TOWNDEV LTD.

Company Registration Number:
09273709 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2024

Period of accounts

Start date: 01 November 2023

End date: 31 October 2024

TOWNDEV LTD.

Contents of the Financial Statements

for the Period Ended 31 October 2024

Balance sheet
Notes

TOWNDEV LTD.

Balance sheet

As at 31 October 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 38,197 2,441
Investments: 4 560,658 338,081
Total fixed assets: 598,855 340,522
Current assets
Debtors:   175,708 136,239
Cash at bank and in hand: 61,483 114,822
Total current assets: 237,191 251,061
Creditors: amounts falling due within one year: 5 (194,225) (118,737)
Net current assets (liabilities): 42,966 132,324
Total assets less current liabilities: 641,821 472,846
Creditors: amounts falling due after more than one year: 6 (30,165) (76,189)
Total net assets (liabilities): 611,656 396,657
Capital and reserves
Called up share capital: 5,200 5,200
Share premium account: 49,750 49,750
Profit and loss account: 556,706 341,707
Shareholders funds: 611,656 396,657

The notes form part of these financial statements

TOWNDEV LTD.

Balance sheet statements

For the year ending 31 October 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 March 2025
and signed on behalf of the board by:

Name: Mr N Murphy
Status: Director

The notes form part of these financial statements

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the net sum invoiced, in respect of the company's principal activities and is exclusive of VAT. The business enters into long term contracts and profit share arrangements on developments. When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are recorded and revenue is only recognised to the extent that it is probable that costs are recoverable, which is typically when the contract is more than 75% complete. When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision. Consultancy services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. Depreciation is charged on a straight line basis at a rate of 33.33 per cent on the cost of computer and office equipment. Depreciation of an electric vehicle is charged on a straight line basis over a 6 year period.

Valuation and information policy

Estimating the level of profit share on long term contract earned, by reference to the project percentage complete and level of risks remaining. Determine whether there are indicators of non-recoverability of project costs. Factors taken into consideration in reaching such a decision include assessing the contractual position, project status and viability, and customer/end user credit worthiness.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

2. Employees

2024 2023
Average number of employees during the period 12 12

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

3. Tangible Assets

Total
Cost £
At 01 November 2023 29,543
Additions 41,719
At 31 October 2024 71,262
Depreciation
At 01 November 2023 27,102
Charge for year 5,963
At 31 October 2024 33,065
Net book value
At 31 October 2024 38,197
At 31 October 2023 2,441

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

4. Fixed investments

Towndev (Wolverton) Limited £442,014 Towndev (Sunniside) Limited £13,159 Towndev (Oundle) Limited £89,481 Towndev (Northstowe) Limited £16,003 All investments consists of an issued share capital of £100 subscribed on incorporation and loans to that company to enable it to meet its obligations as they arise. These loans are interest free and have no fixed date of repayment although it is envisaged that they will be repaid out of the revenues arising from the development.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

5. Creditors: amounts falling due within one year note

Creditors - amounts falling due within one year comprise: Bank loans and overdrafts £46,502 Taxation and social security £93,699 Trade creditors and accruals £54,024 The bank loan comprises of the capital repayments of a loan for £175,000 that are due within one year. The loan was drawn down in April 2021 and is unsecured.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

6. Creditors: amounts falling due after more than one year note

Creditors - Amounts falling due after more than one year comprise of Bank loans and overdrafts £30,164 The creditor due after more than one year comprises of a five year loan entered into with Iwoca. The instalment of this lwoca repayable within twelve months is reported under Creditors due within one year. The loan is unsecured.

TOWNDEV LTD.

Notes to the Financial Statements

for the Period Ended 31 October 2024

7. Loans to directors

Name of director receiving advance or credit: Mr N Murphy
Description of the loan: £10,000 advance
£
Balance at 01 November 2023 10,000
Advances or credits repaid: 5,000
Balance at 31 October 2024 5,000