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TS TAYLOR LIMITED
REGISTERED NUMBER: 09927188
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2016
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2016 and of its loss for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have 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, were approved and authorised for issue by the board and were signed on its behalf on 10 May 2017.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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TS TAYLOR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
1.Accounting Policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The directors consider that the company has sufficient funding for the foreseeable future in the form of director support.
The financial statements have therefore been prepared as a going concern on the basis that the company is expected to continue in operational existence for the foreseeable future.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 2
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TS TAYLOR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
2.Tangible fixed assets
3.Investment property
The 2016 valuations were made by the directors, on an open market value for existing use basis.
4.Share capital
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Allotted, called up and fully paid
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25 A Ordinary shares of £1 each
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25 B Ordinary shares of £1 each
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25 C Ordinary shares of £1 each
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25 D Ordinary shares of £1 each
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During the period the company issued 25 £1 A Ordinary shares, 25 £1 B Ordinary shares, 25 £1 C Ordinary shares and 25 £1 D Ordinary shares at par.
Page 3
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