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Townfirst Limited
Financial Statements
For The Year Ended 30 April 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02473549
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,867 -
Investment Properties 5 1,095,000 1,095,000
1,136,867 1,095,000
CURRENT ASSETS
Debtors 6 16,436 1,390
Cash at bank and in hand 29,261 78,593
45,697 79,983
Creditors: Amounts Falling Due Within One Year 7 (15,514 ) (18,339 )
NET CURRENT ASSETS (LIABILITIES) 30,183 61,644
TOTAL ASSETS LESS CURRENT LIABILITIES 1,167,050 1,156,644
PROVISIONS FOR LIABILITIES
Deferred Taxation (138,693 ) (97,757 )
NET ASSETS 1,028,357 1,058,887
CAPITAL AND RESERVES
Called up share capital 8 50 50
Other reserves 578,859 609,998
Profit and Loss Account 449,448 448,839
SHAREHOLDERS' FUNDS 1,028,357 1,058,887
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Raymond Leplar
Director
4 December 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Townfirst Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02473549 . The registered office is 24 The Chenies, Petts Wood, Orpington, Kent, BR6 0ED.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover represents amounts receivable in respect of rent charges from tenants for the year.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Over 3 years
Fixtures & Fittings 15% reducing balance
Computer Equipment Over 3 years
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
...CONTINUED
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2.5. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 May 2023 4,169 16,583 3,996 24,748
Additions 62,800 - - 62,800
As at 30 April 2024 66,969 16,583 3,996 87,548
Depreciation
As at 1 May 2023 4,169 16,583 3,996 24,748
Provided during the period 20,933 - - 20,933
As at 30 April 2024 25,102 16,583 3,996 45,681
Net Book Value
As at 30 April 2024 41,867 - - 41,867
As at 1 May 2023 - - - -
Investment properties with a carrying amount of £1,095,000 (2023:£1,095,000) were revalued by the directors on the basis of market value. The valuation was based on recent market transactions on arm's length terms for similar properties.
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Cost or valuation as at 30 April 2024 represented by:
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
At cost 66,969 16,583 3,996 87,548
66,969 16,583 3,996 87,548
5. Investment Property
2024
£
Fair Value
As at 1 May 2023 1,095,000
Additions 357
Revaluations (357)
As at 30 April 2024 1,095,000
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 6,074 1,100
Deferred tax current asset 10,362 290
16,436 1,390
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax - 2,684
Other taxes and social security 8 8
Accruals and deferred income 1,201 3,091
Directors' loan accounts 14,305 12,556
15,514 18,339
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50 50
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9. Reserves
Profit and loss reserve - This reserve records the retained earnings and accumulated losses.

Other reserves - This reserve records the fair value adjustments to investment properties and such reserves remain non-distributable.
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