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REGISTERED NUMBER: 02453599 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Towncross Engineering Ltd

Towncross Engineering Ltd (Registered number: 02453599)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Towncross Engineering Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs L S Palmer
P A King



SECRETARY: Mrs L S Palmer



REGISTERED OFFICE: 41b Beach Road
Littlehampton
West Sussex
BN17 5JA



REGISTERED NUMBER: 02453599 (England and Wales)



ACCOUNTANTS: Reeves Wilkinson Limited trading as Botting & Co
Chartered Certified Accountants
41b Beach Road
Littlehampton
West Sussex
BN17 5JA



BANKERS: Royal Bank of Scotland PLC
Chichester Branch
Flint House
44 South Street
Chichester
West Sussex
PO19 1DS

Towncross Engineering Ltd (Registered number: 02453599)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 314,704 350,652
314,704 350,652

CURRENT ASSETS
Stocks 31,423 36,924
Debtors 6 359,189 418,254
Cash at bank and in hand 300,632 319,068
691,244 774,246
CREDITORS
Amounts falling due within one year 7 (51,076 ) (60,000 )
NET CURRENT ASSETS 640,168 714,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

954,872

1,064,898

PROVISIONS FOR LIABILITIES (35,089 ) (35,089 )
NET ASSETS 919,783 1,029,809

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 919,483 1,029,509
SHAREHOLDERS' FUNDS 919,783 1,029,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Towncross Engineering Ltd (Registered number: 02453599)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:





P A King - Director


Towncross Engineering Ltd (Registered number: 02453599)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Towncross Engineering Ltd 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost and in accordance with the property
Plant and machinery etc - 25% on cost and at varying rates on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Towncross Engineering Ltd (Registered number: 02453599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 256,350
AMORTISATION
At 1 April 2023
and 31 March 2024 256,350
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 April 2023 221,367 516 52,759
Additions - - 31,355
At 31 March 2024 221,367 516 84,114
DEPRECIATION
At 1 April 2023 60,221 516 15,462
Charge for year 3,627 - 1,682
At 31 March 2024 63,848 516 17,144
NET BOOK VALUE
At 31 March 2024 157,519 - 66,970
At 31 March 2023 161,146 - 37,297

Towncross Engineering Ltd (Registered number: 02453599)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 1,202,505 21,376 1,498,523
Additions - - 31,355
At 31 March 2024 1,202,505 21,376 1,529,878
DEPRECIATION
At 1 April 2023 1,050,296 21,376 1,147,871
Charge for year 61,994 - 67,303
At 31 March 2024 1,112,290 21,376 1,215,174
NET BOOK VALUE
At 31 March 2024 90,215 - 314,704
At 31 March 2023 152,209 - 350,652

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 72,994 118,642
Other debtors 286,195 299,612
359,189 418,254

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 21,360 22,737
Taxation and social security 24,067 31,628
Other creditors 5,649 5,635
51,076 60,000

8. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.