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REGISTERED NUMBER: 01285236 (England and Wales)










TOWSURE PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2024






TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 8


TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

BALANCE SHEET
31ST JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,862,849 1,896,347
Investments 6 100 100
1,862,949 1,896,447

CURRENT ASSETS
Stocks 813,950 995,205
Debtors 7 35,441 96,018
Cash at bank and in hand 12,889 9,890
862,280 1,101,113
CREDITORS
Amounts falling due within one year 8 1,557,032 1,547,700
NET CURRENT LIABILITIES (694,752 ) (446,587 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,168,197 1,449,860

CREDITORS
Amounts falling due after more than one year 9 30,977 47,977
NET ASSETS 1,137,220 1,401,883

CAPITAL AND RESERVES
Called up share capital 11 6 6
Revaluation reserve 12 560,302 1,100,000
Retained earnings 12 576,912 301,877
SHAREHOLDERS' FUNDS 1,137,220 1,401,883

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

BALANCE SHEET - continued
31ST JULY 2024


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 28th April 2025 and were signed on its behalf by:





A S T Hogg - Director


TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024


1. STATUTORY INFORMATION

Towsure Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01285236

Registered office: 3365 Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

At the time of signing these accounts, having considered the economic climate, the directors' expectations and intentions for the next 12 months, and the availability of working capital/overdraft facilities, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Towsure Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods and related carriage charges, excluding value added tax.

Revenue is recognised upon the purchase of goods by the customer at the till or when goods are despatched.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Trademarks3 years
Computer software5 years

Provisions are made for any impairment.

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
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.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land and buildingsNil
Short leasehold10% on cost
Plant and machinery10% on cost
Fixtures and fittings33% on cost and 10% on reducing balance
Motor vehicles25% on cost


The directors consider that the buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the directors have concluded that the corresponding depreciation would not be material and therefore should not be charged in the profit and loss account in compliance with FRS 102 1a. The directors perform annual impairment reviews in accordance with the requirements of FRS 102 1a to ensure that the carrying value is no lower than the recoverable amount.

Investments in subsidiaries
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st August 2023
and 31st July 2024 143,194
AMORTISATION
At 1st August 2023
and 31st July 2024 143,194
NET BOOK VALUE
At 31st July 2024 -
At 31st July 2023 -

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st August 2023
and 31st July 2024 1,700,000 1,560,233 3,260,233
DEPRECIATION
At 1st August 2023 - 1,363,886 1,363,886
Charge for year - 33,498 33,498
At 31st July 2024 - 1,397,384 1,397,384
NET BOOK VALUE
At 31st July 2024 1,700,000 162,849 1,862,849
At 31st July 2023 1,700,000 196,347 1,896,347

Freehold property was valued on an open market basis at £1,700,000 on 17th November 2023 by a firm of professional valuers and was adopted in the accounts at 31st July 2023.

The historic cost of freehold land and buildings in 2024 totals £1,139,697 (2023: £1,139,697).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st August 2023
and 31st July 2024 41,361
DEPRECIATION
At 1st August 2023 6,894
Charge for year 10,340
At 31st July 2024 17,234
NET BOOK VALUE
At 31st July 2024 24,127
At 31st July 2023 34,467

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st August 2023
and 31st July 2024 100
NET BOOK VALUE
At 31st July 2024 100
At 31st July 2023 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 17,215 29,671
Other debtors 18,226 66,347
35,441 96,018

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 58,640 212,190
Hire purchase contracts 6,996 7,156
Trade creditors 1,357,102 1,174,608
Taxation and social security 123,231 143,070
Other creditors 11,063 10,676
1,557,032 1,547,700

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 13,943 24,107
Hire purchase contracts 17,034 23,870
30,977 47,977

TOWSURE PRODUCTS LIMITED (REGISTERED NUMBER: 01285236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 48,470 202,275
Bank loans 24,113 34,022
Hire purchase contracts 24,030 31,026
96,613 267,323

Bank loans and overdrafts are secured in the form of a fixed and floating charge over the assets of the company.

Hire purchase agreements are secured against the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
400 A Ordinary £0.01 4 4
200 B Ordinary £0.01 2 2
6 6

The A and B shares have the rights as set out in the Articles of Association adopted on 6th August 2020.

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st August 2023 301,877 1,100,000 1,401,877
Deficit for the year (264,663 ) - (264,663 )
Transfer between reserves 539,698 (539,698 ) -
At 31st July 2024 576,912 560,302 1,137,214