Registration number: 01101963

F R Townsend & Co. Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

F R Townsend & Co. Limited

(Registration number: 01101963)
Balance Sheet as at 30 April 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	78,673	67,846
Current assets
Stocks	6	8,000	8,000
Debtors	7	3,112,711	2,506,759
Cash at bank and in hand		437,179	792,924
		3,557,890	3,307,683
Creditors: Amounts falling due within one year	8	(685,989)	(852,121)
Net current assets		2,871,901	2,455,562
Total assets less current liabilities		2,950,574	2,523,408
Creditors: Amounts falling due after more than one year	8	(154,167)	(200,000)
Provisions for liabilities		(19,669)	(12,891)
Net assets		2,776,738	2,310,517
Capital and reserves
Called up share capital	9	1,000	1,000
Retained earnings		2,775,738	2,309,517
Shareholders' funds		2,776,738	2,310,517

For the financial year ending 30 April 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 Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

F R Townsend & Co. Limited

(Registration number: 01101963)
Balance Sheet as at 30 April 2023

......................................... P Huntley Director

......................................... L Huntley Director

F R Townsend & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1	General information

The company is a private company limited by share capital incorporated in England and the company registration number is 01101963.

The address of its registered office is:
14 Cleethorpe Road
Grimsby
North East Lincolnshire
DN31 3LB

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover 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. Turnover 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

F R Townsend & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tangible assets

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

The cost of tangible assets 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
Property, Plant and Equipment	15% reducing balance
Motor Vehicles	25% reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 profit and loss account 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.

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.

Defined contribution pension obligation

The company contributes to certain employees' and directors' pension schemes. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the
schemes.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 33 (2022 - 31).

F R Townsend & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4	Profit before tax

Arrived at after charging/(crediting)

	2023 £	2022 £
Depreciation expense	18,647	14,160

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2022	34,662	129,617	164,279
Additions	7,278	23,140	30,418
Disposals	-	(15,688)	(15,688)
At 30 April 2023	41,940	137,069	179,009
Depreciation
At 1 May 2022	21,979	74,454	96,433
Charge for the year	2,541	16,106	18,647
Eliminated on disposal	-	(14,744)	(14,744)
At 30 April 2023	24,520	75,816	100,336
Carrying amount
At 30 April 2023	17,420	61,253	78,673
At 30 April 2022	12,683	55,163	67,846

6

Stocks

	2023 £	2022 £
Other inventories	8,000	8,000

7

Debtors

Current	Note	2023 £	2022 £
Trade debtors		993,479	652,922
Amounts owed by related parties		2,100,784	1,840,613
Prepayments		18,448	13,224
		3,112,711	2,506,759

F R Townsend & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Bank loans and overdrafts		50,000	50,000
Trade creditors		346,540	350,248
Taxation and social security		130,026	115,136
Other creditors		151,598	329,240
Accruals and deferred income		7,825	7,497
		685,989	852,121
Due after one year
Loans and borrowings		154,167	200,000

9	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	1,000	1,000	1,000	1,000

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,000 (2022 - £10,000).

11	Parent and ultimate parent undertaking

The Company's immediate parent is AHOH Holdings Limited, incorporated in England.