REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2021 TO 31 JANUARY 2022 |
FOR |
TOWNTREND LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2021 TO 31 JANUARY 2022 |
FOR |
TOWNTREND LIMITED |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 July 2021 to 31 January 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TOWNTREND LIMITED |
COMPANY INFORMATION |
for the period 1 July 2021 to 31 January 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
BALANCE SHEET |
31 January 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
The directors acknowledge their 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. |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
BALANCE SHEET - continued |
31 January 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 July 2021 to 31 January 2022 |
1. | STATUTORY INFORMATION |
Towntrend Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS102 Section 1A (effective January 2016) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. However the amount of the depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2021 to 31 January 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2021 |
and 31 January 2022 |
DEPRECIATION |
At 1 July 2021 |
Charge for period |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 30 June 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2021 |
and 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 30 June 2021 |
Fair value at 31 January 2022 is represented by: |
£ |
Valuation in 2022 | 152,551 |
Cost | 47,449 |
200,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 47,449 | 47,449 |
Investment property was valued on an open market basis on 31 January 2022 by the directors . |
TOWNTREND LIMITED (REGISTERED NUMBER: 01689322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2021 to 31 January 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 84,830 |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Tax |
Other creditors |
Accrued expenses |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 January 2022 and the year ended 30 June 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The loan to the director was unsecured and repayable on demand. Interest is payable at the HMRC rate applicable to beneficial loan arrangements. |
9. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £68,673 were paid to the directors . |