Taylor Fit Out Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 07959964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TAYLOR FIT OUT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N D Taylor

REGISTERED OFFICE:

29 Gildredge Road

Eastbourne

East Sussex

BN21 4RU

REGISTERED NUMBER:

07959964 (England and Wales)

ACCOUNTANTS:

Advanta

Chartered Accountants

29 Gildredge Road

Eastbourne

East Sussex

BN21 4RU

FIXED ASSETS

Tangible assets

4

5,892

8,834

CURRENT ASSETS

Stocks

5

13,160

14,903

Debtors

6

90,928

81,541

104,088

96,444

CREDITORS

Amounts falling due within one year

7

140,027

134,792

NET CURRENT LIABILITIES

(35,939

)

(38,348

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,047

)

(29,514

)

CREDITORS

Amounts falling due after more than one
year

8

145,220

103,684

NET LIABILITIES

(175,267

)

(133,198

)

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

(175,277

)

(133,208

)

SHAREHOLDERS' FUNDS

(175,267

)

(133,198

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

N D Taylor - Director

1.	STATUTORY INFORMATION

Taylor Fit Out Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

-

25% on reducing balance

Furniture,fittings & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant &

Furniture,fittings

Motor

Computer

machinery

& equipment

vehicles

equipment

Totals

£

COST

At 1 January 2024

1,440

2,035

16,695

8,137

28,307

Disposals

-

(3,638

)

(3,638

)

At 31 December 2024

1,440

2,035

16,695

4,499

24,669

DEPRECIATION

At 1 January 2024

1,385

1,221

9,652

7,215

19,473

Charge for year

55

204

1,761

923

2,943

Eliminated on disposal

-

(3,639

)

(3,639

)

At 31 December 2024

1,440

1,425

11,413

4,499

18,777

NET BOOK VALUE

At 31 December 2024

-

610

5,282

-

5,892

At 31 December 2023

55

814

7,043

922

8,834

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

16,695

DEPRECIATION

At 1 January 2024

9,652

Charge for year

1,761

At 31 December 2024

11,413

NET BOOK VALUE

At 31 December 2024

5,282

At 31 December 2023

7,043

5.

STOCKS

2024

2023

£

Work-in-progress

13,160

14,903

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

-

14,211

Directors' current accounts

59,510

40,707

Tax

20,172

24,656

Deferred tax asset

11,246

1,548

Prepayments

-

419

90,928

81,541

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

36,035

47,282

Other loans

45,065

16,432

Hire purchase contracts (see note 9)

3,339

Trade creditors

11,892

22,653

Tax

20,810

22,856

PAYE & CIS

289

4,249

VAT

10,324

6,053

Other creditors

411

-

Credit card

9,496

10,004

Accrued expenses

2,366

1,924

140,027

134,792

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans - 1-2 years

9,351

10,398

Bank loans - 2-5 years

-

4,379

Other loans - 1-2 years

41,493

19,724

Other loans - 2-5 years

94,088

65,556

Hire purchase contracts (see note 9)

288

3,627

145,220

103,684

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Gross obligations repayable:

Within one year

4,025

Between one and five years

345

4,370

8,395

Finance charges repayable:

Within one year

686

Between one and five years

57

743

1,429

Net obligations repayable:

Within one year

3,339

Between one and five years

288

3,627

6,966

Non-cancellable

operating leases

2024

2023

£

Within one year

7,146

Between one and five years

4,764

11,910

19,056

10.	DEFERRED TAX

£

Balance at 1 January 2024

(1,548

)

Provided during year

(9,698

)

Balance at 31 December 2024

(11,246

)

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

N D Taylor

Balance outstanding at start of year

40,707

52,350

Amounts advanced

70,804

48,357

Amounts repaid

(52,001

)

(60,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

59,510

40,707

Interest of £1535 (2022 : £586) was charged at the official rate.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N D Taylor.