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REGISTERED NUMBER: 04945360 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PAUL R TOWNS LIMITED

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAUL R TOWNS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: P R Towns
H E Towns





REGISTERED OFFICE: Agriculture House Scalford Station
Melton Road
Melton Mowbray
Leicestershire
LE14 4UD





REGISTERED NUMBER: 04945360 (England and Wales)





ACCOUNTANTS: TC SEM Limited
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 581,954 725,448
Investments 5 200 200
582,154 725,648

CURRENT ASSETS
Stocks 6,607 2,621
Debtors 6 180,442 347,666
Cash at bank 26,396 -
213,445 350,287
CREDITORS
Amounts falling due within one year 7 391,644 642,324
NET CURRENT LIABILITIES (178,199 ) (292,037 )
TOTAL ASSETS LESS CURRENT LIABILITIES 403,955 433,611

CREDITORS
Amounts falling due after more than
one year

8

(7,344

)

(40,642

)

PROVISIONS FOR LIABILITIES (33,385 ) (25,864 )
NET ASSETS 363,226 367,105

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 363,221 367,100
363,226 367,105

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

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

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

BALANCE SHEET - continued
31 MAY 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 21 September 2023 and were signed on its behalf by:





P R Towns - Director


PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

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


1. STATUTORY INFORMATION

Paul R Towns 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2022 578,744 656,912 13,356 1,249,012
Additions - 19,205 - 19,205
Disposals (80,845 ) (13,915 ) - (94,760 )
At 31 May 2023 497,899 662,202 13,356 1,173,457
DEPRECIATION
At 1 June 2022 125,544 385,322 12,698 523,564
Charge for year 14,439 71,389 648 86,476
Eliminated on disposal (8,746 ) (9,791 ) - (18,537 )
At 31 May 2023 131,237 446,920 13,346 591,503
NET BOOK VALUE
At 31 May 2023 366,662 215,282 10 581,954
At 31 May 2022 453,200 271,590 658 725,448

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2022
and 31 May 2023 197,030
DEPRECIATION
At 1 June 2022 93,765
Charge for year 29,544
At 31 May 2023 123,309
NET BOOK VALUE
At 31 May 2023 73,721
At 31 May 2022 103,265

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 200
NET BOOK VALUE
At 31 May 2023 200
At 31 May 2022 200

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 21,477 29,900
Other debtors 21,429 15,943
42,906 45,843

Amounts falling due after more than one year:
Amounts owed by group undertakings 137,536 301,823

Aggregate amounts 180,442 347,666

PAUL R TOWNS LIMITED (REGISTERED NUMBER: 04945360)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 297,457 509,400
Hire purchase contracts 16,841 44,302
Trade creditors 26,171 24,626
Taxation and social security 39,362 52,185
Other creditors 11,813 11,811
391,644 642,324

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 4,297 20,754
Hire purchase contracts 3,047 19,888
7,344 40,642

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 19,888 64,190

Hire purchase contracts are secured against the assets to which they relate.

10. RELATED PARTY DISCLOSURES

During the year the company received contract and management fees amounting to £396,000 (2022 £555,000) from a related company. The amount outstanding at the year end date was £7,200 (2022 £6,000).

At the year end the company had a loan outstanding from the related company of £140,595 (2022 £310,395).