Thomas Taylor (Bowls) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC136912 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2021

for

Thomas Taylor (Bowls) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Heron

Ms V Goldie

REGISTERED OFFICE:

217 Bernard Street

Glasgow

G40 3NB

REGISTERED NUMBER:

SC136912 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

BANKERS:

Bank of Scotland

Sauchiehall Street

Glasgow

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

766,111

728,549

Investments

6

8

8

766,119

728,557

CURRENT ASSETS

Stocks

922,586

1,043,058

Debtors

7

1,235,635

1,116,369

Cash in hand

400

400

2,158,621

2,159,827

CREDITORS

Amounts falling due within one year

8

771,306

704,135

NET CURRENT ASSETS

1,387,315

1,455,692

TOTAL ASSETS LESS CURRENT LIABILITIES

2,153,434

2,184,249

CREDITORS

Amounts falling due after more than one year

9

(402,424

)

(422,127

)

PROVISIONS FOR LIABILITIES

-

(3,468

)

ACCRUALS AND DEFERRED INCOME

(25,976

)

(29,756

)

NET ASSETS

1,725,034

1,728,898

CAPITAL AND RESERVES

Called up share capital

250,000

250,000

Capital redemption reserve

225,000

225,000

Retained earnings

1,250,034

1,253,898

SHAREHOLDERS' FUNDS

1,725,034

1,728,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2022 and were signed on its behalf by:

G Heron - Director

1.	STATUTORY INFORMATION

Thomas Taylor (Bowls) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider it appropriate to prepare the financial statements on the going concern basis, in spite of the impact of the Covid-19 virus on the business in the year under review,

Discussions are ongoing with the company's bankers on the facilities currently in place whilst the company continued to claim all eligible national & local government-backed financial support.

Should this support be withdrawn, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which may arise.

Preparation of consolidated financial statements

The financial statements contain information about Thomas Taylor (Bowls) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In preparing the financial statements, management is required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The significant items in the financial statements where these judgements are required (and the factors in play) include debtors (likelihood of recovery), fixed assets (depreciation rates & useful lives), stock obsolescence and the going concern basis of accounting.

Turnover

Turnover derived from ordinary activities is measured at the fair value of consideration received or receivable and represents the net sales of goods (excluding value added tax, sales discounts and rebates) after adjusting for work in progress.

Such turnover is recognised when the company becomes entitled to the income concerned and when the outcome of the transaction can be reliably measured. This occurs when:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill

Goodwill (being the amounts paid in connection with the acquisition of businesses in 2000 & 2006) was written off evenly over the estimated useful lives of the acquisitions (considered to be seven years) and has been fully depreciated in prior years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

Over the term of the lease

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on a "first in first out" basis, and includes all direct costs incurred plus attributable production overheads. Net realisable value is based on estimated selling price, allowing for all further costs of completion and disposal.

Financial instruments

The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effective of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2020 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2020

and 31 October 2021

287,306

AMORTISATION

At 1 November 2020

and 31 October 2021

287,306

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2020

598,320

1,689,851

2,288,171

Additions

-

87,782

87,782

At 31 October 2021

598,320

1,777,633

2,375,953

DEPRECIATION

At 1 November 2020

145,890

1,413,732

1,559,622

Charge for year

7,800

42,420

50,220

At 31 October 2021

153,690

1,456,152

1,609,842

NET BOOK VALUE

At 31 October 2021

444,630

321,481

766,111

At 31 October 2020

452,430

276,119

728,549

Amounts reflected as "land & buildings" relate to long leasehold property.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2020

78,371

Additions

83,000

At 31 October 2021

161,371

DEPRECIATION

At 1 November 2020

16,089

Charge for year

9,342

At 31 October 2021

25,431

NET BOOK VALUE

At 31 October 2021

135,940

At 31 October 2020

62,282

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2020

and 31 October 2021

8

NET BOOK VALUE

At 31 October 2021

8

At 31 October 2020

8

7.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

141,689

123,338

Other debtors

1,087,696

986,781

1,229,385

1,110,119

Amounts falling due after more than one year:

Other debtors

6,250

6,250

Aggregate amounts

1,235,635

1,116,369

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

361,167

358,622

Hire purchase contracts (see note 10)

39,217

18,467

Trade creditors

262,037

217,979

Taxation and social security

44,985

20,981

Other creditors

63,900

88,086

771,306

704,135

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

179,167

229,166

Hire purchase contracts (see note 10)

72,612

42,316

Other creditors

150,645

150,645

402,424

422,127

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

29,166

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Gross obligations repayable:

Within one year

45,694

23,829

Between one and five years

77,058

49,059

122,752

72,888

Finance charges repayable:

Within one year

6,477

5,362

Between one and five years

4,446

6,743

10,923

12,105

Net obligations repayable:

Within one year

39,217

18,467

Between one and five years

72,612

42,316

111,829

60,783

Non-cancellable operating

leases

2021

2020

£

£

Within one year

18,657

17,491

Between one and five years

45,691

46,280

In more than five years

470,375

479,250

534,723

543,021

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

311,167

337,789

Hire purchase contracts

111,829

60,783

Factor dues

74,921

38,336

497,917

436,908

The bank overdraft is secured by a standard security (dated June 1993) over the lease of the property at 217 Bernard Street, Glasgow, together with a bond and floating charge (dated April 1992) over the assets of the company, both in favour of the Bank of Scotland plc.

Liabilities under hire purchase contracts are secured over the assets concerned.

Factor dues are secured by a floating charge (dated April 2019) over all the property or undertaking of the company, in favour of Close Invoice Finance Limited.

12.	OTHER FINANCIAL COMMITMENTS

At the financial year end, the company has no other financial commitments in place (2020 - £69,063).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020:

2021

2020

£

£

G Heron

Balance outstanding at start of year

7,000

7,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,000

7,000

Interest is no longer charged on the outstanding balance.

Repayments totalling £2,000 are anticipated in the year ending 31 October 2022, with the balance payable between one and five years.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

At the financial year end, the company owed £150,645 (2020 - £150,645) to its controlling shareholders, which is included within Other Creditors. This unsecured loan is interest-free, and repayment is anticipated after more than one year - there were no movements in the year under review.

15.	ULTIMATE CONTROLLING PARTY