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REGISTERED NUMBER: 03589141 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

TOWN PROPERTY LIMITED

TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOWN PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P Denness
J Spellman Denness





SECRETARY: J Spellman Denness





REGISTERED OFFICE: Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE





REGISTERED NUMBER: 03589141 (England and Wales)





ACCOUNTANTS: LMDB Accountants
Chartered Certified Accountants
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 48,906 56,461
48,906 56,461

CURRENT ASSETS
Debtors 6 105,203 94,884
Cash at bank 491,654 234,138
596,857 329,022
CREDITORS
Amounts falling due within one year 7 207,415 199,919
NET CURRENT ASSETS 389,442 129,103
TOTAL ASSETS LESS CURRENT LIABILITIES 438,348 185,564

PROVISIONS FOR LIABILITIES - 6,181
NET ASSETS 438,348 179,383

CAPITAL AND RESERVES
Called up share capital 8 102 102
Retained earnings 438,246 179,281
SHAREHOLDERS' FUNDS 438,348 179,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

BALANCE SHEET - continued
31 MARCH 2023


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 28 September 2023 and were signed on its behalf by:





P Denness - Director


TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Town Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year 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.


TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 60,000
AMORTISATION
At 1 April 2022
and 31 March 2023 60,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 146,291 201,039 17,313 112,380 477,023
Additions - - - 2,570 2,570
At 31 March 2023 146,291 201,039 17,313 114,950 479,593
DEPRECIATION
At 1 April 2022 115,416 193,357 14,232 97,557 420,562
Charge for year 3,087 1,920 770 4,348 10,125
At 31 March 2023 118,503 195,277 15,002 101,905 430,687
NET BOOK VALUE
At 31 March 2023 27,788 5,762 2,311 13,045 48,906
At 31 March 2022 30,875 7,682 3,081 14,823 56,461

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 59,044 82,857
Amounts owed by group undertakings 3,508 -
Other debtors 42,651 12,027
105,203 94,884

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 32,210 3,965
Taxation and social security 152,526 174,148
Other creditors 22,679 21,806
207,415 199,919

TOWN PROPERTY LIMITED (REGISTERED NUMBER: 03589141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
102 102

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. CONSOLIDATED FINANCIAL STATEMENTS

The company is a wholly owned subsidiary of Town Property Holdings Limited. Town Property Holdings Limited is exempt by virtue of section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. Copies of the financial statements for Town Property Holdings Limited can be obtained from Companies House in the United Kingdom.