A & L Taylor Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04456688

A & L Taylor Limited

Filleted Unaudited Financial Statements

31 March 2018

A & L Taylor Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

A & L Taylor Limited

Officers and Professional Advisers

The board of directors	P W Taylor
	L M Taylor

Company secretary	L M Taylor

Registered office	Rose Cottage
	Water Street
	Morland
	Penrith
	Cumbria
	CA10 3AY

Accountants	Saint and Co
	Chartered accountants
	4 Mason Court
	Gillan Way
	Penrith 40 Business Park
	Penrith
	Cumbria
	CA11 9GR

Bankers	National Westminster Bank plc
	24/25 Devonshire Street
	Penrith
	Cumbria
	CA11 7ST

A & L Taylor Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		9,725	12,790

Current assets

Debtors	7	18,695	16,439
Cash at bank and in hand		4,721	7,339
		---------	---------
		23,416	23,778

Creditors: amounts falling due within one year	8	( 32,034)		( 36,011)
		---------		---------
Net current liabilities			( 8,618)	( 12,233)
			--------	---------
Total assets less current liabilities			1,107	557
			--------	-----
Net assets			1,107	557
			--------	-----

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	107	( 443)
	--------	--------
Shareholders funds	1,107	557
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

A & L Taylor Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 30 November 2018 , and are signed on behalf of the board by:

P W Taylor

Director

Company registration number: 04456688

A & L Taylor Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rose Cottage, Water Street, Morland, Penrith, Cumbria, CA10 3AY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	45,000
	---------
Amortisation
At 1 April 2017 and 31 March 2018	45,000
	---------
Carrying amount
At 31 March 2018	–
	---------
At 31 March 2017	–
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2017 and 31 March 2018	8,549	46,650	55,199
	--------	---------	---------
Depreciation
At 1 April 2017	7,218	35,191	42,409
Charge for the year	200	2,865	3,065
	--------	---------	---------
At 31 March 2018	7,418	38,056	45,474
	--------	---------	---------
Carrying amount
At 31 March 2018	1,131	8,594	9,725
	--------	---------	---------
At 31 March 2017	1,331	11,459	12,790
	--------	---------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	16,385	16,439
Other debtors	2,310	–
	---------	---------
	18,695	16,439
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	16,653	7,676
Corporation tax	2,147	2,600
Social security and other taxes	1,313	2,480
Other creditors	11,921	23,255
	---------	---------
	32,034	36,011
	---------	---------

9. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

10. Related party transactions

At the year end the company owed Mr Taylor £9,521 (2017: £20,855) by way of an interest free loan. This loan is included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.