TOWNDEV LTD.

Company Registration Number:
09273709 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2023

Period of accounts

Start date: 01 November 2022

End date: 31 October 2023

TOWNDEV LTD.

Contents of the Financial Statements

for the Period Ended 31 October 2023

Balance sheet
Notes

TOWNDEV LTD.

Balance sheet

As at 31 October 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 2,441 5,117
Investments: 4 338,081 230,183
Total fixed assets: 340,522 235,300
Current assets
Debtors:   136,239 153,114
Cash at bank and in hand: 114,822 259,616
Total current assets: 251,061 412,730
Creditors: amounts falling due within one year: 5 (118,737) (134,145)
Net current assets (liabilities): 132,324 278,585
Total assets less current liabilities: 472,846 513,885
Creditors: amounts falling due after more than one year: 6 (76,189) (119,457)
Total net assets (liabilities): 396,657 394,428
Capital and reserves
Called up share capital: 5,200 5,200
Share premium account: 49,750 49,750
Profit and loss account: 341,707 339,478
Shareholders funds: 396,657 394,428

The notes form part of these financial statements

TOWNDEV LTD.

Balance sheet statements

For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 November 2024
and signed on behalf of the board by:

Name: Mr George Scurry
Status: Director

The notes form part of these financial statements

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the net sum invoiced, in respect of the company's principal activities and is exclusive of VAT. The business enters into long-term contracts and profit share arrangements on developments. When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are recorded and revenue is only recognised to the extent that it is probable that costs are recoverable, which is typically when the contract is more than 75 percent complete. Consultancy services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income.

Intangible fixed assets and amortisation policy

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. Depreciation is charged on a straight line basis at a rate of 33.33 percent on the cost of computer and office equipment.

Valuation and information policy

In preparing these financial statements, the directors have made the following judgements: Estimating the level of profit share on long term contract earned, by reference to the project percentage complete and the level of risks remaining, Determine whether there are indicators of non-recoverability of project costs. Factors taken into consideration in reaching such a decision include assessing the contractual position, project status and viability, and customer/end user credit worthiness.

Other accounting policies

In the prior year, a number of errors recording current and non-current liabilities and administrative expenses occurred. The impact of the corrections was as follows: Equity at 31 October 2022 as previously stated £278,942 Correction of errors £115,486 Equity at 31 October 2022 as restated £394,428

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

2. Employees

2023 2022
Average number of employees during the period 12 12

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

3. Tangible Assets

Total
Cost £
At 01 November 2022 28,335
Additions 1,208
At 31 October 2023 29,543
Depreciation
At 01 November 2022 23,218
Charge for year 3,884
At 31 October 2023 27,102
Net book value
At 31 October 2023 2,441
At 31 October 2022 5,117

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Fixed investments

Towndev (Wolverton) Limited £302,730 (2022 restated £232,083) Towndev (Sunniside) Limited £21,316 Towndev (Oundle) Limited £14,034 (2022 restated -£1,900) All investments consist of an issued share capital of £100 subscribed on incorporation and loans to the company to enable it to meet its obligations as they arise. These loans are interest free and have no fixed date of repayment although it is envisaged that they will be repaid out of the revenues arising from the development.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

5. Creditors: amounts falling due within one year note

Creditors - amounts falling due within one year comprise: Bank loans and overdrafts £43,268 (2022 restated: £38,202) Taxation and social security £53,757 (2022 restated: £34,475) Trade creditors and accruals £21,712 (2022 restated: £61,468) The bank loan comprises of the capital repayments of a loan for £175,000 that are due within one year. The loan was drawn down in April 2021 and is unsecured.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

6. Creditors: amounts falling due after more than one year note

Creditors - amounts falling due after more than one year comprise of Bank loans and overdrafts £76,189 (2022 restated: £119,457) This comprises of a five year loan entered into with Iwoca. The instalment of this Iwoca loan repayable within twelve months is reported under Creditors due within one year. The loan is unsecured.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

7. Loans to directors

Name of director receiving advance or credit: Mr N Murphy
Description of the loan: £10,000 advance
£
Balance at 01 November 2022 0
Advances or credits made: 10,000
Advances or credits repaid: 0
Balance at 31 October 2023 10,000
Name of director receiving advance or credit: Mr J Anstead
Description of the loan: Advance
£
Balance at 01 November 2022 5,000
Advances or credits made: 0
Advances or credits repaid: 5,000
Balance at 31 October 2023 0

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2023

8. Changes in presentation and prior period adjustments

Equity at 31 October 2022 As previously stated £278,942. Correction of errors £115,486 As restated £394,428