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REGISTERED NUMBER: 03359591 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 October 2023

for

Townson Holdings Limited

Townson Holdings Limited (Registered number: 03359591)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Income and Retained Earnings 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Townson Holdings Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: W Townson



SECRETARY: J R Craig



REGISTERED OFFICE: West End
Hellifield
Skipton
North Yorkshire
BD23 4HE



REGISTERED NUMBER: 03359591 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen McGevor FCCA



AUDITORS: Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Townson Holdings Limited (Registered number: 03359591)

Group Strategic Report
for the Year Ended 31 October 2023

The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The group continues to deal in agricultural machinery, both in the United Kingdom and overseas, together with providing a full after sales service.

The group performed well during the year with revenue growth of 18.9%.

PRINCIPAL RISKS AND UNCERTAINTIES
The director regularly reviews the principal risks faced by the group.

The group's principal risks are credit risk and cash flow risk.

Credit Risk
The group manages credit risk by assessing customers and applying credit limits using data from credit reference agencies. Credit limits are reviewed on a regular basis by management to ensure that the group minimises its exposure to over trading with customers deemed to be a credit risk.

Cash Flow Risk
The group does not rely upon debt financing and has accumulated considerable cash reserves during 2023 and 2022 thereby minimising cash flow risk.

KEY PERFORMANCE INDICATORS
The director monitors performance of the group with reference to the following key performance indicators:

2023 2022
Revenue growth % 18.9% 18.9%
Gross profit % 5.8% 7.2%
Net profit before tax % 2.7% 2.8%

ON BEHALF OF THE BOARD:





W Townson - Director


29 July 2024

Townson Holdings Limited (Registered number: 03359591)

Report of the Director
for the Year Ended 31 October 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 73,000 .

DIRECTOR
W Townson held office during the whole of the period from 1 November 2022 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.10.23 1.11.22
Ordinary shares of £1 each 445,002 445,002

He did not hold any non-beneficial interests in the shares of the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W Townson - Director


29 July 2024

Report of the Independent Auditors to the Members of
Townson Holdings Limited

Opinion
We have audited the financial statements of Townson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Townson Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Townson Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims and
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Townson Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen McGevor FCCA (Senior Statutory Auditor)
for and on behalf of Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

29 July 2024

Townson Holdings Limited (Registered number: 03359591)

Consolidated
Statement of Income and
Retained Earnings
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 3 21,212,368 17,846,457

Cost of sales (19,992,295 ) (16,557,138 )
GROSS PROFIT 1,220,073 1,289,319

Administrative expenses (700,272 ) (815,464 )
519,801 473,855

Other operating income 44,410 26,190
OPERATING PROFIT 5 564,211 500,045

Gain/loss on revaluation of investments (882 ) (218 )
563,329 499,827

Interest payable and similar expenses 6 (311 ) 1,093
PROFIT BEFORE TAXATION 563,018 500,920

Tax on profit 7 (125,247 ) (61,226 )
PROFIT FOR THE FINANCIAL YEAR 437,771 439,694

Retained earnings at beginning of year 5,085,652 4,753,958

Dividends 9 (73,000 ) (108,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

5,450,423

5,085,652

Profit attributable to:
Owners of the parent 437,771 439,694

Townson Holdings Limited (Registered number: 03359591)

Consolidated Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 757,855 680,755
Investments 12 2,573 3,455
Investment property 13 480,000 480,000
1,240,428 1,164,210

CURRENT ASSETS
Stocks 14 4,724,560 3,019,893
Debtors 15 1,491,675 2,599,305
Cash at bank and in hand 124,657 358,667
6,340,892 5,977,865
CREDITORS
Amounts falling due within one year 16 (1,542,628 ) (1,488,047 )
NET CURRENT ASSETS 4,798,264 4,489,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,038,692

5,654,028

PROVISIONS FOR LIABILITIES 18 (143,267 ) (123,374 )
NET ASSETS 5,895,425 5,530,654

CAPITAL AND RESERVES
Called up share capital 19 445,002 445,002
Retained earnings 20 5,450,423 5,085,652
SHAREHOLDERS' FUNDS 5,895,425 5,530,654

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





W Townson - Director


Townson Holdings Limited (Registered number: 03359591)

Company Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 894,737 894,737
Investment property 13 - -
894,737 894,737

CREDITORS
Amounts falling due within one year 16 (449,735 ) (449,735 )
NET CURRENT LIABILITIES (449,735 ) (449,735 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

445,002

445,002

CAPITAL AND RESERVES
Called up share capital 19 445,002 445,002
SHAREHOLDERS' FUNDS 445,002 445,002

Company's profit for the financial year 73,000 108,000

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





W Townson - Director


Townson Holdings Limited (Registered number: 03359591)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 54,142 (106,843 )
Interest paid (311 ) 1,093
Tax paid (53,789 ) (102,628 )
Net cash from operating activities 42 (208,378 )

Cash flows from investing activities
Purchase of tangible fixed assets (230,522 ) (252,618 )
Sale of tangible fixed assets 69,002 101,966
Net cash from investing activities (161,520 ) (150,652 )

Cash flows from financing activities
Amount introduced by directors 73,000 108,000
Amount withdrawn by directors (72,532 ) (108,088 )
Equity dividends paid (73,000 ) (108,000 )
Net cash from financing activities (72,532 ) (108,088 )

Decrease in cash and cash equivalents (234,010 ) (467,118 )
Cash and cash equivalents at beginning of
year

2

358,667

825,785

Cash and cash equivalents at end of year 2 124,657 358,667

Townson Holdings Limited (Registered number: 03359591)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 563,018 500,920
Depreciation charges 111,553 93,000
Profit on disposal of fixed assets (27,133 ) (75,574 )
Loss on revaluation of fixed assets 882 218
Finance costs 311 (1,093 )
648,631 517,471
Increase in stocks (1,704,667 ) (283,309 )
Decrease/(increase) in trade and other debtors 1,107,630 (459,673 )
Increase in trade and other creditors 2,548 118,668
Cash generated from operations 54,142 (106,843 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 124,657 358,667
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 358,667 825,785


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 358,667 (234,010 ) 124,657
358,667 (234,010 ) 124,657
Total 358,667 (234,010 ) 124,657

Townson Holdings Limited (Registered number: 03359591)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Townson Holdings 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 General 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 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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Critical accounting judgements and key sources of estimation uncertainty
Stock write downs
Stock, which consists of finished goods and parts, is stated at the lower of cost or market value. The company analyses its stock levels periodically and writes down inventory to its net realisable value if it has become obsolete, has a cost in excess of its expected net realisable value or is in excess of expected requirements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, 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.

Townson Holdings Limited (Registered number: 03359591)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 15% on reducing balance
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Depreciation is not provided on freehold land and buildings on the grounds of immateriality as the director is of the opinion that the residual value will be at least equal to book value.

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.

Stocks
Parts stocks have been valued at average cost less a reduction for slow-moving and obsolete stocks.

Tractors and machinery have been valued at lower of cost and net realisable value.

Work in progress has been valued at the cost of materials and labour.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Listed investments are stated at the year end valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

Townson Holdings Limited (Registered number: 03359591)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.10.23 31.10.22
£    £   
Sale of goods 20,642,830 17,383,495
Rendering of services 569,538 462,962
21,212,368 17,846,457

An analysis of turnover by geographical market is given below:

31.10.23 31.10.22
£    £   
UK 19,236,766 13,713,471
Non UK 1,975,602 4,132,986
21,212,368 17,846,457

4. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 857,518 781,011
Social security costs 79,956 80,811
Other pension costs 18,414 16,392
955,888 878,214

The average number of employees during the year was as follows:
31.10.23 31.10.22

Parts 4 3
Administrative 2 2
Yard 1 2
Export 2 2
Sales 4 4
Service 11 10
24 23

31.10.23 31.10.22
£    £   
Director's remuneration 70,798 33,309

Townson Holdings Limited (Registered number: 03359591)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Depreciation - owned assets 111,553 93,000
Profit on disposal of fixed assets (27,133 ) (75,574 )
Auditors' remuneration 13,500 10,450

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank interest 311 (1,080 )
Interest on corporation tax - (13 )
311 (1,093 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 105,354 53,788

Deferred tax 19,893 7,438
Tax on profit 125,247 61,226

UK corporation tax has been charged at 22.50 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
£    £   
Profit before tax 563,018 500,920
Profit multiplied by the standard rate of corporation tax in the UK of
22.500 % (2022 - 19 %)

126,679

95,175

Effects of:
Expenses not deductible for tax purposes 527 611
Capital allowances in excess of depreciation (17,973 ) (41,998 )
Deferred tax 19,893 7,438

Effects of tax rate change (3,879 ) -
Total tax charge 125,247 61,226

Townson Holdings Limited (Registered number: 03359591)

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

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.10.23 31.10.22
£    £   
Interim 73,000 108,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 266,064
AMORTISATION
At 1 November 2022
and 31 October 2023 266,064
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST
At 1 November 2022 298,776 4,441 149,815
Additions - - -
Disposals - - -
At 31 October 2023 298,776 4,441 149,815
DEPRECIATION
At 1 November 2022 - 4,340 135,830
Charge for year - 15 2,096
Eliminated on disposal - - -
At 31 October 2023 - 4,355 137,926
NET BOOK VALUE
At 31 October 2023 298,776 86 11,889
At 31 October 2022 298,776 101 13,985

Townson Holdings Limited (Registered number: 03359591)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 233,097 67,207 509,101 1,262,437
Additions - 2,370 228,152 230,522
Disposals - - (101,483 ) (101,483 )
At 31 October 2023 233,097 69,577 635,770 1,391,476
DEPRECIATION
At 1 November 2022 181,194 48,813 211,505 581,682
Charge for year 7,758 2,964 98,720 111,553
Eliminated on disposal - - (59,614 ) (59,614 )
At 31 October 2023 188,952 51,777 250,611 633,621
NET BOOK VALUE
At 31 October 2023 44,145 17,800 385,159 757,855
At 31 October 2022 51,903 18,394 297,596 680,755

Included in cost of land and buildings is freehold land of £8,991 (2022 - £8,991) which is not depreciated.

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST OR VALUATION
At 1 November 2022 3,455
Revaluations (882 )
At 31 October 2023 2,573
NET BOOK VALUE
At 31 October 2023 2,573
At 31 October 2022 3,455

Townson Holdings Limited (Registered number: 03359591)

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

12. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 31 October 2023 is represented by:

Listed
investments
£   
Valuation in 2016 928
Valuation in 2017 (306 )
Valuation in 2018 (2,312 )
Valuation in 2019 306
Valuation in 2020 (1,836 )
Valuation in 2021 171
Valuation in 2022 (218 )
Valuation in 2023 (882 )
Cost 6,722
2,573

If listed investments had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 6,772 6,772

The market value of listed investments at 31 October 2023 was £2,573 (2022 £3,455).
Company
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 894,737
NET BOOK VALUE
At 31 October 2023 894,737
At 31 October 2022 894,737

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

J A Townson & Sons Limited
Registered office: West End, Hellifield, Skipton, North Yorkshire, BD23 4HE
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
Deferred ordinary 100.00

Townson Holdings Limited (Registered number: 03359591)

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

12. FIXED ASSET INVESTMENTS - continued

Townson Tractors Limited*
Registered office: West End, Hellifield, Skipton, North Yorkshire, BD23 4HE
Nature of business: Dealers in agricultural machinery and engineering
%
Class of shares: holding
Ordinary 100.00

*Indirect holding


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 480,000
NET BOOK VALUE
At 31 October 2023 480,000
At 31 October 2022 480,000

Deferred tax has been provided within these financial statements on the revaluation surplus.

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2014 204,994
Valuation in 2020 11,817
Valuation in 2021 25,000
Cost 238,189
480,000

The director considers the value of £480,000 to be the fair value of the properties as at 31 October 2023.

14. STOCKS

Group
31.10.23 31.10.22
£    £   
Stocks 4,715,978 2,988,992
Work-in-progress 8,582 30,901
4,724,560 3,019,893

Townson Holdings Limited (Registered number: 03359591)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.10.23 31.10.22
£    £   
Trade debtors 904,407 2,098,424
Other debtors 451,936 469,172
VAT recoverable 114,684 10,333
Prepayments and accrued income 20,648 21,376
1,491,675 2,599,305

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Trade creditors 1,363,863 1,353,472 - -
Amounts owed to group undertakings - - 424,735 424,735
Tax 105,340 53,775 - -
Social security and other taxes 21,498 23,956 - -
Other creditors 25,000 25,000 25,000 25,000
Directors' loan accounts 1,015 547 - -
Accrued expenses 25,912 31,297 - -
1,542,628 1,488,047 449,735 449,735

17. SECURED DEBTS

The group's banking facilities are secured by:

Fixed and floating charges over all the assets and undertakings of group companies J.A. Townson & Sons Limited and Townson Tractors Limited.

Charge over land and buildings at West End, Hellifield, Skipton, BD23 on the banks standard form dated 26/02/1992.

Charge over Hill House Farm, Newton in Bowland, Clitheroe, BB7 3AB on the banks standard form dated 26/02/1992.

18. PROVISIONS FOR LIABILITIES

Group
31.10.23 31.10.22
£    £   
Deferred tax 143,267 123,374

Group
Deferred
tax
£   
Balance at 1 November 2022 123,374
Provided during year 19,893
Balance at 31 October 2023 143,267

Townson Holdings Limited (Registered number: 03359591)

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

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
445,002 Ordinary £1 445,002 445,002

20. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 5,085,652
Profit for the year 437,771
Dividends (73,000 )
At 31 October 2023 5,450,423

Company
Retained
earnings
£   

Profit for the year 73,000
Dividends (73,000 )
At 31 October 2023 -


21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W Townson.