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Registration number: 10075500

Townhead Investments Limited
Annual Report and
Unaudited Financial Statements

31 May 2024

 

Townhead Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Townhead Investments Limited

Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,502,234

2,502,234

Other financial assets

5

1,098,065

844,020

 

3,600,299

3,346,254

Current assets

 

Debtors

6

20,410

11,119

Cash at bank and in hand

 

943,080

1,103,029

 

963,490

1,114,148

Creditors: Amounts falling due within one year

7

(50,479)

(39,386)

Net current assets

 

913,011

1,074,762

Net assets

 

4,513,310

4,421,016

Capital and reserves

 

Called up share capital

1

1

Retained earnings

4,513,309

4,421,015

Shareholders' funds

 

4,513,310

4,421,016

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Townhead Investments Limited

Balance Sheet
31 May 2024

Approved and authorised by the director on 13 September 2024
 

.........................................
Mr Robert Staples
Director

Company Registration Number: 10075500

 

Townhead Investments Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Townhead
Slaidburn
Clitheroe
Lancashire
BB7 3EU

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.

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.

 

Townhead Investments Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit of rising from changes in fair value is recognised in the income statement.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably other investments are measured at cost less impairment.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

 

Townhead Investments Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 June 2023

2,502,234

2,502,234

At 31 May 2024

2,502,234

2,502,234

Depreciation

Carrying amount

At 31 May 2024

2,502,234

2,502,234

At 31 May 2023

2,502,234

2,502,234

Included within the net book value of land and buildings above is £2,502,234 (2023 - £2,502,234) in respect of freehold land and buildings.
 

 

Townhead Investments Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

844,020

844,020

Additions

254,045

254,045

At 31 May 2024

1,098,065

1,098,065

Impairment

Carrying amount

At 31 May 2024

1,098,065

1,098,065

6

Debtors

Current

2024
£

2023
£

Trade debtors

8,328

8,800

Prepayments

484

510

Other debtors

11,598

1,809

 

20,410

11,119

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

543

-

Taxation and social security

13,095

-

Accruals and deferred income

36,398

39,058

Other creditors

443

328

50,479

39,386