251,448 (2023 - profit £439,810).

No dividends were declared in the year (2023 - £nil).

Director

The director who served during the year was:

T Taylor 

Future developments

The company will look to further promote its brand identity in the UK, US and Asia by way of a focused, strengthened programme and international art fair presence, as well as an increased online presence. This will result in increased primary trading whilst targeted sales initiatives will encourage greater secondary market opportunities.

Page 2

 
TIMOTHY TAYLOR LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T Taylor
Director

Date: 18 July 2025
Page 3

 
TIMOTHY TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED
 

Opinion


We have audited the financial statements of Timothy Taylor Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
TIMOTHY TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 5

 
TIMOTHY TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is informed and limited by an assessment of the following:

the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:

°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial
Page 6

 
TIMOTHY TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)


Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katie Harvard Taylor ACA (Senior statutory auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
45 Pall Mall
London
SW1Y 5JG

21 July 2025
Page 7

 
TIMOTHY TAYLOR LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,050,881
23,040,538

Cost of sales
  
(12,689,041)
(17,584,463)

Gross profit
  
4,361,840
5,456,075

Distribution costs
  
(500,728)
(452,199)

Administrative expenses
  
(3,998,698)
(4,360,742)

Operating (loss)/profit
 5 
(137,586)
643,134

Interest payable and similar expenses
 9 
(162,757)
(130,415)

(Loss)/profit before tax
  
(300,343)
512,719

Tax on (loss)/profit
 10 
48,895
(72,909)

(Loss)/profit after tax
  
(251,448)
439,810

  

  

Retained earnings at the beginning of the year
  
(120,653)
(560,463)

(Loss)/profit for the year
  
(251,448)
439,810

Retained earnings at the end of the year
  
(372,101)
(120,653)
The notes on pages 12 to 25 form part of these financial statements.

Page 8

 
TIMOTHY TAYLOR LIMITED
REGISTERED NUMBER: 02946842

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
187,052
217,590

  
187,052
217,590

Current assets
  

Stocks
 12 
2,586,051
2,324,745

Debtors: amounts falling due within one year
 13 
11,671,034
6,938,843

Cash at bank and in hand
 14 
516,807
1,874,871

  
14,773,892
11,138,459

Creditors: amounts falling due within one year
 15 
(15,323,628)
(11,431,258)

Net current liabilities
  
 
 
(549,736)
 
 
(292,799)

Total assets less current liabilities
  
(362,684)
(75,209)

Provisions for liabilities
  

Deferred tax
 16 
(9,154)
(45,181)

Net liabilities
  
(371,838)
(120,390)


Capital and reserves
  

Called up share capital 
 17 
263
263

Profit and loss account
 18 
(372,101)
(120,653)

  
(371,838)
(120,390)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



T Taylor
Director

Date: 18 July 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
TIMOTHY TAYLOR LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(251,448)
439,810

Adjustments for:

Depreciation of tangible assets
68,161
73,473

Interest paid
162,757
130,415

Taxation charge
(48,895)
72,909

(Increase)/decrease in stocks
(261,306)
420,890

(Increase) in debtors
(4,673,118)
(5,092,926)

Increase in creditors
4,124,950
5,715,354

Increase/(decrease)) in amounts owed to join ventures
-
(53,303)

Corporation tax (paid)
(128,571)
(235,396)

Net cash generated from operating activities

(1,007,470)
1,471,226


Cash flows from investing activities

Purchase of tangible fixed assets
(37,623)
(42,210)

Net cash from investing activities

(37,623)
(42,210)

Cash flows from financing activities

Repayment of other loans
(38,997)
(199,193)

Interest paid
(162,757)
(130,415)

Net cash used in financing activities
(201,754)
(329,608)

Net (decrease)/increase in cash and cash equivalents
(1,246,847)
1,099,408

Cash and cash equivalents at beginning of year
1,573,215
473,807

Cash and cash equivalents at the end of year
326,368
1,573,215


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
516,807
1,874,871

Bank overdrafts
(190,439)
(301,656)

326,368
1,573,215


The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
TIMOTHY TAYLOR LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

1,874,871

(1,358,064)

516,807

Bank overdrafts

(301,656)

111,217

(190,439)

Debt due within 1 year

(1,744,224)

38,997

(1,705,227)


(171,009)
(1,207,850)
(1,378,859)

The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Timothy Taylor Limited is a private company limited by shares and is incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and its principal activities are set out in the strategic report.
The reporting currency is pounds sterling (£). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

On the basis of his assessment of the company's financial position and resources, the director believes that the compamy is well placed to manage its business risks and the uncertain economic backdrop. 
Based on the latest available management information and expectations of future trading activity, the director has considered the cash requirements of the company and is confident that the company will be able to continue to operate for the foreseeable future. The company has a loan of £1,050,771 which is classified as short term and contributes materially to the net current liability position reported at the balance sheet date. As in previous years, the director has obtained confirmation from the lender that they will not seek repayment within 12 months of the approval of the financial statements. 

Page 12

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the length of the lease
Motor vehicles
-
25% per annum
Fixtures and fittings
-
25% per annum
Office equipment
-
25% per annum
Computer equipment
-
33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.
 
 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 15

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 16

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 17

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Director to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Director believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Depreciation and residual value
The Director has reviewed the asset lives and associated residual values of all fixed assets, and has concluded that asset lives and residual values are appropriate.
Stock
The Director has reviewed the valuation of all stock and has concluded that the value in the accounts is appropriate. Any stock that is considered to be impaired has been written down to its net realisable value.

Bad Debt
The Director has reviewed the recoverability of trade receivables and has assessed the need for a provision for doubtful debts. This assessment is based on the age of outstanding balances, historical loss experience, and specific knowledge of individual customer circumstances. Where recovery is considered doubtful, an appropriate provision has been made.


4.


Turnover

All turnover arises from the company's principal activity.

The proportion of turnover that is attributable to markets outside of the United Kingdom is 65% (2023 - 67%). 


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
(37,345)
197,996

Other operating lease rentals
392,601
386,078


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,500
21,500






Page 18

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,701,057
1,480,402

Social security costs
214,801
207,717

Cost of defined contribution scheme
68,511
54,745

1,984,369
1,742,864


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
16
16


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
520,000
520,000

Company contributions to defined contribution pension schemes
10,000
-

530,000
520,000


During the year retirement benefits were accruing to one director (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £520,000 (2023 - £520,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £NIL).

Page 19

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,293
21,633

Other loan interest payable
157,464
108,782

162,757
130,415


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(59,073)
82,261

Adjustments in respect of previous periods
46,205
(3,250)


Total current tax
(12,868)
79,011

Deferred tax


Origination and reversal of timing differences
(36,027)
(6,102)

Total deferred tax
(36,027)
(6,102)


Taxation on (loss)/profit on ordinary activities
(48,895)
72,909
Page 20

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(300,343)
512,719


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(75,086)
107,671

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,013
15,774

Adjustments to tax charge in respect of prior periods
46,205
(3,250)

Short term timing difference leading to an increase (decrease) in taxation
-
118

Other timing differences leading to an increase (decrease) in taxation
(36,027)
(45,305)

Other differences leading to an increase (decrease) in the tax charge
-
(2,099)

Total tax charge for the year
(48,895)
72,909


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office and computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
293,451
28,101
320,655
325,139
967,346


Additions
-
-
14,445
23,178
37,623



At 31 July 2024

293,451
28,101
335,100
348,317
1,004,969



Depreciation


At 1 August 2023
123,493
22,322
296,748
307,193
749,756


Charge for the year on owned assets
28,476
3,650
15,867
20,168
68,161



At 31 July 2024

151,969
25,972
312,615
327,361
817,917



Net book value



At 31 July 2024
141,482
2,129
22,485
20,956
187,052



At 31 July 2023
169,958
5,779
23,907
17,946
217,590


12.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,586,051
2,324,745

2,586,051
2,324,745


Included within stocks are works to the value of £786,881 (2023 - £472,462) that are secured against an equivalent amount of other loans. 

Page 22

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


13.


Debtors

2024
2023
£
£


Trade debtors
10,130,566
5,475,754

Other debtors
1,307,810
1,239,560

Prepayments and accrued income
227,004
217,875

Tax recoverable
5,654
5,654

11,671,034
6,938,843



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
516,807
1,874,871

Less: bank overdrafts
(190,439)
(301,656)

326,368
1,573,215



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
190,439
301,656

Other loans
1,705,227
1,744,224

Trade creditors
11,549,117
8,260,336

Corporation tax
1,794
84,160

Other taxation and social security
80,013
53,168

Other creditors
87,289
171,480

Accruals and deferred income
1,709,749
816,234

15,323,628
11,431,258


Other loans are made up of loans with various parties. One loan with a balance at the year end of £518,677 (2023 - £472,462) is secured against certain items of stock.
Bank overdrafts are secured by way of a Debenture granted by the Company in favour of the bank.

Page 23

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Deferred taxation




2024
2023


£

£






At beginning of year
(45,181)
(51,283)


Charged to profit or loss
36,027
6,102



At end of year
(9,154)
(45,181)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,393)
(46,333)

Short term timing differences
2,239
1,152

(9,154)
(45,181)


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



263 (2023 - 263) A shares of £1.00 each
263
263



18.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


19.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £68,511 (2023 - £54,745). 

Page 24

 
TIMOTHY TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
360,672
435,000

Later than 1 year and not later than 5 years
1,225,188
969,375

Later than 5 years
324
305,000

1,586,184
1,709,375


21.


Transactions with directors

At the balance sheet date £43,040 (2023 - £93,863) was due from the director. The balance due from the director is unsecured, interest free and repayable on demand. 


22.


Related party transactions

During the year, the company entered into transactions with Timothy Taylor New York, a company incorporated in the United States of America and owned by the director. The company made sales to Timothy Taylor New York of £2,900,131 (2023 - £6,511,194) and purchases of £753,017 (2023 - £404,402). The net position at the year end on operating activities is a debtor balance of £994,559 (2023 - £657,339). The company gave a loan to Timothy Taylor New York, at the balance sheet date £618,067 (2023 - £686,244) was outstanding.
During the year, the company entered into transactions with Columbus Fine Art, a company incorporated in the United States of America and owned by the director. The company made purchases from Columbus Fine Art of of £240,814 (2023 - £402,164). The net position at the year end on operating activities is a creditor balance of £402,164 (2023 - £402,164). 
During the year salaries totalling £151,433 (2023 - £100,000) were paid by the company to close family members of the director.
Key management personnel remuneration is included in note 8.

 
Page 25