Company No: SC312769 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
				Restated - note 2
Fixed assets
Investment property	4	3,865,847		3,703,300
Investments	5	531,995		449,948
		4,397,842		4,153,248
Current assets
Debtors	6	585,825		234,421
Cash at bank and in hand		36,179		61,754
		622,004		296,175
Creditors: amounts falling due within one year	7	( 2,611,564)		( 1,726,415)
Net current liabilities		(1,989,560)		(1,430,240)
Total assets less current liabilities		2,408,282		2,723,008
Creditors: amounts falling due after more than one year	8	( 911,451)		( 1,374,856)
Net assets		1,496,831		1,348,152
Capital and reserves
Called-up share capital	9	10		10
Profit and loss account		1,496,821		1,348,142
Total shareholders' funds		1,496,831		1,348,152

For the financial year ending 30 November 2023 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 and delivered 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 Taylor Homes Property Limited (registered number: SC312769) were approved and authorised for issue by the Board of Directors on 29 May 2024. They were signed on its behalf by:

Mr M Grier 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, unless otherwise stated.

General information and basis of accounting

Taylor Homes Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 25 Woodhall Road, Wishaw, North Lanarkshire, ML2 8PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1st of December 2022 to 30th of November 2023.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual and not about its group.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

The accounts have been restated to reclassify investment property from other debtors and other creditors. The change has results in an increase in investment properties at 30 November 2022 by £208,000.

The accounts have also been restated to recognised a property disposal in 2022 and to reclassify all associated legal costs from the p&l. This has results in an increase in Investments at 30 November 2022 by £314,163.

The accounts have also been restated to reclassify the split between creditors due within one year and creditors after more than one year.

Turnover

Turnover is recognised at the fair value of the consideration for rentals received provided in the normal course of business and is shown net of VAT, where applicable. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2. Prior year adjustment

The accounts have been restated to reclassify investment property from other debtors and other creditors. The change has results in an increase in investment properties at 30 November 2022 by £208,000.

The accounts have also been restated to recognised a property disposal in 2022 and to reclassify all associated legal costs from the p&l. This has results in an increase in Investments at 30 November 2022 by £314,163.

The accounts have also been restated to reclassify the split between creditors due within one year and creditors after more than one year.

		As previously reported		Adjustment		As restated
Year ended 30 November 2022		£		£		£
Investment property		3,495,300		208,000		3,703,300
Investments		764,111		(314,163)		449,948
Other debtors		347,014		(156,000)		191,014
Creditors due within one year		(1,002,605)		(722,114)		(1,724,719)
Creditors amounts falling due after more than one year		(2,703,053)		1,328,197		(1,374,856)
Profit and Loss Account		(1,002,188)		(343,920)		(1,346,108)

3. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2022	3,703,300
Additions	162,547
As at 30 November 2023	3,865,847

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 December 2022	449,948		449,948
Additions	82,047		82,047
At 30 November 2023	531,995		531,995
Carrying value at 30 November 2023	531,995		531,995
Carrying value at 30 November 2022	449,948		449,948

6. Debtors

	2023		2022
	£		£
Trade debtors	64,811		43,407
Amounts owed by connected persons	325,000		0
Other debtors	196,014		191,014
	585,825		234,421

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	83,603		83,603
Trade creditors	11,164		3,799
Amounts owed to connected persons	1,020,413		1,030,413
Taxation and social security	48,217		65,100
Other creditors	1,448,167		543,500
	2,611,564		1,726,415

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

	2023		2022
	£		£
Bank loans (secured)	911,451		992,024
Other creditors	0		382,832
	911,451		1,374,856

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.01 each	10		10

10. Related party transactions

Transactions with the entity's directors

	2023		2022
	£		£
Amounts owed to director	1,441,167		382,834

Other related party transactions

	2023		2022
	£		£
Amounts owed to other related parties	1,020,413		1,030,413
Amounts owed from other related parties	325,000		0