IRIS Accounts Production v23.4.0.336 09530256 Board of Directors Board of Directors 1.8.22 31.7.23 31.7.23 true false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh095302562022-07-31095302562023-07-31095302562022-08-012023-07-31095302562021-07-31095302562021-08-012022-07-31095302562022-07-3109530256ns15:EnglandWales2022-08-012023-07-3109530256ns14:PoundSterling2022-08-012023-07-3109530256ns10:Director12022-08-012023-07-3109530256ns10:Director22022-08-012023-07-3109530256ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3109530256ns10:SmallEntities2022-08-012023-07-3109530256ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3109530256ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3109530256ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3109530256ns10:FullAccounts2022-08-012023-07-3109530256ns10:OrdinaryShareClass12022-08-012023-07-3109530256ns10:RegisteredOffice2022-08-012023-07-3109530256ns5:CurrentFinancialInstruments2023-07-3109530256ns5:CurrentFinancialInstruments2022-07-3109530256ns5:Non-currentFinancialInstruments2023-07-3109530256ns5:Non-currentFinancialInstruments2022-07-3109530256ns5:ShareCapital2023-07-3109530256ns5:ShareCapital2022-07-3109530256ns5:RetainedEarningsAccumulatedLosses2023-07-3109530256ns5:RetainedEarningsAccumulatedLosses2022-07-3109530256ns5:CostValuation2022-07-3109530256ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-07-3109530256ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-07-3109530256ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3109530256ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-07-3109530256ns5:Secured2023-07-3109530256ns5:Secured2022-07-3109530256ns10:OrdinaryShareClass12023-07-3109530256ns5:RetainedEarningsAccumulatedLosses2022-07-3109530256ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-31
REGISTERED NUMBER: 09530256 (England and Wales)















Townsend INC Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Townsend INC Limited (Registered number: 09530256)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Townsend INC Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: I O'Brien
C O'Sullivan





REGISTERED OFFICE: 5 Gerard Road
Weston super Mare
BS23 2RE





REGISTERED NUMBER: 09530256 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

Townsend INC Limited (Registered number: 09530256)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,012,874 1,012,874
Investment property 5 1,320,000 1,320,000
2,332,874 2,332,874

CURRENT ASSETS
Cash at bank 486,293 285,401

CREDITORS
Amounts falling due within one year 6 441,658 229,192
NET CURRENT ASSETS 44,635 56,209
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,377,509

2,389,083

CREDITORS
Amounts falling due after more than one year 7 (1,485,161 ) (1,546,425 )

PROVISIONS FOR LIABILITIES (15,642 ) (15,642 )
NET ASSETS 876,706 827,016

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 876,606 826,916
SHAREHOLDERS' FUNDS 876,706 827,016

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

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

Townsend INC Limited (Registered number: 09530256)

Balance Sheet - continued
31 July 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 3 April 2024 and were signed on its behalf by:




C O'Sullivan - Director



I O'Brien - Director


Townsend INC Limited (Registered number: 09530256)

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

1. STATUTORY INFORMATION

Townsend INC 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 the financial statements have been prepared under the historical cost convention.

The company meets its working capital requirements through the ongoing support of its directors. If this support is removed, it may not be appropriate for the financial statements to be prepared on a going concern basis and as such the company's assets and liabilities may have to be restated.

Preparation of consolidated financial statements
The financial statements contain information about Townsend INC Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured recognised when services are performed . It is recognised at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Townsend INC Limited (Registered number: 09530256)

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

2. ACCOUNTING POLICIES - continued

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 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 1,012,874
NET BOOK VALUE
At 31 July 2023 1,012,874
At 31 July 2022 1,012,874

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 1,320,000
NET BOOK VALUE
At 31 July 2023 1,320,000
At 31 July 2022 1,320,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 83,006 100,252
Amounts owed to group undertakings 222,424 10,403
Tax 11,458 25,953
Accruals and deferred income 124,770 92,584
441,658 229,192

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 83,006 100,252
Bank loans - 2-5 years 646,804 695,318
Other creditors 114,037 114,037
Directors' loan accounts 641,314 636,818
1,485,161 1,546,425

Townsend INC Limited (Registered number: 09530256)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 812,816 895,822

Barclays Bank PLC hold a fixed and floating charge over the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 August 2022 826,916
Profit for the year 131,690
Dividends (82,000 )
At 31 July 2023 876,606

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.