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REGISTERED NUMBER: 00860132 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TOWN CLOSE LIMITED

TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOWN CLOSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J Snelson
Mr D M Snelson





SECRETARY: Mrs J Snelson





REGISTERED OFFICE: 8-10 Fairland Street
Wymondham
Norfolk
NR18 0AW





REGISTERED NUMBER: 00860132 (England and Wales)






TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,452 5,704
Investments 5 146,240 146,240
Investment property 6 460,000 460,000
610,692 611,944

CURRENT ASSETS
Debtors 7 5,083 294
Prepayments and accrued income 419 370
Cash at bank 25,695 20,406
31,197 21,070
CREDITORS
Amounts falling due within one year 8 6,888 6,577
NET CURRENT ASSETS 24,309 14,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,001

626,437

CREDITORS
Amounts falling due after more than one
year

9

(3,542

)

(6,042

)

PROVISIONS FOR LIABILITIES (18,568 ) (18,568 )

ACCRUALS AND DEFERRED INCOME (9,521 ) (9,467 )
NET ASSETS 603,370 592,360

CAPITAL AND RESERVES
Called up share capital 235,000 235,000
Revaluation reserve 10 194,975 194,975
Retained earnings 173,395 162,385
SHAREHOLDERS' FUNDS 603,370 592,360

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

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

TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)

BALANCE SHEET - continued
31 DECEMBER 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 4 April 2024 and were signed on its behalf by:




Mr D M Snelson - Director



Mrs J Snelson - Director


TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)

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

1. STATUTORY INFORMATION

Town Close 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.
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus deficit on revaluation is recognised in the profit and loss account.

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 2 (2022 - 2 ) .

TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 23,553 17,239 40,792
DEPRECIATION
At 1 January 2023 22,392 12,696 35,088
Charge for year 116 1,136 1,252
At 31 December 2023 22,508 13,832 36,340
NET BOOK VALUE
At 31 December 2023 1,045 3,407 4,452
At 31 December 2022 1,161 4,543 5,704

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 146,240
NET BOOK VALUE
At 31 December 2023 146,240
At 31 December 2022 146,240

The unlisted investment represents a 37% holding of the Ordinary share capital of Dune Properties Limited, a company incorporated in England, whose principle activity is that of property development.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 460,000
NET BOOK VALUE
At 31 December 2023 460,000
At 31 December 2022 460,000

The directors undertake an annual valuation assessment of the investment properties included in land and buildings above. The historical cost of these properties at the balance sheet date was £119,822 (2021 £119,822).

TOWN CLOSE LIMITED (REGISTERED NUMBER: 00860132)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,083 294

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,500 2,500
Trade creditors 123 23
Taxation and social security 4,265 4,054
6,888 6,577

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,542 6,042

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 194,975

11. RELATED PARTY DISCLOSURES

During the year, the company received rent & management fees of £22,620 (2022 £21,850) from Dune Properties Limited, a company under the common control of the directors.

The ultimate controlling party is the directors.