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TOWN DEVELOPMENTS LTD

Unaudited Financial Statements

for the Year Ended 28 February 2023






TOWN DEVELOPMENTS LTD (REGISTERED NUMBER: 04677392)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


TOWN DEVELOPMENTS LTD

Company Information
for the Year Ended 28 February 2023







DIRECTOR: S P Botros



REGISTERED OFFICE: 4 Northwest Business Park
Servia Hill
Leeds
West Yorkshire
LS6 2QH



REGISTERED NUMBER: 04677392 (England and Wales)



ACCOUNTANTS: Botros & Co
Chartered Accountants
4 Northwest Business Park
Servia Hill
Leeds
West Yorkshire
LS6 2QH



BANKERS: Barclays Bank plc
PO Box 100
28 Park Row
Leeds
West Yorkshire
LS1 1PA

TOWN DEVELOPMENTS LTD (REGISTERED NUMBER: 04677392)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,307,705 1,023,674

CURRENT ASSETS
Debtors 5 13,361 800
Cash at bank and in hand 282,884 254,650
296,245 255,450
CREDITORS
Amounts falling due within one year 6 113,147 67,196
NET CURRENT ASSETS 183,098 188,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,490,803

1,211,928

CREDITORS
Amounts falling due after more than one
year

7

1,074,419

823,498
NET ASSETS 416,384 388,430

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 416,284 388,330
SHAREHOLDERS' FUNDS 416,384 388,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 17 November 2023 and were signed by:




S P Botros - Director


TOWN DEVELOPMENTS LTD (REGISTERED NUMBER: 04677392)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Town Developments Ltd 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.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

TOWN DEVELOPMENTS LTD (REGISTERED NUMBER: 04677392)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 1,009,647 1,357 47,259 3,557 1,061,820
Additions 280,167 749 7,175 - 288,091
At 28 February 2023 1,289,814 2,106 54,434 3,557 1,349,911
DEPRECIATION
At 1 March 2022 - 377 35,117 2,652 38,146
Charge for year - 259 2,897 904 4,060
At 28 February 2023 - 636 38,014 3,556 42,206
NET BOOK VALUE
At 28 February 2023 1,289,814 1,470 16,420 1 1,307,705
At 28 February 2022 1,009,647 980 12,142 905 1,023,674

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 12,861 300
Estate agent's retainer 500 500
13,361 800

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bonds 2,793 2,793
Dividends payable 10,000 -
Tax 7,401 7,554
VAT 862 764
Directors' loan accounts 82,760 45,485
Accrued expenses 9,331 10,600
113,147 67,196

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 8) 574,419 673,498
Director's loan account 500,000 150,000
1,074,419 823,498

TOWN DEVELOPMENTS LTD (REGISTERED NUMBER: 04677392)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


8. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due between two and five years:
Loan accounts 574,419 673,498

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary shares £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 March 2022 388,330
Profit for the year 37,954
Dividends (10,000 )
At 28 February 2023 416,284