TAYLOR MILBURN LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07885154 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

TAYLOR MILBURN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Kilkelly

J R Fisher

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

07885154 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Tangible assets

4

3,999

3,521

CURRENT ASSETS

Work in progress

-

7,917

Debtors

5

80,634

25,419

Cash at bank and in hand

152,140

20,895

232,774

54,231

CREDITORS

Amounts falling due within one year

6

112,853

39,357

NET CURRENT ASSETS

119,921

14,874

TOTAL ASSETS LESS CURRENT LIABILITIES

123,920

18,395

CREDITORS

Amounts falling due after more than one year

7

50,000

-

NET ASSETS

73,920

18,395

CAPITAL AND RESERVES

Called up share capital

202

202

Retained earnings

10

73,718

18,193

SHAREHOLDERS' FUNDS

73,920

18,395

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 May 2021 and were signed on its behalf by:

J R Fisher - Director

P A Kilkelly - Director

1.	STATUTORY INFORMATION

Taylor Milburn Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture and equipment

-

20% on reducing balance

Computer equipment

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

and

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 April 2020

4,149

6,094

10,243

Additions

-

2,017

2,017

At 31 March 2021

4,149

8,111

12,260

DEPRECIATION

At 1 April 2020

3,109

3,613

6,722

Charge for year

208

1,331

1,539

At 31 March 2021

3,317

4,944

8,261

NET BOOK VALUE

At 31 March 2021

832

3,167

3,999

At 31 March 2020

1,040

2,481

3,521

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

20,821

12,630

Intercompany account

- Taylor Milburn Financial LLP

19,857

4,018

Directors' current accounts

24,380

-

Prepayments

15,576

8,771

80,634

25,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other loans

50,000

-

Trade creditors

9,750

7,081

Tax

29,014

14,955

Social security and other taxes

13,166

9,489

VAT

7,423

2,983

Directors' current accounts

-

2,049

Accrued expenses

3,500

2,800

112,853

39,357

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loan

50,000

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

47,458

Between one and five years

142,580

92,650

In more than five years

-

16,000

142,580

156,108

The operating leases are secured by personal guarantees from the directors.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

50,000

-

10.

RESERVES

Retained

earnings

£

At 1 April 2020

18,193

Profit for the year

123,525

Dividends

(68,000

)

At 31 March 2021

73,718

11.	RELATED PARTY DISCLOSURES

£19,857 (2020: £4,018) is due from Taylor Milburn Financial LLP of which Taylor Milburn Limited is a designated member.