Company registration number 02249938 (England and Wales)
Towndoor Limited
Annual Report And Financial Statements
For The Year Ended 30 June 2024
PAGES FOR FILING WITH REGISTRAR
TOWNDOOR LIMITED
Towndoor Limited
COMPANY INFORMATION
Directors
Mr B S Bamforth
Mr D J Bamforth
Mrs J L Bamforth
Mr J W Dixon
Mrs K Broster
Company number
02249938
Registered office
Estate Office, Gate 7
Meltham Mills
Holmfirth
HD9 4AR
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
TOWNDOOR LIMITED
Towndoor Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
TOWNDOOR LIMITED
Towndoor Limited
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
876,362
830,427
Investment property
4
17,775,740
19,496,872
Investments
5
1,425,842
1,392,632
20,077,944
21,719,931
Current assets
Debtors
6
320,957
460,141
Cash at bank and in hand
1,593,061
686,318
1,914,018
1,146,459
Creditors: amounts falling due within one year
7
(1,572,411)
(1,655,659)
Net current assets/(liabilities)
341,607
(509,200)
Total assets less current liabilities
20,419,551
21,210,731
Creditors: amounts falling due after more than one year
8
(3,942,124)
(6,674,736)
Provisions for liabilities
(1,340,000)
(980,000)
Net assets
15,137,427
13,555,995
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
12
15,137,327
13,555,895
Total equity
15,137,427
13,555,995

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Mr D J Bamforth
Director
Company Registration No. 02249938
TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Towndoor Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estate Office, Gate 7, Meltham Mills, Holmfirth, HD9 4AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents receivable together with associated service charges net of VAT, and is recognised over the period to which it relates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
14
TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
1,260,090
Additions
771,721
Disposals
(722,935)
At 30 June 2024
1,308,876
Depreciation and impairment
At 1 July 2023
429,663
Depreciation charged in the year
140,828
Eliminated in respect of disposals
(137,977)
At 30 June 2024
432,514
Carrying amount
At 30 June 2024
876,362
At 30 June 2023
830,427
4
Investment property
2024
£
Fair value
At 1 July 2023
19,496,872
Disposals
(3,926,745)
Revaluations
2,205,613
At 30 June 2024
17,775,740

Investment property comprises of a portfolio of single or multi-let industrial properties within West Yorkshire. The fair value of the investment property has been arrived on the basis of a valuation carried out at the premises on 23 February 2024 by Gerald Eve LLP Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are satisfied that the fair value as at the balance sheet date is not materially different to the valuation conducted on 23 February 2024.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Investment property
(Continued)
- 8 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
10,176,391
12,758,421
Accumulated depreciation
(3,609,276)
(3,959,620)
Carrying amount
6,567,115
8,798,801

 

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
620,850
620,850
Loans to group undertakings and participating interests
804,992
771,782
1,425,842
1,392,632
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 July 2023
620,850
771,782
1,392,632
Additions
-
33,210
33,210
At 30 June 2024
620,850
804,992
1,425,842
Carrying amount
At 30 June 2024
620,850
804,992
1,425,842
At 30 June 2023
620,850
771,782
1,392,632
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,838
71,354
Other debtors
315,119
388,787
320,957
460,141
TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
401,737
407,143
Trade creditors
83,175
193,468
Taxation and social security
351,716
270,551
Other creditors
735,783
784,497
1,572,411
1,655,659

 

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9
3,662,549
6,489,286
Other creditors
279,575
185,450
3,942,124
6,674,736
9
Loans and overdrafts
2024
2023
£
£
Bank loans
4,064,286
6,896,429
Payable within one year
401,737
407,143
Payable after one year
3,662,549
6,489,286

Two loans have been drawn with Barclays Bank:

The first loan was for a total amount £6,050,000 drawn down in May 2020, with a total amount outstanding at the year end of £2,725,000 (2023 - £5,450,000). This facility has been refinanced during the year and is to be repaid over 3 years at a fixed interest rate of 7.32% caclulated on a fixed rate basis.

The second loan was for a total amount £1,500,000 drawn down in November 2021, with a total amount outstanding at the year end of £1,339,286 (2023 - £1,446,429). The facility is to be repaid over 3 years at an fixed interest rate of 3.39% calculated on the floating rate basis.          

These bank loans and overdrafts are secured by way of a debenture over certain assets of the company.

 

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
201,148
100,945
In two to five years
279,575
185,450
480,723
286,395

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The above amounts are included within Creditors: amounts falling due within one year; Other creditors, and Creditors: amounts falling due after more than one year; Other creditors respectively.

11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
359,000
373,000
Investment property
981,000
607,000
1,340,000
980,000
2024
Movements in the year:
£
Liability at 1 July 2023
980,000
Charge to profit or loss
360,000
Liability at 30 June 2024
1,340,000

The accelerated capital allowances deferred tax liability is expected to reverse over the life of the assets, and the investment property deferred tax liability is expected to reverse on the sale of the relevant properties.

12
Profit and loss reserves

Included within retained profits are non-distributable unrealised profits arising from the revaluation of investment properties of £6,668,787 (2023 - £6,384,452), net of deferred tax provisions arising on the revaluations.

TOWNDOOR LIMITED
Towndoor Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Grant
Statutory Auditor:
Azets Audit Services Limited
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Havenfield LLC
United States of America
Class A Voting Rights
100.00

The registered office of the above is Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle, Delaware 19801, United States of America.

15
Ultimate controlling party

In the view of the directors, there is no ultimate controlling party.

16
Related party transactions

Included in other debtors is an amount owed by Bamforth Leisure Limited, a company under common control, amounting to £176,426 (2023 - £152,439). No interest is charged on the loan and there is no fixed date for repayment.

 

Included in Investments; Loans to subsidiaries is an amount of £804,992 (2023 - £771,782) owed by Havenfield LLC, the wholly-owned subsidiary. No interest is charged on the loan and there is no fixed date for repayment.

2024-06-302023-07-01false06 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr B S BamforthMr D J BamforthMrs J L BamforthMr J W DixonMr C J CappMrs K Brosterfalsefalse022499382023-07-012024-06-3002249938bus:Director12023-07-012024-06-3002249938bus:Director22023-07-012024-06-3002249938bus:Director32023-07-012024-06-3002249938bus:Director42023-07-012024-06-3002249938bus:Director62023-07-012024-06-3002249938bus:Director52023-07-012024-06-3002249938bus:RegisteredOffice2023-07-012024-06-30022499382024-06-30022499382023-06-3002249938core:OtherPropertyPlantEquipment2024-06-3002249938core:OtherPropertyPlantEquipment2023-06-3002249938core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3002249938core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002249938core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3002249938core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3002249938core:CurrentFinancialInstruments2024-06-3002249938core:CurrentFinancialInstruments2023-06-3002249938core:Non-currentFinancialInstruments2024-06-3002249938core:Non-currentFinancialInstruments2023-06-3002249938core:ShareCapital2024-06-3002249938core:ShareCapital2023-06-3002249938core:RetainedEarningsAccumulatedLosses2024-06-3002249938core:RetainedEarningsAccumulatedLosses2023-06-3002249938core:PlantMachinery2023-07-012024-06-3002249938core:FurnitureFittings2023-07-012024-06-3002249938core:MotorVehicles2023-07-012024-06-30022499382022-07-012023-06-3002249938core:OtherPropertyPlantEquipment2023-06-3002249938core:OtherPropertyPlantEquipment2023-07-012024-06-30022499382023-06-3002249938core:WithinOneYear2024-06-3002249938core:WithinOneYear2023-06-3002249938core:BetweenTwoFiveYears2024-06-3002249938core:BetweenTwoFiveYears2023-06-3002249938core:Subsidiary12023-07-012024-06-3002249938core:Subsidiary112023-07-012024-06-3002249938bus:PrivateLimitedCompanyLtd2023-07-012024-06-3002249938bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3002249938bus:FRS1022023-07-012024-06-3002249938bus:Audited2023-07-012024-06-3002249938bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP