H Taylor & Son (Brockley) Limited - Period Ending 2014-05-31

Registration number: 00592700

H Taylor & Son (Brockley) Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2013
 

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

H Taylor & Son (Brockley) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H Taylor & Son (Brockley) Limited
for the Year Ended 30 November 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H Taylor & Son (Brockley) Limited for the year ended 30 November 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of H Taylor & Son (Brockley) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of H Taylor & Son (Brockley) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H Taylor & Son (Brockley) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H Taylor & Son (Brockley) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of H Taylor & Son (Brockley) Limited. You consider that H Taylor & Son (Brockley) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of H Taylor & Son (Brockley) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

26 August 2014

Page 1

H Taylor & Son (Brockley) Limited
(Registration number: 00592700)
Abbreviated Balance Sheet at 30 November 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					125,861			104,396
Current assets
Stocks					1,060,428			1,104,069
Debtors					832,766			339,528
Cash at bank and in hand					366,787			383,033
					2,259,981			1,826,630
Creditors: Amounts falling due within one year					(693,916)			(357,540)
Net current assets					1,566,065			1,469,090
Total assets less current liabilities					1,691,926			1,573,486
Creditors: Amounts falling due after more than one year					(22,306)			-
Provisions for liabilities					(19,840)			(14,091)
Net assets					1,649,780			1,559,395
Capital and reserves
Called up share capital		3			1,000			1,000
Other reserves					157,405			157,405
Profit and loss account					1,491,375			1,400,990
Shareholders' funds					1,649,780			1,559,395

For the year ending 30 November 2013 the company was entitled to exemption 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 Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 August 2014 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

H Taylor & Son (Brockley) Limited
(Registration number: 00592700)
Abbreviated Balance Sheet at 30 November 2013
......... continued

.........................................
Mr A Newton-Southon
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

H Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 4

H Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2012		441,056			441,056
Additions		69,543			69,543
Disposals		(14,941)			(14,941)
At 30 November 2013		495,658			495,658
Depreciation
At 1 December 2012		336,660			336,660
Charge for the year		41,993			41,993
Eliminated on disposals		(8,856)			(8,856)
At 30 November 2013		369,797			369,797
Net book value
At 30 November 2013		125,861			125,861
At 30 November 2012		104,396			104,396

Page 5

H Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

4	Related party transactions

The directors operate loan accounts with the company. Included within other debtors as at 30 November 2013 is £386 (2012 - £386) owed by Mr M Wadhams, £25,140 (2012 - £15) owed by Mr J Partridge and £25,140 (2012 - £15) owed by Mr A Newton-Southon. These loans are undated, unsecured and interest free.

Page 6