TAYLOR_GIBBS_LIMITED - Accounts

TAYLOR GIBBS LIMITED - Company Information

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Company Registration No. 04421412 (England and Wales)

TAYLOR GIBBS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

TAYLOR GIBBS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

TAYLOR GIBBS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

2,908

3,879

Current assets

Debtors

29,177

86,000

Cash at bank and in hand

48,499

22,792

77,676

108,792

Creditors: amounts falling due within one year

(380,459)

(483,807)

Net current liabilities

(302,783)

(375,015)

Total assets less current liabilities

(299,875)

(371,136)

Capital and reserves

Called up share capital

Profit and loss account

(299,974)

(371,235)

Shareholders' funds

(299,875)

(371,136)

For the financial year ended 31 March 2014 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 December 2014

Mr G C Taylor

Z Taylor

Director

Company Registration No. 04421412

TAYLOR GIBBS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Included in other creditors is an amount of £305,505 (2013: £432,116) due to the directors. The directors have confirmed that these amounts will not be withdrawn until the company has sufficient funds to repay them and the support will continue for the foreseeable future. Therefore the directors have prepared the financial statements on the going concern basis.

1.2

Turnover

Turnover represents net invoiced commissions on property sales, and fees for property management.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance basis

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 April 2013 & at 31 March 2014

14,769

Depreciation

At 1 April 2013

10,890

Charge for the year

971

At 31 March 2014

11,861

Net book value

At 31 March 2014

2,908

At 31 March 2013

3,879

TAYLOR GIBBS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

99 Ordinary shares of £1 each

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Z Taylor -

29,177