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Registration number: 07175509

Townsend Life Care Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Townsend Life Care Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Townsend Life Care Ltd

Company Information

Directors

Mr C Townsend

Mrs A Townsend

Registered office

C/o Cannon and Company Accountants Limited
Unit 1A, Park Farm Road
Folkestone
Kent
CT19 5EY

Accountants

Cannon and Company Accountants Limited
Chartered Certified Accountants
Unit 1A Park Farm Industrial Estate
Folkestone
Kent
CT19 5EY

 

Townsend Life Care Ltd

(Registration number: 07175509)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,148,458

1,148,458

Tangible assets

5

108,459

125,325

 

1,256,917

1,273,783

Current assets

 

Debtors

6

1,905,448

651,607

Cash at bank and in hand

 

1,395,869

2,053,891

 

3,301,317

2,705,498

Creditors: Amounts falling due within one year

7

(343,454)

(162,979)

Net current assets

 

2,957,863

2,542,519

Net assets

 

4,214,780

3,816,302

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

4,214,778

3,816,300

Shareholders' funds

 

4,214,780

3,816,302

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mrs A Townsend
Director

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Cannon and Company Accountants Limited
Unit 1A, Park Farm Road
Folkestone
Kent
CT19 5EY
United Kingdom

The principal place of business is:
Port Regis
Convent Road
Broadstairs
Kent
CT10 3PR
United Kingdom

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

None

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2023 - 47).

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

1,148,458

1,148,458

At 30 June 2024

1,148,458

1,148,458

Amortisation

Carrying amount

At 30 June 2024

1,148,458

1,148,458

At 30 June 2023

1,148,458

1,148,458

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

56,827

95,846

5,778

116,438

274,889

At 30 June 2024

56,827

95,846

5,778

116,438

274,889

Depreciation

At 1 July 2023

-

87,314

3,169

59,081

149,564

Charge for the year

-

2,135

391

14,340

16,866

At 30 June 2024

-

89,449

3,560

73,421

166,430

Carrying amount

At 30 June 2024

56,827

6,397

2,218

43,017

108,459

At 30 June 2023

56,827

8,532

2,609

57,357

125,325

Included within the net book value of land and buildings above is £56,827 (2023 - £56,827) in respect of freehold land and buildings.
 

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

93,113

40,850

Prepayments

12,334

10,756

Other debtors

1,800,001

600,001

 

1,905,448

651,607

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

18,738

27,224

Taxation and social security

210,236

87,030

Accruals and deferred income

5,400

5,160

Other creditors

109,080

43,565

343,454

162,979

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £78,314.05 (2023 - £206,250.00) per ordinary share

156,628

412,500

 

 

10

Related party transactions

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr C Townsend

3

(11,520)

41,559

30,042

Mrs A Townsend

3

(11,520)

41,559

30,042

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr C Townsend

64,645

(93,142)

28,500

3

Mrs A Townsend

64,645

(93,142)

28,500

3

 

Townsend Life Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,782

12,782