A & L Taylor Limited Company Accounts

COMPANY REGISTRATION NUMBER: 04456688

A & L Taylor Limited

Filleted Unaudited Financial Statements

31 March 2017

A & L Taylor Limited

Financial Statements

Year ended 31 March 2017

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 accountant
	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 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		12,790	16,844

Current assets

Debtors	7	16,439	33,756
Cash at bank and in hand		7,339	4,266
		---------	---------
		23,778	38,022

Creditors: amounts falling due within one year	8	( 36,011)		( 52,826)
		---------		---------
Net current liabilities			( 12,233)	( 14,804)
			---------	---------
Total assets less current liabilities			557	2,040

Provisions

Taxation including deferred tax	–	( 2,067)
	-----	--------
Net assets/(liabilities)	557	( 27)
	-----	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 443)	( 1,027)
	--------	--------
Members funds/(deficit)	557	( 27)
	--------	--------

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 comprehensive income has not been delivered.

For the year ending 31 March 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 2 October 2017 , 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 2017

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 the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	45,000
	---------
Amortisation
At 1 April 2016 and 31 March 2017	45,000
	---------
Carrying amount
At 31 March 2017	–
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2016 and 31 March 2017	8,549	46,650	55,199
	--------	---------	---------
Depreciation
At 1 April 2016	6,983	31,372	38,355
Charge for the year	235	3,819	4,054
	--------	---------	---------
At 31 March 2017	7,218	35,191	42,409
	--------	---------	---------
Carrying amount
At 31 March 2017	1,331	11,459	12,790
	--------	---------	---------
At 31 March 2016	1,566	15,278	16,844
	--------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	16,439	31,137
Other debtors	–	2,619
	---------	---------
	16,439	33,756
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	7,676	10,016
Corporation tax	2,600	5,304
Social security and other taxes	2,480	1,902
Other creditors	23,255	35,604
	---------	---------
	36,011	52,826
	---------	---------

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 £20,855 (2016: £33,204) 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.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.