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Company No: 05882936 (England and Wales)

TOWN MILLS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

TOWN MILLS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

TOWN MILLS LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2023
TOWN MILLS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS R W Pursall
S L Pursall
SECRETARY S L Pursall
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
United Kingdom
COMPANY NUMBER 05882936 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
TOWN MILLS LIMITED

BALANCE SHEET

As at 31 July 2023
TOWN MILLS LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 41,784 20,919
41,784 20,919
Current assets
Debtors 4 8,908 10,320
Cash at bank and in hand 5 936 5,831
9,844 16,151
Creditors: amounts falling due within one year 6 ( 49,649) ( 27,092)
Net current liabilities (39,805) (10,941)
Total assets less current liabilities 1,979 9,978
Provision for liabilities 7 ( 2,112) ( 2,851)
Net (liabilities)/assets ( 133) 7,127
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 135 ) 7,125
Total shareholders' (deficit)/funds ( 133) 7,127

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

Directors' responsibilities:

The financial statements of Town Mills Limited (registered number: 05882936) were approved and authorised for issue by the Board of Directors on 10 April 2024. They were signed on its behalf by:

R W Pursall
Director
TOWN MILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
TOWN MILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Town Mills Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £43,806. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 August 2022 62,018 10,250 575 72,843
Additions 6,990 20,499 158 27,647
Disposals ( 8,100) ( 10,250) 0 ( 18,350)
At 31 July 2023 60,908 20,499 733 82,140
Accumulated depreciation
At 01 August 2022 41,287 10,250 387 51,924
Charge for the financial year 2,957 2,135 93 5,185
Disposals ( 6,503) ( 10,250) 0 ( 16,753)
At 31 July 2023 37,741 2,135 480 40,356
Net book value
At 31 July 2023 23,167 18,364 253 41,784
At 31 July 2022 20,731 0 188 20,919

4. Debtors

2023 2022
£ £
Trade debtors 0 9,788
Corporation tax 404 404
Other debtors 8,504 128
8,908 10,320

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 936 5,831

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 388
Other taxation and social security 95 282
Other creditors 49,554 26,422
49,649 27,092

7. Provision for liabilities

2023 2022
£ £
Deferred tax 2,112 2,851

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2