Company registration number 03710734 (England and Wales)
TOWNFIELDS SADDLERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TOWNFIELDS SADDLERS LIMITED
COMPANY INFORMATION
Directors
Mrs G M Charley
Ms S Charley
Mr A Charley
Secretary
Ms S Charley
Company number
03710734
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
TOWNFIELDS SADDLERS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
TOWNFIELDS SADDLERS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TOWNFIELDS SADDLERS LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Townfields Saddlers Limited for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Townfields Saddlers Limited, as a body, in accordance with the terms of our engagement letter dated 30 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Townfields Saddlers Limited and state those matters that we have agreed to state to the board of directors of Townfields Saddlers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Townfields Saddlers Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Townfields Saddlers 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 profit of Townfields Saddlers Limited. You consider that Townfields Saddlers 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 Townfields Saddlers 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.

Jerroms GCN Limited
14 August 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
TOWNFIELDS SADDLERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
1,500
Tangible assets
4
235,562
144,736
235,562
146,236
Current assets
Stocks
398,679
418,864
Debtors
5
25,432
34,449
Cash at bank and in hand
586,540
539,195
1,010,651
992,508
Creditors: amounts falling due within one year
6
(339,728)
(250,721)
Net current assets
670,923
741,787
Total assets less current liabilities
906,485
888,023
Provisions for liabilities
7
(22,813)
(11,528)
Net assets
883,672
876,495
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
883,572
876,395
Total equity
883,672
876,495
TOWNFIELDS SADDLERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Ms S Charley
Mr A Charley
Director
Director
Company registration number 03710734 (England and Wales)
TOWNFIELDS SADDLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Townfields Saddlers Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, West Midlands, England, B62 8DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

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

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

1.4
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The Company adds the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
0%
Plant and machinery
10% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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

TOWNFIELDS SADDLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable 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 tax

Current or deferred taxation assets or 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
15
TOWNFIELDS SADDLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
180,000
Amortisation and impairment
At 1 January 2023
178,500
Amortisation charged for the year
1,500
At 31 December 2023
180,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
1,500
4
Tangible fixed assets
Property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
42,700
45,482
97,127
87,575
272,884
Additions
101,609
-
0
8,220
-
0
109,829
At 31 December 2023
144,309
45,482
105,347
87,575
382,713
Depreciation and impairment
At 1 January 2023
-
0
24,897
60,805
42,446
128,148
Depreciation charged in the year
-
0
2,058
5,663
11,282
19,003
At 31 December 2023
-
0
26,955
66,468
53,728
147,151
Carrying amount
At 31 December 2023
144,309
18,527
38,879
33,847
235,562
At 31 December 2022
42,700
20,585
36,322
45,129
144,736
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
25,432
34,449
TOWNFIELDS SADDLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
241,996
85,866
Corporation tax
18,917
35,482
Other taxation and social security
62,581
79,113
Other creditors
11,652
43,660
Accruals and deferred income
4,582
6,600
339,728
250,721
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
22,813
11,528
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
2023-12-312023-01-01false14 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs G M CharleyMr A CharleyMr A CharleyMs S Charleyfalsefalse037107342023-01-012023-12-3103710734bus:Director12023-01-012023-12-3103710734bus:CompanySecretaryDirector12023-01-012023-12-3103710734bus:Director22023-01-012023-12-3103710734bus:CompanySecretary12023-01-012023-12-3103710734bus:Director32023-01-012023-12-3103710734bus:RegisteredOffice2023-01-012023-12-31037107342023-12-31037107342022-12-3103710734core:Goodwill2023-12-3103710734core:Goodwill2022-12-3103710734core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3103710734core:PlantMachinery2023-12-3103710734core:FurnitureFittings2023-12-3103710734core:MotorVehicles2023-12-3103710734core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103710734core:PlantMachinery2022-12-3103710734core:FurnitureFittings2022-12-3103710734core:MotorVehicles2022-12-3103710734core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103710734core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103710734core:CurrentFinancialInstruments2023-12-3103710734core:CurrentFinancialInstruments2022-12-3103710734core:ShareCapital2023-12-3103710734core:ShareCapital2022-12-3103710734core:RetainedEarningsAccumulatedLosses2023-12-3103710734core:RetainedEarningsAccumulatedLosses2022-12-3103710734core:Goodwill2023-01-012023-12-3103710734core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3103710734core:PlantMachinery2023-01-012023-12-3103710734core:FurnitureFittings2023-01-012023-12-3103710734core:MotorVehicles2023-01-012023-12-31037107342022-01-012022-12-3103710734core:Goodwill2022-12-3103710734core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103710734core:PlantMachinery2022-12-3103710734core:FurnitureFittings2022-12-3103710734core:MotorVehicles2022-12-31037107342022-12-3103710734bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103710734bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103710734bus:FRS1022023-01-012023-12-3103710734bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103710734bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP