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REGISTERED NUMBER: 01553884 (England and Wales)












Financial Statements

for the Year Ended 31 May 2024

for

TOWNLEY WELLS LIMITED

TOWNLEY WELLS LIMITED (REGISTERED NUMBER: 01553884)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

TOWNLEY WELLS LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr J T Rolls
Mrs J A Rolls





SECRETARY: Mr J T Rolls





REGISTERED OFFICE: Suite 1, Eighth Floor
Intergen House
65-67 Western Road
Hove
BN3 2JQ





REGISTERED NUMBER: 01553884 (England and Wales)





ACCOUNTANTS: Chambers & Co Accountants LLP
Suite 1, Eighth Floor,
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

TOWNLEY WELLS LIMITED (REGISTERED NUMBER: 01553884)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 74,500 98,000

CURRENT ASSETS
Debtors 5 44,721 44,263
Cash at bank 44,651 30,024
89,372 74,287
CREDITORS
Amounts falling due within one year 6 5,368 5,976
NET CURRENT ASSETS 84,004 68,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,504

166,311

PROVISIONS FOR LIABILITIES 8,814 12,947
NET ASSETS 149,690 153,364

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 55,335 144,835
Retained earnings 94,255 8,429
SHAREHOLDERS' FUNDS 149,690 153,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 15 February 2025 and were signed on its behalf by:



Mr J T Rolls - Director


TOWNLEY WELLS LIMITED (REGISTERED NUMBER: 01553884)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Townley Wells 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents ground rent receivable for the period.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

TOWNLEY WELLS LIMITED (REGISTERED NUMBER: 01553884)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 98,000
Disposals (18,000 )
Revaluations (5,500 )
At 31 May 2024 74,500
NET BOOK VALUE
At 31 May 2024 74,500
At 31 May 2023 98,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2010 13,835
Valuation in 2011 2,500
Valuation in 2013 2,500
Valuation in 2014 25,000
Valuation in 2015 7,000
Valuation in 2016 (3,500 )
Valuation in 2020 1,500
Valuation in 2021 8,500
Valuation in 2022 14,500
Valuation in 2024 (5,500 )
Cost 8,165
74,500

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 8,165 8,665

Investment property was valued on a fair value basis on 31 May 2024 by Mr J T Rolls .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Rents receivable 786 329
Directors' loan accounts 35,148 35,147
Corporation tax recoverable 8,787 8,787
44,721 44,263

TOWNLEY WELLS LIMITED (REGISTERED NUMBER: 01553884)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 3,270 4,359
Social security and other taxes 241 -
Other creditors 17 -
Unsecured loan 1,000 1,000
Directors' loan accounts - 17
Accrued expenses 840 600
5,368 5,976

7. RESERVES
Revaluation
reserve
£   
At 1 June 2023 144,835
Disposal in year (89,500 )

At 31 May 2024 55,335

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr J T Rolls
Balance outstanding at start of year 35,148 35,148
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,148 35,148

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Townley Wells Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Townley Wells Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Townley Wells Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Townley Wells Limited and state those matters that we have agreed to state to the Board of Directors of Townley Wells Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Townley Wells Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Townley Wells Limited. You consider that Townley Wells Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Townley Wells Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Chambers & Co Accountants LLP
Suite 1, Eighth Floor,
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ


15 February 2025