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REGISTERED NUMBER: 07860390 (England and Wales)















Financial Statements for the Year Ended 28 November 2023

for

Town Loans Company Limited

Town Loans Company Limited (Registered number: 07860390)






Contents of the Financial Statements
for the Year Ended 28 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Town Loans Company Limited

Company Information
for the Year Ended 28 November 2023







DIRECTOR: N Sweeney





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 07860390 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Town Loans Company Limited (Registered number: 07860390)

Balance Sheet
28 November 2023

28.11.23 28.11.22
Notes £    £   
CURRENT ASSETS
Debtors 4 82,371 71,786

CREDITORS
Amounts falling due within one year 5 17,269 14,169
NET CURRENT ASSETS 65,102 57,617
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,102

57,617

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 65,101 57,616
SHAREHOLDERS' FUNDS 65,102 57,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:





N Sweeney - Director


Town Loans Company Limited (Registered number: 07860390)

Notes to the Financial Statements
for the Year Ended 28 November 2023

1. STATUTORY INFORMATION

Town Loans Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover represents interest income on loans provided. Interest is recognised in the accounts on a receipts basis.

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand) and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Town Loans Company Limited (Registered number: 07860390)

Notes to the Financial Statements - continued
for the Year Ended 28 November 2023

2. ACCOUNTING POLICIES - continued
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.

Loans receivable
Loans receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the company provides money directly to a customer with no intention of trading the receivable. Loans and receivables are measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.11.23 28.11.22
£    £   
Loans receivable 38,337 42,572
Other debtors 44,034 29,214
82,371 71,786

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.11.23 28.11.22
£    £   
Taxation and social security 15,547 12,446
Other creditors 1,722 1,723
17,269 14,169

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the financial year end the director owed the company £29,280 (2021 £14,461 Interest is charged on the loan at 2.25% and is repayable upon demand.