Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue2023-04-01false810true 00666457 2023-04-01 2024-03-31 00666457 2022-04-01 2023-03-31 00666457 2024-03-31 00666457 2023-03-31 00666457 c:Director2 2023-04-01 2024-03-31 00666457 d:Buildings 2023-04-01 2024-03-31 00666457 d:Buildings 2024-03-31 00666457 d:Buildings 2023-03-31 00666457 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 00666457 d:Buildings d:LongLeaseholdAssets 2024-03-31 00666457 d:Buildings d:LongLeaseholdAssets 2023-03-31 00666457 d:PlantMachinery 2023-04-01 2024-03-31 00666457 d:PlantMachinery 2024-03-31 00666457 d:PlantMachinery 2023-03-31 00666457 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:MotorVehicles 2023-04-01 2024-03-31 00666457 d:MotorVehicles 2024-03-31 00666457 d:MotorVehicles 2023-03-31 00666457 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:FurnitureFittings 2023-04-01 2024-03-31 00666457 d:FurnitureFittings 2024-03-31 00666457 d:FurnitureFittings 2023-03-31 00666457 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:OfficeEquipment 2023-04-01 2024-03-31 00666457 d:OfficeEquipment 2024-03-31 00666457 d:OfficeEquipment 2023-03-31 00666457 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 00666457 d:OtherPropertyPlantEquipment 2024-03-31 00666457 d:OtherPropertyPlantEquipment 2023-03-31 00666457 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00666457 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00666457 d:CurrentFinancialInstruments 2024-03-31 00666457 d:CurrentFinancialInstruments 2023-03-31 00666457 d:Non-currentFinancialInstruments 2024-03-31 00666457 d:Non-currentFinancialInstruments 2023-03-31 00666457 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00666457 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00666457 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00666457 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00666457 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 00666457 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 00666457 d:ShareCapital 2024-03-31 00666457 d:ShareCapital 2023-03-31 00666457 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 00666457 d:CapitalRedemptionReserve 2024-03-31 00666457 d:CapitalRedemptionReserve 2023-03-31 00666457 d:RevaluationReserve 2023-04-01 2024-03-31 00666457 d:RevaluationReserve 2024-03-31 00666457 d:RevaluationReserve 2023-03-31 00666457 d:OtherMiscellaneousReserve 2024-03-31 00666457 d:OtherMiscellaneousReserve 2023-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2024-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2023-03-31 00666457 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00666457 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00666457 c:OrdinaryShareClass1 2023-04-01 2024-03-31 00666457 c:OrdinaryShareClass1 2023-03-31 00666457 c:OrdinaryShareClass3 2023-04-01 2024-03-31 00666457 c:OrdinaryShareClass3 2024-03-31 00666457 c:OrdinaryShareClass5 2023-04-01 2024-03-31 00666457 c:OrdinaryShareClass5 2024-03-31 00666457 c:FRS102 2023-04-01 2024-03-31 00666457 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00666457 c:FullAccounts 2023-04-01 2024-03-31 00666457 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00666457 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 00666457 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 00666457 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 00666457 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 00666457 d:HirePurchaseContracts d:MoreThanFiveYears 2024-03-31 00666457 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 00666457 2 2023-04-01 2024-03-31 00666457 5 2023-04-01 2024-03-31 00666457 6 2023-04-01 2024-03-31 00666457 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 00666457 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 00666457 d:LeasedAssetsHeldAsLessee 2024-03-31 00666457 d:LeasedAssetsHeldAsLessee 2023-03-31 00666457 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00666457










TOWYN DEVELOPMENT CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TOWYN DEVELOPMENT CO. LIMITED
REGISTERED NUMBER: 00666457

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,614,736
11,534,159

Investments
 6 
-
821,763

  
15,614,736
12,355,922

Current assets
  

Stocks
  
1,221,739
757,698

Debtors: amounts falling due within one year
 7 
1,837,586
1,948,813

Cash at bank and in hand
 8 
931,729
1,619,146

  
3,991,054
4,325,657

Creditors: amounts falling due within one year
 9 
(7,221,381)
(8,496,837)

Net current liabilities
  
 
 
(3,230,327)
 
 
(4,171,180)

Total assets less current liabilities
  
12,384,409
8,184,742

Creditors: amounts falling due after more than one year
 10 
(486,876)
-

Provisions for liabilities
  

Deferred tax
 13 
(75,424)
(63,866)

  
 
 
(75,424)
 
 
(63,866)

Net assets
  
11,822,109
8,120,876


Capital and reserves
  

Called up share capital 
 14 
2,376
4,800

Revaluation reserve
 15 
6,903,646
-

Capital redemption reserve
 15 
2,424
-

Other reserves
 15 
7,200
7,200

Profit and loss account
 15 
4,906,463
8,108,876

  
11,822,109
8,120,876


Page 1

 
TOWYN DEVELOPMENT CO. LIMITED
REGISTERED NUMBER: 00666457
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2024.




Mr H R Owen
Director

The notes on pages 3 to 17 form part of these financial statements.

Page 2

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Towyn Development Co. Limited, 00666457, is a private company limited by shares, incorporated in England and Wales, with its registered office at Red House, Aberhafesp, Newtown, Powys, SY16 3HN.
The principal activity of the company continues to be caravan sales, caravan park management and farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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.

Page 4

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Freehold property - Other
-
Plant and machinery
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
15%
Office equipment
-
30%
Property improvements
-
No depreciation

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 in profit or loss.

The Companies Act 2006 requires tangible fixed assets to be depreciated. Freehold property is not depreciated. The director considers that the property is maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to profit and loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 6

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 10).

Page 7

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Caravan Park freehold property
Other freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 April 2023
3,647,523
6,896,783
511,696
85,304
33,397


Additions
-
-
75,647
32,995
26,012


Disposals
(4,742,425)
(617,298)
(85,176)
-
(29,088)


Revaluations
9,625,381
-
-
-
-



At 31 March 2024

8,530,479
6,279,485
502,167
118,299
30,321



Depreciation


At 1 April 2023
-
-
302,538
49,289
23,299


Charge for the year on owned assets
-
-
28,898
12,440
1,750


Charge for the year on financed assets
-
-
6,700
-
-


Disposals
-
-
(53,994)
-
(20,973)



At 31 March 2024

-
-
284,142
61,729
4,076



Net book value



At 31 March 2024
8,530,479
6,279,485
218,025
56,570
26,245



At 31 March 2023
3,647,523
6,896,783
209,158
36,014
10,098
Page 8

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)


Office equipment
Property improvements
Total

£
£
£



Cost or valuation


At 1 April 2023
10,831
734,390
11,919,924


Additions
1,059
-
135,713


Disposals
(890)
(231,313)
(5,706,190)


Revaluations
-
-
9,625,381



At 31 March 2024

11,000
503,077
15,974,828



Depreciation


At 1 April 2023
10,638
-
385,764


Charge for the year on owned assets
271
-
43,359


Charge for the year on financed assets
-
-
6,700


Disposals
(764)
-
(75,731)



At 31 March 2024

10,145
-
360,092



Net book value



At 31 March 2024
855
503,077
15,614,736



At 31 March 2023
193
734,390
11,534,159

Page 9

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
60,300
-

60,300
-

Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


At cost
7,906,321
At valuation:

March 2024 - Market Value
6,903,643



14,809,964

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
7,906,321
7,906,321

Net book value
7,906,321
7,906,321


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 April 2023
821,763


Disposals
(821,763)



At 31 March 2024
-




Page 10

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
347,627
390,146

Other debtors
1,419,585
1,521,801

Prepayments and accrued income
70,374
36,866

1,837,586
1,948,813



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
931,729
1,619,146

Less: bank overdrafts
(95,080)
(85,210)

836,649
1,533,936


Page 11

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
95,080
85,210

Bank loans
3,429,077
5,342,430

Other loans
1,037,685
-

Trade creditors
725,679
129,654

Amounts owed to group undertakings
-
1,085,380

Other taxation and social security
255,891
406,144

Obligations under finance lease and hire purchase contracts
16,356
-

Other creditors
463,112
160,251

Accruals and deferred income
1,198,501
1,287,768

7,221,381
8,496,837


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
95,080
85,210

Bank loans
3,429,077
5,342,430

Obligations under finance leases and hire purchase contracts
16,356
-

3,540,513
5,427,640

Details of security provided:

The bank loans and overdraft are secured upon the assets of the company.
The hire purchase liabilities are secured upon the assets to which they relate.

Page 12

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
452,378
-

Net obligations under finance leases and hire purchase contracts
34,498
-

486,876
-


The following liabilities were secured:

2024
2023
£
£



Obligations under finance leases and hire purchase contracts
34,498
-

34,498
-

Details of security provided:

The hire purchase liabilities are secured upon the assets to which they relate.

Page 13

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,429,077
5,342,430

Other loans
1,037,685
-


4,466,762
5,342,430

Amounts falling due 1-2 years

Other loans
50,262
-


50,262
-

Amounts falling due 2-5 years

Other loans
150,785
-


150,785
-

Amounts falling due after more than 5 years

Other loans
251,331
-

251,331
-

4,919,140
5,342,430



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
16,356
-

Between 1-2 years
16,947
-

Over 2 years
17,551
-

50,854
-

Page 14

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Deferred taxation




2024


£






At beginning of year
63,866


Charged to profit or loss
11,558



At end of year
75,424

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
75,424
63,866

75,424
63,866

Page 15

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 4,800) Ordinary shares of £1.00 each
-
4,800
696 (2023 - 0) Ordinary B shares of £1.00 each
696
-
1,680 (2023 - 0) Ordinary D shares of £1.00 each
1,680
-

2,376

4,800

On 30 August 2023 4,800 ordinary shares were re-designated to the following:
Ordinary A - 1,248
Ordinary B - 696
Ordinary C - 1,176
Ordinary D - 1,680
On 31 August 2023 a company repurchase and cancellation of A & C share capital took place reducing the share capital by £2,424.



15.


Reserves

Revaluation reserve

The revaluation reserve represents the accumulated surplus on historic cost to fair value less accumulated impairment losses and periodic transfers to the profit and loss reserve.

Capital redemption reserve

The capital redemption reserve represents the cancelled share capital of the Company.

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less
distributions made to shareholders.


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,044 (2023: £3,920) . Contributions totaling £638 (2023: £254) were payable to the fund at the balance sheet date and are included in creditors.

Page 16

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Related party transactions

Included in other creditors is a balance due to the Estate of Bryn Owen Dec'd of £128,782 (2023: £577,183 other debtors - due from the Estate of Bryn Owen).
Included within debtors due within 1 year is a balance due from Kingsford Holiday Camp Ltd (former subsidiary company) of £2,052 (2023: £1,085,380 amount due to). No interest is charged and the balance is repayable on demand.
Included within creditors due within 1 year is a loan balance due to Kingsford Holiday Camp Ltd of £1,037,685. Interest is charged at 1% over the Base Rate.
£1,000,000 of the above balance is fixed term with repayment due on 29 August 2024.
Included with creditors due more than 1 year is a loan balance due to Kingsford Holiday Camp Ltd of £452,378. Interest is charged at 1% over the Base Rate.
As at the 31 March 2024 Kingsford Holiday Camp Ltd was owed a balance of £6,193 in loan repayments.

 
Page 17