Taylor 7 Limited Small abridged accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2016-03-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 07966381 2016-03-01 2017-02-28 07966381 2017-02-28 07966381 2016-02-29 07966381 2015-03-01 2016-02-29 07966381 2016-02-29 07966381 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-03-01 2017-02-28 07966381 bus:RegisteredOffice 2016-03-01 2017-02-28 07966381 bus:LeadAgentIfApplicable 2016-03-01 2017-02-28 07966381 bus:Director1 2016-03-01 2017-02-28 07966381 bus:Director2 2016-03-01 2017-02-28 07966381 core:WithinOneYear 2017-02-28 07966381 core:WithinOneYear 2016-02-29 07966381 core:ShareCapital 2017-02-28 07966381 core:ShareCapital 2016-02-29 07966381 core:RetainedEarningsAccumulatedLosses 2017-02-28 07966381 core:RetainedEarningsAccumulatedLosses 2016-02-29 07966381 bus:FRS102 2016-03-01 2017-02-28 07966381 bus:AuditExemptWithAccountantsReport 2016-03-01 2017-02-28 07966381 bus:AbridgedAccounts 2016-03-01 2017-02-28 07966381 bus:SmallCompaniesRegimeForAccounts 2016-03-01 2017-02-28 07966381 bus:PrivateLimitedCompanyLtd 2016-03-01 2017-02-28 07966381 core:ComputerEquipment 2016-03-01 2017-02-28

STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Taylor 7 Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07966381

TAYLOR 7 LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2017

TAYLOR 7 LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2017

Contents	Page

Officers and Professional Advisers	1

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements	2

Abridged Statement of Financial Position	3

Notes to the Abridged Financial Statements	5

TAYLOR 7 LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The Board of Directors	T A Taylor
	I K Taylor

Registered Office	Lifford Hall
	Lifford Lane
	Kings Norton
	Birmingham
	B30 3JN

Accountants	Langard Lifford Hall Limited
	Accountants and Registered Auditors
	Lifford Hall
	Lifford Lane
	Kings Norton
	Birmingham
	B30 3JN

TAYLOR 7 LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF TAYLOR 7 LIMITED

YEAR ENDED 28 FEBRUARY 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Taylor 7 Limited for the year ended 28 February 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

Langard Lifford Hall Limited Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

14 November 2017

TAYLOR 7 LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

28 February 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5		2,833		3,238

Current assets

Debtors	2,500	11,490
Cash at bank and in hand	897	618
	------------	------------
	3,397	12,108

Creditors: amounts falling due within one year	6,009		12,731
	------------		------------
Net current liabilities		2,612		623
		------------		------------
Total assets less current liabilities		221		2,615
		------------		------------
Net assets		221		2,615
		------------		------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	220	2,614
	------------	------------
Members funds	221	2,615
	------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 28 February 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 abridged 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 abridged financial statements .

TAYLOR 7 LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

28 February 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 14 November 2017 , and are signed on behalf of the board by:

I K Taylor

Director

Company registration number: 07966381

TAYLOR 7 LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 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 Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

These abridged 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 abridged 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 abridged 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 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

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 .

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.

Income tax

Deferred taxation is provided on the liability method in respect of the taxation effect of all timing differences to the extent that tax liabilities are likely to crystallise in the foreseeable future.

Intangible assets

Trademark is valued at cost and will be amortised over 10 years .

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:

	Trademark	-	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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	33% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 .

4. Employee Numbers

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

5. Intangible Assets

	£
Cost
At 1 March 2016 and 28 February 2017	4,047
	------------
Amortisation
At 1 March 2016	809
Charge for the year	405
	------------
At 28 February 2017	1,214
	------------
Carrying amount
At 28 February 2017	2,833
	------------
At 29 February 2016	3,238
	------------

6. Tangible Assets

	£
Cost
At 1 March 2016 and 28 February 2017	1,844
	------------
Depreciation
At 1 March 2016 and 28 February 2017	1,844
	------------
Carrying amount
At 28 February 2017	–
	------------

7. Directors' Advances, Credits and Guarantees

The company was under the control of I K Taylor throughout the current and previous year by virtue of his directorship and shareholding. Amounts owed to I K Taylor are disclosed in note 13 of the financial statements.

8. Transition to FRS 102

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

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