Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 12454180 Mr Richard Rodgers iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12454180 2023-02-28 12454180 2024-02-28 12454180 2023-03-01 2024-02-28 12454180 frs-core:CurrentFinancialInstruments 2024-02-28 12454180 frs-core:FurnitureFittings 2024-02-28 12454180 frs-core:FurnitureFittings 2023-03-01 2024-02-28 12454180 frs-core:FurnitureFittings 2023-02-28 12454180 frs-core:MotorVehicles 2024-02-28 12454180 frs-core:MotorVehicles 2023-03-01 2024-02-28 12454180 frs-core:MotorVehicles 2023-02-28 12454180 frs-core:ShareCapital 2024-02-28 12454180 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 12454180 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 12454180 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 12454180 frs-bus:SmallEntities 2023-03-01 2024-02-28 12454180 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 12454180 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 12454180 frs-bus:Director1 2023-03-01 2024-02-28 12454180 frs-bus:Director1 2023-02-28 12454180 frs-bus:Director1 2024-02-28 12454180 frs-countries:EnglandWales 2023-03-01 2024-02-28 12454180 2022-02-28 12454180 2023-02-28 12454180 2022-03-01 2023-02-28 12454180 frs-core:CurrentFinancialInstruments 2023-02-28 12454180 frs-core:ShareCapital 2023-02-28 12454180 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 12454180
Towpro Engineering Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12454180
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,922 30,428
33,922 30,428
CURRENT ASSETS
Stocks 5 300,000 210,000
Debtors 6 621,064 424,411
Cash at bank and in hand 30,836 186,299
951,900 820,710
Creditors: Amounts Falling Due Within One Year 7 (871,809 ) (759,855 )
NET CURRENT ASSETS (LIABILITIES) 80,091 60,855
TOTAL ASSETS LESS CURRENT LIABILITIES 114,013 91,283
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,269 ) (6,165 )
NET ASSETS 105,744 85,118
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 105,644 85,018
SHAREHOLDERS' FUNDS 105,744 85,118
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For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Rodgers
Director
3 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Towpro Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12454180 . The registered office is Unit 12c Wilsons Park, Monsall Road, Manchester, M40 8WN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Turnover relating to services is recognised at the point the service is completed or provided to the customer.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.4. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. 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.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 12)
13 12
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 17,929 36,177 54,106
Additions 11,995 7,545 19,540
Disposals - (1,275 ) (1,275 )
As at 28 February 2024 29,924 42,447 72,371
Depreciation
As at 1 March 2023 5,555 18,123 23,678
Provided during the period 5,732 9,092 14,824
Disposals - (53 ) (53 )
As at 28 February 2024 11,287 27,162 38,449
Net Book Value
As at 28 February 2024 18,637 15,285 33,922
As at 1 March 2023 12,374 18,054 30,428
5. Stocks
2024 2023
£ £
Stock 300,000 210,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 169,067 181,299
Other debtors 451,997 243,112
621,064 424,411
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 662,078 604,489
Bank loans and overdrafts 11 179
Other creditors 38,698 38,139
Taxation and social security 171,022 117,048
871,809 759,855
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Richard Rodgers 152,446 285,605 (129,907 ) - 308,144
The above loan is unsecured, interest free and repayable on demand.
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