C L Towell & Son (Metals) Ltd 08372485 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is recovery of sorted materials. Digita Accounts Production Advanced 6.30.9574.0 true 08372485 2022-04-01 2023-03-31 08372485 2023-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2023-03-31 08372485 core:ShareCapital 2023-03-31 08372485 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 08372485 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 08372485 core:CurrentFinancialInstruments 2023-03-31 08372485 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08372485 core:Non-currentFinancialInstruments 2023-03-31 08372485 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08372485 core:FurnitureFittings 2023-03-31 08372485 core:MotorVehicles 2023-03-31 08372485 core:PlantMachinery 2023-03-31 08372485 bus:SmallEntities 2022-04-01 2023-03-31 08372485 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08372485 bus:FullAccounts 2022-04-01 2023-03-31 08372485 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08372485 bus:RegisteredOffice 2022-04-01 2023-03-31 08372485 bus:Director1 2022-04-01 2023-03-31 08372485 bus:Director2 2022-04-01 2023-03-31 08372485 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08372485 core:ShareCapital 2022-04-01 2023-03-31 08372485 core:CommercialMotorVehicles 2022-04-01 2023-03-31 08372485 core:FurnitureFittings 2022-04-01 2023-03-31 08372485 core:MotorVehicles 2022-04-01 2023-03-31 08372485 core:OfficeEquipment 2022-04-01 2023-03-31 08372485 core:PlantMachinery 2022-04-01 2023-03-31 08372485 countries:England 2022-04-01 2023-03-31 08372485 2022-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2022-03-31 08372485 core:ShareCapital 2022-03-31 08372485 core:FurnitureFittings 2022-03-31 08372485 core:MotorVehicles 2022-03-31 08372485 core:PlantMachinery 2022-03-31 08372485 2021-04-01 2022-03-31 08372485 2022-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2022-03-31 08372485 core:ShareCapital 2022-03-31 08372485 core:FinanceLeases core:CurrentFinancialInstruments 2022-03-31 08372485 core:FinanceLeases core:Non-currentFinancialInstruments 2022-03-31 08372485 core:CurrentFinancialInstruments 2022-03-31 08372485 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08372485 core:Non-currentFinancialInstruments 2022-03-31 08372485 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08372485 core:FurnitureFittings 2022-03-31 08372485 core:MotorVehicles 2022-03-31 08372485 core:PlantMachinery 2022-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 08372485 core:ShareCapital 2021-04-01 2022-03-31 08372485 2021-03-31 08372485 core:RetainedEarningsAccumulatedLosses 2021-03-31 08372485 core:ShareCapital 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 08372485

C L Towell & Son (Metals) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

C L Towell & Son (Metals) Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

C L Towell & Son (Metals) Ltd

Company Information

Directors

W Towell

C Towell

Registered office

Station Yard
Harringworth
Corby
Northamptonshire
NN17 3AQ

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

C L Towell & Son (Metals) Ltd

(Registration number: 08372485)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

1,037,401

908,390

Current assets

 

Inventories

5

180,000

175,000

Debtors

6

204,661

174,017

Cash at bank and in hand

 

191,169

265,545

 

575,830

614,562

Creditors: Amounts falling due within one year

(395,171)

(386,903)

Net current assets

 

180,659

227,659

Total assets less current liabilities

 

1,218,060

1,136,049

Creditors: Amounts falling due after more than one year

(159,920)

(134,306)

Provisions for liabilities

(188,743)

(194,002)

Net assets

 

869,397

807,741

Equity

 

Called up share capital

100

100

Retained earnings

869,297

807,641

Shareholders' funds

 

869,397

807,741

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

C L Towell & Son (Metals) Ltd

(Registration number: 08372485)
Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
W Towell
Director

.........................................
C Towell
Director

 

C L Towell & Son (Metals) Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

807,641

807,741

Profit for the year

-

121,656

121,656

Dividends

-

(60,000)

(60,000)

At 31 March 2023

100

869,297

869,397

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

585,684

585,784

Profit for the year

-

284,957

284,957

Dividends

-

(63,000)

(63,000)

At 31 March 2022

100

807,641

807,741

 

C L Towell & Son (Metals) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Station Yard
Harringworth
Corby
Northamptonshire
NN17 3AQ

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

C L Towell & Son (Metals) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

Straight line over 7-10 years per annum

Office equipment

Straight line over 5 years per annum

Motor vehicles

Straight line over 5 years per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

C L Towell & Son (Metals) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

C L Towell & Son (Metals) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 10).

4

Property, plant and equipment

Office equipment
£

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

15,938

1,063,416

314,150

1,393,504

Additions

-

389,265

80,060

469,325

Disposals

-

(218,537)

-

(218,537)

At 31 March 2023

15,938

1,234,144

394,210

1,644,292

Depreciation

At 1 April 2022

12,968

345,927

126,219

485,114

Charge for the year

1,211

129,728

74,090

205,029

Eliminated on disposal

-

(83,252)

-

(83,252)

At 31 March 2023

14,179

392,403

200,309

606,891

Carrying amount

At 31 March 2023

1,759

841,741

193,901

1,037,401

At 31 March 2022

2,970

717,489

187,931

908,390

5

Inventories

2023
£

2022
£

Other inventories

180,000

175,000

 

C L Towell & Son (Metals) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Receivables

182,504

155,055

Prepayments

17,871

18,962

Other debtors

4,286

-

204,661

174,017

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,667

31,667

Finance lease liabilities

138,253

102,639

159,920

134,306

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

122,140

81,628

132,140

91,628