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REGISTERED NUMBER: 10474537 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

TOWILL BROTHERS LTD

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOWILL BROTHERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: A F G Towill





REGISTERED OFFICE: Red Cedars
Helford Passage
Cornwall
TR11 5LB





REGISTERED NUMBER: 10474537 (England and Wales)





ACCOUNTANT: Catherine Bennett Ltd
Chartered Accountant
Wheal Harmony House
Solomon Road
Redruth
Cornwall
TR15 1FD

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

BALANCE SHEET
30 NOVEMBER 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,500 14,000
Tangible assets 5 163,222 146,110
173,722 160,110

CURRENT ASSETS
Stocks 6 10,543 9,499
Debtors 7 127,216 7,059
Cash at bank 182,395 375,189
320,154 391,747
CREDITORS
Amounts falling due within one year 8 151,972 239,260
NET CURRENT ASSETS 168,182 152,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,904

312,597

CREDITORS
Amounts falling due after more than one
year

9

(110,092

)

(121,000

)

PROVISIONS FOR LIABILITIES (25,362 ) (13,039 )
NET ASSETS 206,450 178,558

CAPITAL AND RESERVES
Called up share capital 12 12
Retained earnings 206,438 178,546
SHAREHOLDERS' FUNDS 206,450 178,558

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

BALANCE SHEET - continued
30 NOVEMBER 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 director and authorised for issue on 14 March 2024 and were signed by:





A F G Towill - Director


TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Towill Brothers 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over the life of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

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 27 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 35,000
AMORTISATION
At 1 December 2022 21,000
Amortisation for year 3,500
At 30 November 2023 24,500
NET BOOK VALUE
At 30 November 2023 10,500
At 30 November 2022 14,000

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 December 2022 26,455 108,208 39,113
Additions - 6,803 9,995
Disposals - - (6,446 )
At 30 November 2023 26,455 115,011 42,662
DEPRECIATION
At 1 December 2022 12,247 44,934 20,356
Charge for year 2,035 8,847 9,396
Eliminated on disposal - - (4,104 )
At 30 November 2023 14,282 53,781 25,648
NET BOOK VALUE
At 30 November 2023 12,173 61,230 17,014
At 30 November 2022 14,208 63,274 18,757

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 116,404 - 1,109 291,289
Additions 2,728 42,583 1,327 63,436
Disposals (627 ) - - (7,073 )
At 30 November 2023 118,505 42,583 2,436 347,652
DEPRECIATION
At 1 December 2022 66,839 - 803 145,179
Charge for year 11,850 10,646 736 43,510
Eliminated on disposal (155 ) - - (4,259 )
At 30 November 2023 78,534 10,646 1,539 184,430
NET BOOK VALUE
At 30 November 2023 39,971 31,937 897 163,222
At 30 November 2022 49,565 - 306 146,110

6. STOCKS
30/11/23 30/11/22
£    £   
Stocks 10,543 9,499

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Other debtors 10,948 5,578
Directors' current accounts 114,542 -
Prepayments 1,726 1,481
127,216 7,059

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Other loans 48,400 48,400
Hire purchase contracts 4,017 1,977
Trade creditors 27,261 26,382
Tax 9,320 39,462
Social security and other taxes 4,193 7,944
VAT 38,900 98,239
Other creditors 362 400
Directors' current accounts - 285
Accrued expenses 19,519 16,171
151,972 239,260

TOWILL BROTHERS LTD (REGISTERED NUMBER: 10474537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Other loans - 1-2 years 48,400 48,400
Other loans - 2-5 years 24,200 72,600
Hire purchase contracts 37,492 -
110,092 121,000

The hire purchase creditor is secured over the assets it finances. The loan is secured over the property or undertaking of the company.

10. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £462,500 (2022: £541,255).

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30/11/23 30/11/22
£    £   
A F G Towill
Balance outstanding at start of year (285 ) (391 )
Amounts advanced 128,067 126,326
Amounts repaid (13,240 ) (126,220 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 114,542 (285 )

12. FIXED CHARGES

On 14 October 2019 St Austell Brewery Company Ltd registered a charge at Companies House. The charge contains a fixed charge and a floating charge which covers all property or undertaking of the company. The charge also contains a negative pledge.

On 15 May 2020 HSBC UK Bank PLC registered a charge at Companies House. The charge contains a fixed charge and a floating charge which covers all property or undertaking of the company. The charge also contains a negative pledge.