Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false18No description of principal activity18truefalsefalse 02395892 2023-04-01 2024-03-31 02395892 2022-04-01 2023-03-31 02395892 2024-03-31 02395892 2023-03-31 02395892 1 2023-04-01 2024-03-31 02395892 1 2022-04-01 2023-03-31 02395892 d:Director1 2023-04-01 2024-03-31 02395892 d:Director4 2023-04-01 2024-03-31 02395892 d:Director5 2023-04-01 2024-03-31 02395892 d:RegisteredOffice 2023-04-01 2024-03-31 02395892 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 02395892 e:Buildings e:LongLeaseholdAssets 2024-03-31 02395892 e:Buildings e:LongLeaseholdAssets 2023-03-31 02395892 e:PlantMachinery 2023-04-01 2024-03-31 02395892 e:PlantMachinery 2024-03-31 02395892 e:PlantMachinery 2023-03-31 02395892 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02395892 e:MotorVehicles 2023-04-01 2024-03-31 02395892 e:MotorVehicles 2024-03-31 02395892 e:MotorVehicles 2023-03-31 02395892 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02395892 e:FurnitureFittings 2023-04-01 2024-03-31 02395892 e:ComputerEquipment 2023-04-01 2024-03-31 02395892 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02395892 e:CurrentFinancialInstruments 2024-03-31 02395892 e:CurrentFinancialInstruments 2023-03-31 02395892 e:Non-currentFinancialInstruments 2024-03-31 02395892 e:Non-currentFinancialInstruments 2023-03-31 02395892 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 02395892 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 02395892 e:UKTax 2023-04-01 2024-03-31 02395892 e:UKTax 2022-04-01 2023-03-31 02395892 e:ShareCapital 2024-03-31 02395892 e:ShareCapital 2023-03-31 02395892 e:RetainedEarningsAccumulatedLosses 2024-03-31 02395892 e:RetainedEarningsAccumulatedLosses 2023-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2024-03-31 02395892 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2023-03-31 02395892 d:FRS102 2023-04-01 2024-03-31 02395892 d:Audited 2023-04-01 2024-03-31 02395892 d:FullAccounts 2023-04-01 2024-03-31 02395892 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02395892 e:WithinOneYear 2024-03-31 02395892 e:WithinOneYear 2023-03-31 02395892 e:BetweenOneFiveYears 2024-03-31 02395892 e:BetweenOneFiveYears 2023-03-31 02395892 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02395892










JAMES WALKER TOWNSON LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
JAMES WALKER TOWNSON LIMITED
 
 
COMPANY INFORMATION


Directors
P L Bristow 
D Neeb 
J Eves 




Registered number
02395892



Registered office
Lion House
Oriental Road

Woking

Surrey

GU22 8AP




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
JAMES WALKER TOWNSON LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Notes to the Financial Statements
 
10 - 17


 
JAMES WALKER TOWNSON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £516,301 (2023 - £444,590).

The Directors approved a dividend of £450,000 (2023: £500,000), which was paid on 15 June 2023.

Business risk

Inflation
The Company’s input costs, including energy, materials and labour, have been increasing at their highest rates for decades. Due to the nature of the order book, contracts and markets immediately raising prices as a countermeasure is not always possible. Other competitors, in different geographies and markets, may not be as exposed to these changes in costs. We aim to mitigate this through cost savings, including through investment in solar energy, operational efficiencies and passing residual cost increases on to customers.  
 
Page 1

 
JAMES WALKER TOWNSON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business risk (continued)

Product innovation
The Company supplies products which include materials that are subject to regulations and in some cases customer certifications. Specifically, there is a risk around poly and perfluoroalkyl substances (PFAS) and if these materials are prohibited or withdrawn this could stop the supply of certain products into the market place. We are identifying materials that could be at risk as well as researching and developing alternative solutions.
Supply chain disruption
Disruption of supply of raw and semi-finished materials has improved during the year, partly due to a number of measures which the Company has implemented. We continue to communicate closely with our suppliers, review critical raw material needs and monitor logistics partners.
Climate change
A warming, changing climate presents both medium and long-term risks and opportunities for the Company. The transition towards net zero, including policies to encourage decarbonisation, will, in future, require us to provide additional support and products to customers as they shift away from fossil fuel based operation. Customers’ environmental expectations of their supply chains are expected to become more demanding. The Company is responding to the UN Sustainable Development Goals and is developing projects to reduce our energy intensity through better energy management, more efficient equipment and investment in sustainable energy sources.

Directors

The Directors who served during the year were:

P L Bristow 
D Neeb 
J Eves 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
JAMES WALKER TOWNSON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

This report was approved by the Board of Directors on 2 October 2024 and signed on its behalf.
 





P L Bristow
Director

Page 3

 
JAMES WALKER TOWNSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED
 

Opinion


We have audited the financial statements of James Walker Townson Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
JAMES WALKER TOWNSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 5

 
JAMES WALKER TOWNSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED)


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for manufacturing businesses such as health and safety and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. 
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: 
 
Inspecting correspondence with regulators and tax authorities;
Discussion with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Evaluating management's controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusually large amounts or with unusual descriptions; and
Challenging assumptions and judgements made by management in their critical accounting estimates.
 
Page 6

 
JAMES WALKER TOWNSON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Bernadette King (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

2 October 2024
Page 7

 
JAMES WALKER TOWNSON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
2,996,240
2,692,406

Change in stocks of finished goods and work in progress
  
102,447
62,652

Other operating income
  
9,452
1,415

Raw materials and consumables
  
(887,962)
(883,592)

Other external charges
  
(654,925)
(600,798)

Staff costs
  
(1,029,893)
(814,631)

Depreciation and amortisation
  
(16,195)
(13,477)

Operating profit
  
519,164
443,975

Interest receivable and similar income
  
19,474
7,627

Interest payable and similar expenses
  
(337)
(38)

Profit before tax
  
538,301
451,564

Tax on profit
 3 
(22,000)
(6,974)

Profit for the financial year
  
516,301
444,590

The notes on pages 10 to 17 form part of these financial statements.

Page 8

 
JAMES WALKER TOWNSON LIMITED
REGISTERED NUMBER: 02395892

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
267,537
35,262

  
267,537
35,262

Current assets
  

Stocks
 5 
494,747
422,173

Debtors due after more than 1 year
 6 
814
876

Debtors due within 1 year
 6 
1,284,990
1,444,430

Cash at bank and in hand
  
23,174
10,630

  
1,803,725
1,878,109

Creditors: amounts falling due within one year
 7 
(408,928)
(396,350)

Net current assets
  
 
 
1,394,797
 
 
1,481,759

Total assets less current liabilities
  
1,662,334
1,517,021

Provisions for liabilities
  

Deferred tax
 3 
(16,000)
-

Other provisions
 8 
(120,663)
(57,651)

  
 
 
(136,663)
 
 
(57,651)

Net assets
  
1,525,671
1,459,370


Capital and reserves
  

Called up share capital 
  
665,002
665,002

Profit and loss account
  
860,669
794,368

  
1,525,671
1,459,370


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




P L Bristow
Director

The notes on pages 10 to 17 form part of these financial statements.

Page 9

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

James Walker Townson Limited is a private company, limited by shares, registered and domiciled in England and Wales.
The registered office is:
Lion House
Oriental Road
Woking
Surrey 
GU22 8AP
The principal place of business is:
Unit 1B Castlehill, Horsefield Way
Bredbury Park Industrial Estate
Bredbury
Stockport
SK6 2SU
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006.
The following principal accounting policies have been applied:

 
1.2

Going concern

After reviewing the Company’s forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 10

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
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 to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that 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 or loss during the period in which they are incurred.

Depreciation is provided on the following basis:

Leasehold additions
-
Over the term of the lease
Plant and machinery
-
10% straight-line method
Motor vehicles
-
25% straight-line method
Fixtures and fittings
-
10% straight-line method
Computer equipment
-
20-33% straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other external charges' in the Income Statement.

 
1.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

 
1.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

Page 11

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
1.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 12

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.


Employees

The average monthly number of employees during the year was 21 (2023: 21).


3.


Taxation


2024
2023
£
£

Corporation tax


UK Corporation tax on profits for the year
22,000
3,883

Over-provision in respect of previous periods
-
9,091


Total current tax
22,000
12,974

Deferred tax


Origination and reversal of timing differences
-
(6,000)

Total deferred tax
-
(6,000)


Taxation profit on ordinary activities
22,000
6,974

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
538,302
451,564


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
134,576
85,797

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
250
(247)

Capital allowances for year in excess of depreciation
(7,961)
(10,326)

Underprovision in prior year tax
-
9,091

Other timing differences leading to an increase (decrease) in taxation
1,000
786

Group relief surrender
(105,865)
(78,127)

Total tax charge for the year
22,000
6,974

Page 13

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
3.Taxation (continued)


Factors that may affect future tax charges

Based on current investment plans, the Company expects to continue to be able to claim capital allowances in excess of depreciation.

The Directors have reviewed the deferred tax assets arising in the Company an in view of the anticipated future timing differences, a deferred tax liability of £16k (2023 - deferred tax asset of £6k) has been recognised in the statement of financial position.

As of April 2023, the standard corporation tax rate in the UK rose to 25%.



4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Long-term leasehold property
Total

£
£
£
£



Cost or valuation


At 1 April 2023
187,481
56,076
101,784
345,341


Additions
34,503
59,075
-
93,578


Transfers intra group
163,459
26,994
-
190,453


Disposals
-
(14,741)
-
(14,741)



At 31 March 2024

385,443
127,404
101,784
614,631



Depreciation


At 1 April 2023
180,377
27,918
101,784
310,079


Charge for the year on owned assets
6,727
9,468
-
16,195


Transfers intra group
26,312
6,748
-
33,060


Disposals
-
(12,240)
-
(12,240)



At 31 March 2024

213,416
31,894
101,784
347,094



Net book value



At 31 March 2024
172,027
95,510
-
267,537



At 31 March 2023
7,104
28,158
-
35,262

Page 14

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)

As of the end of the financial year, James Walker Rotabolt Limited has transferred all of its tangible assets to the Company at their net book value of approximately £160,000. This transfer did not result in any gain or loss.


5.


Stocks

2024
2023
£
£

Raw materials and consumables
262,142
293,838

Finished goods and work in progress
232,605
128,335

494,747
422,173



6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
814
876

814
876

Due within one year

Trade debtors
244,499
292,693

Amounts owed by group undertakings
866,222
1,032,957

Other debtors
41,761
6,000

Prepayments and accrued income
132,508
112,782

1,285,804
1,445,308


Page 15

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
207,230
229,709

Amounts owed to group undertakings
7,100
10,987

Other taxation and social security
-
7,315

Other creditors
35,842
-

Accruals and deferred income
158,756
148,339

408,928
396,350



8.


Provisions


Dilapidations provision
Warranty provision
Other specific provisions
Total

£
£
£
£





At 1 April 2023
40,360
17,291
-
57,651


Charged to profit or loss
3,596
17,069
42,347
63,012



At 31 March 2024
43,956
34,360
42,347
120,663


9.


Contingent liabilities

At 31 March 2024 the Company was party to a multilateral guarantee in respect of the indebtedness of other group companies to the value of £2,000,000 (2023: £2,000,000).


10.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
25,500

-
25,500

Page 16

 
JAMES WALKER TOWNSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
146,496
137,678

Later than 1 year and not later than 5 years
301,678
448,174

448,174
585,852


12.


Controlling party

The ultimate parent undertaking is James Walker Group Limited. Its registered office is Lion House, Oriental Road, Woking, Surrey, GU22 8AP.
Group financial statements for James Walker Group Limited are available to the public from Companies House, Crown Way, Cardiff, for which there may be a fee, if applicable.

Page 17