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REGISTERED NUMBER: 01689322 (England and Wales)















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: T P Daniels
P K Daniels





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 01689322 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
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 36 39
Investment property 5 200,000 200,000
200,036 200,039

CURRENT ASSETS
Debtors 6 34,848 219,522
Cash at bank 12,592 37,511
47,440 257,033
CREDITORS
Amounts falling due within one year 7 (48,694 ) (97,145 )
NET CURRENT (LIABILITIES)/ASSETS (1,254 ) 159,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

198,782

359,927

PROVISIONS FOR LIABILITIES (28,985 ) (28,985 )
NET ASSETS 169,797 330,942

CAPITAL AND RESERVES
Called up share capital 45,479 45,479
Fair value reserve 123,566 123,566
Retained earnings 752 161,897
169,797 330,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 2 September 2022 and were signed on its behalf by:





T P Daniels - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

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 830
DEPRECIATION
At 1 July 2021 791
Charge for period 3
At 31 January 2022 794
NET BOOK VALUE
At 31 January 2022 36
At 30 June 2021 39

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2021
and 31 January 2022 200,000
NET BOOK VALUE
At 31 January 2022 200,000
At 30 June 2021 200,000

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 10,918 -
Other debtors 1,535 133,852
Directors' current accounts - 84,830
VAT 22,395 840
34,848 219,522

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Tax 1,846 1,846
Other creditors 44,503 93,819
Accrued expenses 2,345 1,480
48,694 97,145

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
£    £   
T P Daniels
Balance outstanding at start of period 84,830 53,300
Amounts advanced 38,364 86,715
Amounts repaid (123,194 ) (55,185 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 84,830

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 .