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Company registration number: 10446854
Town & Country Edlesborough Limited
Unaudited filleted financial statements
31 March 2024
Town & Country Edlesborough Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Town & Country Edlesborough Limited
Directors and other information
Directors Mr M Bristow
Mr M Saunders
Company number 10446854
Registered office 51 High Street
Redbourn
St Albans
AL3 7LW
Business address 51 High Street
Redbourn
St Albans
AL3 7LW
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Town & Country Edlesborough Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Town & Country Edlesborough Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Town & Country Edlesborough Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Town & Country Edlesborough Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Town & Country Edlesborough Limited and state those matters that we have agreed to state to the board of directors of Town & Country Edlesborough Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Town & Country Edlesborough Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Town & Country Edlesborough Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Town & Country Edlesborough Limited. You consider that Town & Country Edlesborough Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Town & Country Edlesborough Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
26 July 2024
Town & Country Edlesborough Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 34,500 46,000
Tangible assets 6 1,206 2,414
_______ _______
35,706 48,414
Current assets
Debtors 7 37,079 14,287
Cash at bank and in hand 14,772 54,634
_______ _______
51,851 68,921
Creditors: amounts falling due
within one year 8 ( 32,068) ( 20,484)
_______ _______
Net current assets 19,783 48,437
_______ _______
Total assets less current liabilities 55,489 96,851
_______ _______
Net assets 55,489 96,851
_______ _______
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account ( 94,511) ( 53,149)
_______ _______
Shareholders funds 55,489 96,851
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr M Bristow
Director
Company registration number: 10446854
Town & Country Edlesborough Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 51 High Street, Redbourn, St Albans, AL3 7LW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 115,000 115,000
_______ _______
Amortisation
At 1 April 2023 69,000 69,000
Charge for the year 11,500 11,500
_______ _______
At 31 March 2024 80,500 80,500
_______ _______
Carrying amount
At 31 March 2024 34,500 34,500
_______ _______
At 31 March 2023 46,000 46,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 22,512 22,512
_______ _______
Depreciation
At 1 April 2023 20,098 20,098
Charge for the year 1,208 1,208
_______ _______
At 31 March 2024 21,306 21,306
_______ _______
Carrying amount
At 31 March 2024 1,206 1,206
_______ _______
At 31 March 2023 2,414 2,414
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 19,285 3,735
Other debtors 17,794 10,552
_______ _______
37,079 14,287
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,068 148
Other creditors 31,000 20,336
_______ _______
32,068 20,484
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Town and Country Caddington - management chgs 42,000 33,600 - -
Town and Country Markyate - inter co loan (15,000) (55,000) ( 15,123) ( 123)
Town and Country Markyate - management charges - 25,000 - -
Mike Saunders - consultancy ( 14,000) ( 16,000) ( 30,000) ( 16,000)
_______ _______ _______ _______
The related party transactions relate primarily to inter-company recharges .
10. Controlling party
The parent company is T & C Edlesborough Limited - which shares the same registered office. The ultimate controlling party is M Bristow - director by virtue of his majority shareholding in the parent company.