Taylor Shepherd Residential Limited Filleted accounts for Companies House (small and micro)

TAYLOR SHEPHERD RESIDENTIAL LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC460526

Taylor Shepherd Residential Limited

Filleted Unaudited Abridged Financial Statements

31 March 2022

Taylor Shepherd Residential Limited

Abridged Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	1,315,337	1,315,337

Current assets

Cash at bank and in hand	174,489	37,303

Creditors: amounts falling due within one year	936,242	861,132
	---------	---------
Net current liabilities	761,753	823,829
	------------	------------
Total assets less current liabilities	553,584	491,508

Creditors: amounts falling due after more than one year	71,826	77,812
	---------	---------
Net assets	481,758	413,696
	---------	---------

Taylor Shepherd Residential Limited

Abridged Statement of Financial Position (continued)

31 March 2022

	2022	2021
Note	£	£

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		481,658	413,596
		---------	---------
Shareholders funds		481,758	413,696
		---------	---------

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 Section 1A of 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 31 March 2022 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 .

All of the members 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 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 6 September 2022 , and are signed on behalf of the board by:

Stuart G Taylor Director

Company registration number: SC460526

Taylor Shepherd Residential Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, Angus, DD8 3DX, Scotland.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 .

Going concern

The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.

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 represents property rents received exclusive of Value Added Tax. The company is not VAT registered.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

All fixed assets are initially recorded at cost.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Government grants

Government grants have been received in relation to investment properties which are being let at 'sub-market' rentals to social housing tenants. The grant amounts have been deferred and are being credited to income in the profit and loss account in equal annual amounts over the period of 20 years set out in the grant conditions. Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	13,759	17,818
Adjustments in respect of prior periods	( 3,412)	–
	--------	--------
Total current tax	10,347	17,818
	--------	--------
	--------	--------
Tax on profit	10,347	17,818
	--------	--------

5. Tangible assets

	£
Cost
At 1 April 2021 and 31 March 2022	1,315,337
	------------
Depreciation
At 1 April 2021 and 31 March 2022	–
	------------
Carrying amount
At 31 March 2022	1,315,337
	------------
At 31 March 2021	1,315,337
	------------

At the year end, the directors do not consider the fair value of the company's investment properties to be significantly different to cost.

6. Government grants

The amounts recognised in the abridged financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in creditors:

Deferred government grants due within one year	5,986	5,986
Deferred government grants due after more than one year	71,826	77,812
	--------	--------
	77,812	83,798
	--------	--------

Recognised in other operating income:

Government grants recognised directly in income	–	10,000
Government grants released to profit or loss	5,986	5,986
	-------	--------
	5,986	15,986
	-------	--------

7. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

The company was under the control of the directors of the parent company, Taylor Shepherd Homes Limited, throughout the current and previous year. The parent company has previously advanced funds and transferred/sold assets to the company. The amount due by the company to its parent company at the year end was £814,999 (2021 - £814,999). The balance due has no set repayment terms and does not attract interest. During the year the company also provided a factoring service for other related parties. At the year end the company was due to pay to these other related parties connected with the directors £98,993 (2021 - £17,613). The company also charged a management charge of £nil (2021 - £10,000) to another company that with a common director.