Company registration number 07235008 (England and Wales)
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
75,000
112,500
Tangible assets
4
791,976
665,097
866,976
777,597
Current assets
Stocks
145,165
358,333
Debtors
5
273,335
165,378
Cash at bank and in hand
1,180,644
624,713
1,599,144
1,148,424
Creditors: amounts falling due within one year
6
(446,411)
(462,681)
Net current assets
1,152,733
685,743
Total assets less current liabilities
2,019,709
1,463,340
Creditors: amounts falling due after more than one year
7
(210,324)
(181,005)
Provisions for liabilities
(186,200)
(154,480)
Net assets
1,623,185
1,127,855
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,623,085
1,127,755
Total equity
1,623,185
1,127,855
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr M A Parton
Director
Company registration number 07235008 (England and Wales)
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Town and Country Fencing (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sunnyside, Hooks Lane, Hinstock, Market Drayton, Shropshire, TF9 2TJ.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of 16 years.

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:

Buildings
not depreciated
Plant and equipment
20% on reducing balance
Tractors
20% on reducing balance
Computers
25% on reducing balance
Motor vehicles
20% on reducing balance

Freehold land and assets in the course of construction are not depreciated.

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

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.

1.8
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.

1.9
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.

TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
15
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
500,000
Amortisation and impairment
At 1 May 2023
387,500
Amortisation charged for the year
37,500
At 30 April 2024
425,000
Carrying amount
At 30 April 2024
75,000
At 30 April 2023
112,500
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Buildings
Plant and equipment
Tractors
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
47,177
385,514
229,770
9,241
405,525
1,077,227
Additions
-
0
109,165
290,639
3,376
37,500
440,680
Disposals
-
0
(3,253)
(168,500)
-
0
(25,645)
(197,398)
At 30 April 2024
47,177
491,426
351,909
12,617
417,380
1,320,509
Depreciation and impairment
At 1 May 2023
-
0
184,332
43,275
7,371
177,152
412,130
Depreciation charged in the year
-
0
61,018
62,626
894
47,892
172,430
Eliminated in respect of disposals
-
0
(3,074)
(28,718)
-
0
(24,235)
(56,027)
At 30 April 2024
-
0
242,276
77,183
8,265
200,809
528,533
Carrying amount
At 30 April 2024
47,177
249,150
274,726
4,352
216,571
791,976
At 30 April 2023
47,177
201,182
186,495
1,870
228,373
665,097
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
136,365
75,284
Other debtors
136,970
90,094
273,335
165,378
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,119
9,870
Trade creditors
133,561
277,595
Taxation and social security
178,641
53,815
Other creditors
124,090
121,401
446,411
462,681
TOWN AND COUNTRY FENCING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,661
25,780
Other creditors
194,663
155,225
210,324
181,005
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