REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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TAYLORED CONSTRUCTION LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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FOR |
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TAYLORED CONSTRUCTION LIMITED |
TAYLORED CONSTRUCTION LIMITED (REGISTERED NUMBER: SC527863) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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TAYLORED CONSTRUCTION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4d Auchingramont Road |
Hamilton |
ML3 6JT |
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BANKERS: |
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PO Box 1000 |
BX2 1LB |
TAYLORED CONSTRUCTION LIMITED (REGISTERED NUMBER: SC527863) |
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STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2020 |
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28.2.20 | 28.2.19 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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TAYLORED CONSTRUCTION LIMITED (REGISTERED NUMBER: SC527863) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Taylored Construction Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Rendering of services |
Turnover from the rendering of services, namely the provision of joinery work, is recognised by reference to the stage of completion of the service at the statement of financial position date. |
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Financial instruments |
Basic financial instruments are recognised as follows: |
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(i) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment. |
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(ii) Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand. |
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Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position. |
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(iii) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Provision for liabilities |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. |
TAYLORED CONSTRUCTION LIMITED (REGISTERED NUMBER: SC527863) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
At the statement of financial position date, the company's liabilities exceeded its total assets by £7,900. In order to meet its day to day working capital requirements, the company requires the continuing support of its director. |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. |
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If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the statement of financial position values of assets to their recoverable amounts, to provide for further liabilities that might arise. |
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The director believes that it is appropriate for the financial statements to be prepared on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 -
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.20 | 28.2.19 |
£ | £ |
Trade creditors |
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PAYE and NIC |
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Director's loan | 7,031 | 7,031 |
Accrued charges |
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5. | RELATED PARTY DISCLOSURES |
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During the year, the company received an interest free loan of £7,031 from its director (2018 : £3,455). |