George Taylor & Co. Lifting Gear (Europe) Limited 31/12/2019 iXBRL

George Taylor & Co. Lifting Gear (Europe) Limited 31/12/2019 iXBRL

GEORGE TAYLOR & CO. LIFTING GEAR (EUROPE) LIMITED - Company Information

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REGISTRAR
Company registration number: 1185291
George Taylor & Co. Lifting Gear (Europe) Limited
Unaudited filleted financial statements
31 December 2019
George Taylor & Co. Lifting Gear (Europe) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
George Taylor & Co. Lifting Gear (Europe) Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 1,978,014 2,022,795
Investments 6 114,351 114,350
_______ _______
2,092,365 2,137,145
Current assets
Debtors 7 4,124,259 4,270,590
Cash at bank and in hand 1,997,033 1,180,581
_______ _______
6,121,292 5,451,171
Creditors: amounts falling due
within one year 8 ( 489,625) ( 456,077)
_______ _______
Net current assets 5,631,667 4,995,094
_______ _______
Total assets less current liabilities 7,724,032 7,132,239
Provisions for liabilities ( 7,571) ( 7,571)
_______ _______
Net assets 7,716,461 7,124,668
_______ _______
Capital and reserves
Called up share capital 22,500 25,000
Capital redemption reserve 2,500 -
Profit and loss account 7,691,461 7,099,668
_______ _______
Shareholders funds 7,716,461 7,124,668
_______ _______
For the year ending 31 December 2019 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 September 2020 , and are signed on behalf of the board by:
M S Curry
Director
Company registration number: 1185291
George Taylor & Co. Lifting Gear (Europe) Limited
Statement of changes in equity
Year ended 31 December 2019
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2018 25,000 - 6,420,423 6,445,423
Profit for the year 1,082,105 1,082,105
_______ _______ _______ _______
Total comprehensive income for the year - - 1,082,105 1,082,105
Dividends paid and payable ( 402,860) ( 402,860)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 402,860) ( 402,860)
_______ _______ _______ _______
At 31 December 2018 and 1 January 2019 25,000 - 7,099,668 7,124,668
Profit for the year 1,065,584 1,065,584
_______ _______ _______ _______
Total comprehensive income for the year - - 1,065,584 1,065,584
Dividends paid and payable ( 73,791) ( 73,791)
Redemption of shares ( 2,500) 2,500 ( 400,000) ( 400,000)
_______ _______ _______ _______
Total investments by and distributions to owners ( 2,500) 2,500 ( 473,791) ( 473,791)
_______ _______ _______ _______
At 31 December 2019 22,500 2,500 7,691,461 7,716,461
_______ _______ _______ _______
George Taylor & Co. Lifting Gear (Europe) Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales.. The address of the registered office is Unit 4, Fryers Road, Walsall, West Midlands, WS2 7LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts are rounded to the nearest £1.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - No depreciation charge
Plant and machinery - 15 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 4 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2019 1,747,022 867,777 158,693 2,773,492
Additions - 44,697 14,000 58,697
Disposals - ( 5,040) ( 53,298) ( 58,338)
_______ _______ _______ _______
At 31 December 2019 1,747,022 907,434 119,395 2,773,851
_______ _______ _______ _______
Depreciation
At 1 January 2019 - 662,506 88,191 750,697
Charge for the year - 66,064 24,712 90,776
Disposals - ( 2,961) ( 42,675) ( 45,636)
_______ _______ _______ _______
At 31 December 2019 - 725,609 70,228 795,837
_______ _______ _______ _______
Carrying amount
At 31 December 2019 1,747,022 181,825 49,167 1,978,014
_______ _______ _______ _______
At 31 December 2018 1,747,022 205,271 70,502 2,022,795
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2019 114,350 114,350
Additions 1 1
_______ _______
At 31 December 2019 114,351 114,351
_______ _______
Impairment
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 114,351 114,351
_______ _______
At 31 December 2018 114,350 114,350
_______ _______
7. Debtors
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,124,259 4,258,944
Other debtors - 11,646
_______ _______
4,124,259 4,270,590
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 23,616 39,497
Social security and other taxes 570 1,311
Other creditors 465,439 415,269
_______ _______
489,625 456,077
_______ _______
9. Controlling party
The company is controlled by its directors who also own 100% of the issued share capital.