George Taylor & Co. Lifting Gear (Europe) Limited 31/12/2022 iXBRL

George Taylor & Co. Lifting Gear (Europe) Limited 31/12/2022 iXBRL

GEORGE TAYLOR & CO. LIFTING GEAR (EUROPE) LIMITED - Company Information

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REGISTRAR
Company registration number: 1185291
George Taylor & Co. Lifting Gear (Europe) Limited
Unaudited filleted financial statements
31 December 2022
George Taylor & Co. Lifting Gear (Europe) Limited
Contents
Statement of financial position
Notes to the financial statements
George Taylor & Co. Lifting Gear (Europe) Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 2,553,878 2,541,536
Investments 6 848,195 864,351
_______ _______
3,402,073 3,405,887
Current assets
Debtors 7 4,826,216 4,682,480
Cash at bank and in hand 2,195,666 1,262,041
_______ _______
7,021,882 5,944,521
Creditors: amounts falling due
within one year 8 ( 122,312) ( 62,620)
_______ _______
Net current assets 6,899,570 5,881,901
_______ _______
Total assets less current liabilities 10,301,643 9,287,788
Provisions for liabilities ( 7,571) ( 7,571)
_______ _______
Net assets 10,294,072 9,280,217
_______ _______
Capital and reserves
Called up share capital 9 22,501 22,501
Capital redemption reserve 2,500 2,500
Profit and loss account 10,269,071 9,255,216
_______ _______
Shareholders funds 10,294,072 9,280,217
_______ _______
For the year ending 31 December 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 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 May 2023 , and are signed on behalf of the board by:
Marcus Curry
Director
Company registration number: 1185291
George Taylor & Co. Lifting Gear (Europe) Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales.. The address of the registered office is Unit 4, Fryers Road, Walsall, West Midlands, WS2 7LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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. The accounts are rounded to the nearest £1.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation charge
Plant and machinery - 15 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: 4 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 2,347,854 1,039,233 119,395 3,506,482
Additions - 76,408 - 76,408
_______ _______ _______ _______
At 31 December 2022 2,347,854 1,115,641 119,395 3,582,890
_______ _______ _______ _______
Depreciation
At 1 January 2022 - 849,051 115,895 964,946
Charge for the year - 60,566 3,500 64,066
_______ _______ _______ _______
At 31 December 2022 - 909,617 119,395 1,029,012
_______ _______ _______ _______
Carrying amount
At 31 December 2022 2,347,854 206,024 - 2,553,878
_______ _______ _______ _______
At 31 December 2021 2,347,854 190,182 3,500 2,541,536
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 January 2022 114,351 750,000 864,351
Fair value adjustment - (16,156) (16,156)
_______ _______ _______
At 31 December 2022 114,351 733,844 848,195
_______ _______ _______
Impairment
At 1 January 2022 and 31 December 2022 - - -
_______ _______ _______
Carrying amount
At 31 December 2022 114,351 733,844 848,195
_______ _______ _______
At 31 December 2021 114,351 750,000 864,351
_______ _______ _______
7. Debtors
2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,826,216 4,682,480
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 51,296 39,381
Other creditors 71,016 23,239
_______ _______
122,312 62,620
_______ _______
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Preference Shares shares of £ 1.00 each 1 1 1 1
Ordinary A Shares shares of £ 1.00 each 12,375 12,375 12,375 12,375
Ordinary B Shares shares of £ 1.00 each 3,375 3,375 3,375 3,375
Ordinary C Shares shares of £ 1.00 each 3,375 3,375 3,375 3,375
Ordinary D Shares shares of £ 1.00 each 3,375 3,375 3,375 3,375
_______ _______ _______ _______
22,501 22,501 22,501 22,501
_______ _______ _______ _______
10. Controlling party
The company is controlled by its directors who also own 100% of the issued share capital.