N&M TAYLOR LTD - Filleted accounts

Registered number

07578968

N&M TAYLOR LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2020

PAGES FOR FILING WITH REGISTRAR

N&M TAYLOR LTD

CONTENTS



Page

Balance sheet	1

Notes to the financial statements	2 - 5

N&M TAYLOR LTD

Balance Sheet

as at 30 March 2020
Company Registration No.	07578968



Notes			2020			2019
£				£
Fixed assets
Intangible assets	3		115,634			231,270

Current assets
Debtors	4	3,427,857			2,782,850
Cash at bank and in hand		549			609
		3,428,406			2,783,459

Creditors: amounts falling due within one year	5	(184,164)			(85,678)

Net current assets			3,244,242			2,697,781

Total assets less current liabilities			3,359,876			2,929,051

Creditors: amounts falling due after more than one year	6		(355,926)			(35,748)



Net assets			3,003,950			2,893,303

Capital and reserves
Called up share capital			100			100
Profit and loss account			3,003,850			2,893,203

Shareholders' funds			3,003,950			2,893,303


The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.



…………………………………..
Neil Brian Taylor
Director

Approved by the board on 26 February 2021

N&M TAYLOR LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2020



1	Accounting policies

	Basis of preparation
	These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A 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. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Financial instruments
	The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Basic financial assets
	Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.

	Derecognition of financial assets
	Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

	Basic financial liabilities
	Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.

	Derecognition of financial liabilities
	Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

	Taxation
	The tax expense represents the sum of the tax currently payable and deferred tax.

	Current tax
	The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

	Deferred tax
	Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.


2	Employees	2020		2019
Number			Number

	Average number of persons employed by the company	2		2


3	Intangible fixed assets			£
	Goodwill:

	Cost
	At 31 March 2019			1,156,366
	At 30 March 2020			1,156,366

	Amortisation
	At 31 March 2019			925,096
	Provided during the year			115,636
	At 30 March 2020			1,040,732

	Net book value
	At 30 March 2020			115,634
	At 30 March 2019			231,270

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


4	Debtors	2020		2019
£			£

	Directors' current account	2,674,611		2,187,813
	Other debtors	753,246		595,037
		3,427,857		2,782,850
	The directors' current account represents amounts due from Michelle Karen Taylor and Neil Brian Taylor, directors of the company. The maximum amount outstanding during the year was £2,674,611 (2019 - £2187,813)

5	Creditors: amounts falling due within one year	2020		2019
£			£

	Corporation tax	184,164		85,678


6	Creditors: amounts falling due after one year	2020		2019
£			£

	Bank loans	355,926		35,748


7	Other information

	N&M Taylor Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: St. James's Place Partnership, York House, 23 Kingsway, London, WC2B 6UJ.

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