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Registration number: 10916264

Town Dwellings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Town Dwellings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Town Dwellings Ltd

Company Information

Directors

Ram Natwarlal Morjaria

Adeline Jane Morjaria

Registered office

B1 Vantage Park,
Old Gloucestor Road,
Hambrook
Bristol
BS16 1GW

Accountants

AIMS Accountants for Business
 
C12
12 Cathedral Road
Cardiff
CF11 9LJ

 

Town Dwellings Ltd

(Registration number: 10916264)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,445,700

955,841

Current assets

 

Cash at bank and in hand

 

37,225

55,418

Creditors: Amounts falling due within one year

5

(345,436)

(217,874)

Net current liabilities

 

(308,211)

(162,456)

Total assets less current liabilities

 

1,137,489

793,385

Creditors: Amounts falling due after more than one year

5

(1,005,729)

(649,714)

Provisions for liabilities

(32,109)

(32,109)

Net assets

 

99,651

111,562

Capital and reserves

 

Called up share capital

20

20

Revaluation reserve

95,676

95,676

Retained earnings

3,955

15,866

Shareholders' funds

 

99,651

111,562

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

 

Town Dwellings Ltd

(Registration number: 10916264)
Balance Sheet as at 31 August 2024

.........................................
Ram Natwarlal Morjaria
Director

 

Town Dwellings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
B1 Vantage Park,
Old Gloucestor Road,
Hambrook
Bristol
BS16 1GW

These financial statements were authorised for issue by the Board on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Town Dwellings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Town Dwellings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

955,000

586

1,061

956,647

Additions

489,700

484

-

490,184

At 31 August 2024

1,444,700

1,070

1,061

1,446,831

Depreciation

At 1 September 2023

-

185

621

806

Charge for the year

-

213

112

325

At 31 August 2024

-

398

733

1,131

Carrying amount

At 31 August 2024

1,444,700

672

328

1,445,700

At 31 August 2023

955,000

401

440

955,841

Included within the net book value of land and buildings above is £1,444,700 (2023 - £955,000) in respect of freehold land and buildings.
 

 

Town Dwellings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

3,248

3,168

Trade creditors

 

450

-

Taxation and social security

 

452

972

Accruals and deferred income

 

975

3,035

Other creditors

 

340,311

210,699

 

345,436

217,874

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

1,005,729

649,714

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,005,729

649,714

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,248

3,168