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REGISTERED NUMBER: 00763884 (England and Wales)















Tom Owen and Son (Llandudno) Limited

Unaudited Financial Statements for the Year Ended 31 May 2023






Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)






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


Tom Owen and Son (Llandudno) Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr CS Owen
Mrs J Owen
Mr P Owen
Mrs K M Owen
Mr T J Owen





SECRETARY: Mr CS Owen





REGISTERED OFFICE: Tom Owen & Son (Llandudno) Limited
11 Bodhyfryd Road
Llandudno
Conwy
LL30 2DT





REGISTERED NUMBER: 00763884 (England and Wales)





ACCOUNTANTS: Pritchett & Co
Chartered Accountants and Chartered Tax Advisers
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

Balance Sheet
31 May 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 215,644 191,659

CURRENT ASSETS
Stocks 65,936 44,142
Debtors 5 85,120 56,068
Cash at bank and in hand 332,277 304,102
483,333 404,312
CREDITORS
Amounts falling due within one year 6 105,198 56,803
NET CURRENT ASSETS 378,135 347,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

593,779

539,168

PROVISIONS FOR LIABILITIES 6,326 6,866
NET ASSETS 587,453 532,302

CAPITAL AND RESERVES
Called up share capital 8 2,735 2,735
Retained earnings 584,718 529,567
SHAREHOLDERS' FUNDS 587,453 532,302

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.

Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2023 and were signed on its behalf by:





Mr T J Owen - Director


Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Tom Owen and Son (Llandudno) 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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

No provision for depreciation of long leasehold properties has been made on the grounds that there would be no material effect after taking account of the estimated residual value and their expected useful lives.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Work in progress is valued at the amount recoverable for contracts at the accounting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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 11 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 136,772 165,180 221,250 523,202
Additions - 217 37,201 37,418
Disposals - - (12,100 ) (12,100 )
At 31 May 2023 136,772 165,397 246,351 548,520
DEPRECIATION
At 1 June 2022 - 125,450 206,093 331,543
Charge for year - 5,996 3,609 9,605
Eliminated on disposal - - (8,272 ) (8,272 )
At 31 May 2023 - 131,446 201,430 332,876
NET BOOK VALUE
At 31 May 2023 136,772 33,951 44,921 215,644
At 31 May 2022 136,772 39,730 15,157 191,659

Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 83,120 54,700
Other debtors 2,000 1,368
85,120 56,068

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade creditors 13,074 8,285
Taxation and social security 55,774 21,941
Other creditors 36,350 26,577
105,198 56,803

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/5/23 31/5/22
£    £   
Within one year 4,841 5,019
Between one and five years 7,535 12,375
12,376 17,394

8. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 31/5/23 31/5/22
value: £    £   
2,732 ORDINARY "A" SHARES 1 2,732 2,732
3 ORDINARY "B" SHARES 1 3 3
2,735 2,735

Class "A" shares are standard equity shares. Class "B" equity shares do not rank in equality with class A shares and are non-voting shares.

Tom Owen and Son (Llandudno) Limited (Registered number: 00763884)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of two of the directors. The assets of the scheme are administered by trustees in a fund independent for those of the company. The company also pays contributions to the personal pension schemes of three of the senior employees.

The company is contracted to pay a director who was formerly a full time working director a pension, without dependants' benefits. This arrangement can be described as an unfunded defined benefit scheme.

No provision has been made in the accounts for payments of pension falling due after the accounting date. The amount paid to the director during the year was £14,452 (2022: £12,180). If provision for the pension falling due after the accounting date had been made on an actuarial basis, the company net assets situation would have been significantly eroded. Having regard to that, the directors' consider that the liability to pay the pension as it falls due can be met from future profitability, year by year. The company does not intend to set aside a fund for payment of the pension.

Liability to pay future pension is entirely contingent on the survival of the director concerned to the date which future installments of pension fall due.

10. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.