Company No: 00592700 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Alex Newton Southon
	Jonathan Partridge
REGISTERED OFFICE	19 Premier Way
	Abbey Park
	Romsey
	SO51 9DQ
	United Kingdom
COMPANY NUMBER	00592700(England and Wales)
CHARTERED ACCOUNTANTS	PKF Francis Clark
	Towngate House
	2-8 Parkstone Road
	Poole
	Dorset BH15 2PW

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	376,225		512,403
Investments	4	200		0
		376,425		512,403
Current assets
Stocks	5	2,173,218		2,554,958
Debtors	6	1,437,754		1,124,060
Cash at bank and in hand		1,275,701		100,265
		4,886,673		3,779,283
Creditors
Amounts falling due within one year	7	( 2,758,277)		( 1,933,318)
Net current assets		2,128,396		1,845,965
Total assets less current liabilities		2,504,821		2,358,368
Creditors
Amounts falling due after more than one year	8	( 252,921)		( 448,963)
Provisions for liabilities		( 345,628)		( 219,360)
Net assets		1,906,272		1,690,045
Capital and reserves
Called-up share capital		672		684
Capital redemption reserve		328		316
Profit and loss account		1,905,272		1,689,045
Total shareholders' funds		1,906,272		1,690,045

For the financial year ending 30 November 2020 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of H.TAYLOR & SON(BROCKLEY)LIMITED (registered number: 00592700) were approved and authorised for issue by the Board of Directors on 23 August 2021. They were signed on its behalf by:

Alex Newton Southon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

H.TAYLOR & SON(BROCKLEY)LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 Premier Way, Abbey Park, Romsey, SO51 9DQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of H.TAYLOR & SON(BROCKLEY)LIMITED is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Motor vehicles - 25% Reducing balance
Fixtures and fittings - 25% Reducing balance
Office equipment - 3 years Straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Development costs

Costs directly attributable to the development of products are capitalised as intangible assets only when the technical feasibility of the project is demonstrated and an intention and ability to complete the project in terms of costings can be measured reliably. Such costs include purchases of materials, services and payroll-related costs of employees directly involved in the project. Research costs are recognised as an expense when incurred.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	41		41

3. Tangible assets

	Plant and machinery etc		Total
	£		£
Cost
At 01 December 2019	1,530,709		1,530,709
Additions	40,312		40,312
Disposals	( 2,929)		( 2,929)
At 30 November 2020	1,568,092		1,568,092
Accumulated depreciation
At 01 December 2019	1,018,306		1,018,306
Charge for the financial year	175,254		175,254
Disposals	( 1,693)		( 1,693)
At 30 November 2020	1,191,867		1,191,867
Net book value
At 30 November 2020	376,225		376,225
At 30 November 2019	512,403		512,403

4. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 December 2019	0		0
Additions	200		200
At 30 November 2020	200		200
Provisions for impairment
At 01 December 2019	0		0
At 30 November 2020	0		0
Carrying value at 30 November 2020	200		200
Carrying value at 30 November 2019	0		0

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 30.11.2020	Ownership 30.11.2019
RSCLC LTD	19 Premier Way, Abbey Park, Romsey, Hampshire, England, SO51 9DQ	Dormant	Ordinary	100.00%	100.00%
THE RS ELECTRIC BOAT CO LTD	19 Premier Way Abbey Park, Romsey, Hampshire, England, SO51 9DQ	Dormant	Ordinary	100.00%	100.00%

5. Stocks

	2020		2019
	£		£
Stocks	2,173,218		2,554,958

6. Debtors

	2020		2019
	£		£
Trade debtors	1,063,955		1,075,774
Other debtors	373,799		48,286
	1,437,754		1,124,060

7. Creditors: amounts falling due within one year

	2020		2019
	£		£
Bank loans and overdrafts (secured)	250,000		250,000
Trade creditors	1,680,927		1,103,767
Other creditors	619,321		447,829
Corporation tax	190,246		113,060
Other taxation and social security	17,783		18,662
	2,758,277		1,933,318

Bank loans and overdrafts are secured with a fixed charge held by Santander UK Plc.

8. Creditors: amounts falling due after more than one year

	2020		2019
	£		£
Bank loans (secured)	250,000		437,500
Other creditors	2,921		11,463
	252,921		448,963

Bank loans and overdrafts are secured with a fixed charge held by Santander UK Plc.

9. Financial commitments

Commitments

Capital commitments are as follows:

	2020		2019
	£		£
Contracted for but not provided for:
	75,000		165,000

The total amount of financial commitment not included in the balance sheet is £75,000 (2019 : £165,000)

10. Related party transactions

Transactions with the entity's directors

	2020		2019
	£		£
Key management	19,242		0
Key management	5,204		0

Interest of 2.25% has been charged on loans exceeding the value of £10,000.