H.Taylor & Son (Brockley) Limited - Period Ending 2016-11-30

Registration number: 00592700

H.Taylor & Son (Brockley) Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

H.Taylor & Son (Brockley) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H.Taylor & Son (Brockley) Limited
for the Year Ended 30 November 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H.Taylor & Son (Brockley) Limited for the year ended 30 November 2016 set out on pages from the company's accounting records and from information and explanations you have given 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/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of H.Taylor & Son (Brockley) Limited, 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 H.Taylor & Son (Brockley) Limited and state those matters that we have agreed to state to them, 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 H.Taylor & Son (Brockley) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H.Taylor & Son (Brockley) Limited 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 of H.Taylor & Son (Brockley) Limited. You consider that H.Taylor & Son (Brockley) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of H.Taylor & Son (Brockley) Limited. 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 statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

28 June 2017

Page 1

H.Taylor & Son (Brockley) Limited
(Registration number: 00592700)
Abbreviated Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					399,070			363,238
Current assets
Stocks					1,981,083			1,613,330
Debtors					578,623			936,704
Cash at bank and in hand					588,247			162,377
					3,147,953			2,712,411
Creditors: Amounts falling due within one year					(1,239,912)			(995,850)
Net current assets					1,908,041			1,716,561
Total assets less current liabilities					2,307,111			2,079,799
Creditors: Amounts falling due after more than one year					(16,837)			(25,621)
Provisions for liabilities					(79,341)			(46,831)
Net assets					2,210,933			2,007,347
Capital and reserves
Called up share capital		3			1,000			1,000
Other reserves					157,405			157,405
Profit and loss account					2,052,528			1,848,942
Shareholders' funds					2,210,933			2,007,347

For the year ending 30 November 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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 .

Approved by the Board on 28 June 2017 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

H.Taylor & Son (Brockley) Limited
(Registration number: 00592700)
Abbreviated Balance Sheet at 30 November 2016
......... continued

.........................................
Mr A Newton-Southon
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

H.Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33.3% straight line basis

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

H.Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 5

H.Taylor & Son (Brockley) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		922,020			922,020
Additions		211,658			211,658
Disposals		(224,748)			(224,748)
At 30 November 2016		908,930			908,930
Depreciation
At 1 December 2015		558,782			558,782
Charge for the year		138,007			138,007
Eliminated on disposals		(186,929)			(186,929)
At 30 November 2016		509,860			509,860
Net book value
At 30 November 2016		399,070			399,070
At 30 November 2015		363,238			363,238

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 6