ACCOUNTS - Final Accounts

TAYLOR GIBBS LIMITED - Company Information

Company registration number: 04421412

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2019

	TAYLOR GIBBS LIMITED


TAYLOR GIBBS LIMITED REGISTERED NUMBER:04421412

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		1,660		2,213
			1,660		2,213
Current assets
Debtors: amounts falling due within one year	5	-		3,483
Cash at bank and in hand		80,835		113,480
		80,835		116,963
Creditors: amounts falling due within one year	6	(284,453)		(467,422)
Net current liabilities			(203,618)		(350,459)
Total assets less current liabilities			(201,958)		(348,246)

Net liabilities			(201,958)		(348,246)

Capital and reserves
Allotted, called up and fully paid share capital	99	99
Profit and loss account	(202,057)	(348,345)
	(201,958)	(348,246)

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TAYLOR GIBBS LIMITED REGISTERED NUMBER:04421412

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2019

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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:

Z Taylor

Director

Date: 31 October 2019

The notes on pages 3 to 5 form part of these financial statements.

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TAYLOR GIBBS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Taylor Gibbs Limited is a private company, limited by shares, registered in England and Wales, registration number 04421412. The registered office is disclosed on the company information page. The principal place of business is 33 Highgate High Street, Highgate, London, N6 5JT.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The director has pledged to provide continuing financial support to the company, to enable the company to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounts in preparing the annual financial statements.

2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

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 the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.5

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.

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TAYLOR GIBBS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%	reducing balance
				Fixtures and fittings	-	25%	reducing balance

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 Income and Retained Earnings.

Employees

The average monthly number of employees, including directors, during the year was 5 (2018 - 4).

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2018	16,505
	At 31 March 2019	16,505
	Depreciation
	At 1 April 2018	14,292
	Charge for the year on owned assets	553
	At 31 March 2019	14,845
	Net book value
	At 31 March 2019	1,660
	At 31 March 2018	2,213

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TAYLOR GIBBS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Debtors

					2019	2018
					£	£


Other debtors	-	3,483
	-	3,483

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	2,665	5,465
Corporation tax	826	875
Other taxation and social security	25,280	20,779
Other creditors	255,682	440,303
	284,453	467,422

7.	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 £2,253 (2018: £1,103). Contributions totalling £358 (2018: £179) were payable to the fund at the balance sheet date.

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