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Registered number: 03490919
TAYLOR HART LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2025
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TAYLOR HART LIMITED
REGISTERED NUMBER: 03490919
BALANCE SHEET
AS AT 30 APRIL 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(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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TAYLOR HART LIMITED
REGISTERED NUMBER: 03490919
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 15 form part of these financial statements.
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TAYLOR HART LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
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Comprehensive income for the year
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Dividends: Equity capital
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Comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 4 to 15 form part of these financial statements.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Taylor Hart Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office of the Company is No. 7 Villiers Court, Meriden Business Park, Copse Drive, Meriden CV5 9RN. The Company's registration number is 03490919. The nature of the Company's operations and principal activities are the installation of suspended ceilings and dryline partitions and plasterers.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in Sterling which is the functional currency of the company and are rounded to the nearest pound.
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 financial statements contain information about Taylor Hart Limited as an individual company and do not represent consolidated financial information as parent of a group. The Company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Directors have considered a period of at least 12 months from the date of approval of the financial statements, including current trading results and forecast future cashflows. The Directors are confident based on their assessment of resources available to the Company at the date of approval of these financial statements to conclude that there is no material uncertainty regarding the Company's ability to meet its liabilities as they fall due, and hence that it is appropriate to prepare these financial statements on a going concern basis.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
A construction contact is a contract specifically negotiated for the construction of an asset.
When the outcome of a construction contract (including variations) can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognised over the period of the contract by reference to the stage of completion.
The outcome of a construction contract can be estimated reliably when all of the following conditions can be satisfied:
• total contract revenue can be measured reliably;
• it is probable that the consideration associated with the contract will flow to the Company;
• both the contract costs to complete and the stage of contract completion at the end of the reporting period can be measured reliably; and
• the contract costs attributable to the contract can be clearly identified and measured reliably so that actual contract costs incurred can be compared with prior estimates.
Contract costs are recognised as expenses by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is measured by dividing actual costs by the total forecasted costs. When it is probable that the total contract costs will exceed the total contract revenue, the expected loss is recognised as an expense immediately.
When contract costs incurred to date plus recognised profits less recognised losses exceed progress billings the surplus is shown as amounts recoverable on long term contracts. Amounts received before the related work is performed are included in creditors as payments on account. Amounts billed for work performed but not yet paid by the customer are included in the balance sheet under trade debtors.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to the Statement of comprehensive income 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.
Contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, unless it relates to items in other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset of liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary timing differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profit will be available against which deductible temporary timing differences can be utilised.
The Company has elected to apply the revaluation model under FRS 102 Section 17 Property, Plant and Equipment, whereby freehold land and buildings are carried at fair value, determined by an external independent valuer, less any subsequent accumulated depreciation and impairment losses.
On this basis tangible fixed assets are measured at cost or revaluation less accumulated depreciation and any accumulated impairment losses. 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.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost or revaluation, less residual value, of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
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 the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transactions price. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Equity instruments are measured at fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year; however, the nature of estimation means that the actual outcomes could differ from those estimations.
The following judgement (apart from those involving estimation) has had the most significant effect on the amounts recognised in the financial statements:
∙Revenue recognition
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion based on actual costs incurred to the end of the accounting period compared to forecasted costs to determine the appropriate amount to be recognised in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
In determining the stage of completion the Company has appropriate systems for cost estimating, forecasting and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome; however, historical experience has shown that estimates are, on the whole, sufficiently reliable.
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The average monthly number of employees, including directors, during the year was 25 (2024 - 38).
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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At 1 May 2024 (as previously stated)
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At 1 May 2024 (as restated)
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At 1 May 2024 (as previously stated)
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At 1 May 2024 (as restated)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
5.Tangible fixed assets (continued)
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Included in freehold land and buildings is freehold land of £245,000 (2024 - £245,000) which is not being depreciated.
The property was revalued on a market value basis in February 2025 by Roger Stanway, Chartered Valuation Surveyor and RICS Registered Valuer. The Directors consider this is an appropriate carrying value at the balance sheet date.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts recoverable on long term contracts
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
7.Debtors (continued)
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Included within other debtors there is £48,024 (2024 - £45,929) outstanding from a director. This is further disclosed in note 18.
Amounts owed by group undertakings are interest free, unsecured and payable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are interest free, unsecured and payable on demand.
Secured creditors
The amounts due under finance leases and hire purchase contracts are secured over the relevant assets. The amounts due on bank overdrafts are secured on the freehold property situated at Meriden Business Park, Copse Drive, Meriden.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured creditors
The amounts due under finance leases and hire purchase contracts are secured over the relevant assets.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charge to Statement of comprehensive income
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
12.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Other short term timing differences
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Allotted, called up and fully paid
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1,000 (2024 - 1,000) Ordinary shares of £1.00 each
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Profit and loss account
This reserve records all current and prior period retained profits and losses.
Freehold property cost as at 30 April 2024 has been restated by £37,821 from £582,500 to £620,321 and freehold property depreciation has been restated by £37,821 from £nil to £37,821. This prior year adjustment reflects a correction to the presentation in the previous year. The correction reduces the loss for the comparative period by £149,574 and reduces the revaluation reserve by £149,574.
Management have reviewed the presentation of amounts recoverable on contracts and identified these were incorrectly included as trade debtors. The comparative has been restated to correct this. Total debtors amounts due within one year at 30 April 2024 have not changed.
Management have reviewed the presentation of trade creditors and identified other creditors of £303,160 incorrectly included in the comparatives. The comparative has been restated to correct this. Total creditors amounts due within one year at 30 April 2024 have not changed.
The above corrections do not change the balance sheet position at 30 April 2024 or the opening balance sheet position at 1 May 2023.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The company has been notified of HMRC’s intention to issue an assessment in relation to the employment status of subcontractors. The Directors strongly believe that HMRC’s decision to issue the assessment is incorrect. At the date of approval of the financial statements, it is not possible to determine a reliable estimate of any amount that might become payable in this respect. No provision has been accounted for within these financial statements.
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £53,330 (2024 - £37,187). Contributions totalling £7,024 (2024 - £1,891) were payable to the scheme at the balance sheet date and are included in other creditors.
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Commitments under operating leases
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At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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The following interest free loans to Directors, repayable on demand, subsisted during the years ended 30 April 2025 and 30 April 2024:
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Balance outstanding at the start of the year
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Balance outstanding at the end of the year
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Related party transactions
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During the year the trade and assets of a division of the Company were transferred to the subsidiary for an amount of £250,000.
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TAYLOR HART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Post balance sheet events
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Since the year end £135,680 of dividends have been paid.
The ultimate parent company is THL Projects Limited, a company registered in England and Wales, United Kingdom, by virtue of its 100% holding of the issued share capital of the company. THL Projects Limited's registered office is situated at No. 7 Villiers Court, Meriden Business Park, Copse Drive, Meriden, CV5 9RN. The group constitutes a small group and on this basis no consolidated accounts are prepared.
The ultimate controlling party is Mr W F Hart by virtue of his shareholding in THL Projects Limited.
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified.
The audit report was signed on 24 December 2025 by Richard Haydon (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
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