Taylor Commercial Management Ltd
Taylor Commercial Management Ltd
Registered number: 08670117
Directors' Report and
Unaudited Financial Statements
For The Year Ended
31 August 2021
Taylor Commercial Management Ltd
Directors' Report and Unaudited Financial Statements
For The Year Ended
31 August 2021
Directors' Report and Unaudited Financial Statements
Taylor Commercial Management Ltd
Company Information
For The Year Ended
31 August 2021
Company Information
| Directors |
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| Company Number |
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| Registered Office | 5 The Mallards |
| Frimley | |
| Surrey | |
| GU16 8PB | |
| Accountants |
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| Englefield Green | |
| TW20 0DF | |
Page 1
Taylor Commercial Management Ltd
Company No. 08670117
Directors' Report For The Year Ended
31 August 2021
Directors' Report
The directors present their report and the financial statements for the year ended
31 August 2021
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Principal Activity
The principal activity of the company in the year under review was that of consultancy services.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Director
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Taylor Commercial Management Ltd
Accountants' Report
For The Year Ended
31 August 2021
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of
Taylor Commercial Management Ltd
For The Year Ended 31 August 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Taylor Commercial Management Ltd
For The Year Ended 31 August 2021 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Taylor Commercial Management Ltd
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
Taylor Commercial Management Ltd
and state those matters that we have agreed to state to the directors of
Taylor Commercial Management Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Taylor Commercial Management Ltd
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Taylor Commercial Management Ltd
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Taylor Commercial Management Ltd
. You consider that
Taylor Commercial Management Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Taylor Commercial Management Ltd
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Taylor Commercial Management Ltd
Income Statement
For The Year Ended
31 August 2021
Income Statement
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| Notes | £ | £ | ||
| TURNOVER |
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| GROSS PROFIT |
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| Administrative expenses |
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| Other operating income |
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| OPERATING (LOSS)/PROFIT |
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| Other interest receivable and similar income |
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| Interest payable and similar charges |
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| (LOSS)/PROFIT BEFORE TAXATION |
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| Tax on (Loss)/profit |
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| (LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
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The notes on pages 7 to 9 form part of these financial statements.
Page 4
Taylor Commercial Management Ltd
Statement of Financial Position
As at
31 August 2021
Statement of Financial Position
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 5 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 11,570 | 30,836 | |||
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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Director
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The notes on pages 7 to 9 form part of these financial statements.
Page 5
Taylor Commercial Management Ltd
Statement of Changes in Equity
For The Year Ended
31 August 2021
Statement of Changes in Equity
| Share Capital | Income Statement | Total | |
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| £ | £ | £ | |
| As at 1 September 2019 |
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34,443 |
| Profit for the year and total comprehensive income | - |
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30,393 |
| Dividends paid | - | (34,000) | (34,000) |
| As at 31 August 2020 and 1 September 2020 |
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30,836 |
| Loss for the year and total comprehensive income | - |
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(10,267) |
| Dividends paid | - | (9,000) | (9,000) |
| Arising on shares issued during the period |
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| As at
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11,570 |
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Taylor Commercial Management Ltd
Notes to the Financial Statements
For The Year Ended
31 August 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Coronavirus
On 11 March 2020 the World Health Organisation declared the COVID-19 outbreak as a worldwide pandemic. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Government. The outbreak has had a significant impact on both people and industry across the world. Due to the nature of the outbreak and the ongoing affect it is having globally it is currently very difficult to fully predict the overall impact this situation will have on the company and the business going forward.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.4.
Government Grant
The company accounts for grants using the accrual method. The company received a government grant during the year of £9,142 which was in relation to Corona-Virus Job Retention Scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 2)
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Taylor Commercial Management Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
3.
Debtors
| 2021 | 2020 | ||
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| VAT |
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4.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Corporation tax |
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| BBL due < 1 year |
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The BBL Scheme was launched on 27 April 2020 and the scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 6 years and early repayment is possible without additional charges.
5.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| BBL due 1-2 years |
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| BBL due 2-5 years |
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Taylor Commercial Management Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
7.
Related Party Transactions
The company is controlled by its directors.
During the year I M Taylor was paid dividends of £7,500 (2020 - £24,000).
During the year M Taylor was paid dividends of £NIL (2020 - £2,000).
During the year D Taylor was paid dividends of £1,500 (2020 - £8,000).
8.
General Information
Taylor Commercial Management Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08670117
. The registered office is 5 The Mallards, Frimley, Surrey, GU16 8PB.
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