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Registration number: 05603780

Towler Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Towler Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Towler Limited

(Registration number: 05603780)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

5

54,796

73,781

Tangible assets

6

55,382

58,776

 

110,178

132,557

Current assets

 

Stocks

7

225,470

197,423

Debtors

8

8,425

9,233

Cash at bank and in hand

 

142,785

136,807

 

376,680

343,463

Creditors: Amounts falling due within one year

9

(182,598)

(195,900)

Net current assets

 

194,082

147,563

Total assets less current liabilities

 

304,260

280,120

Provisions for liabilities

(12,976)

(13,953)

Net assets

 

291,284

266,167

Capital and reserves

 

Called up share capital

4,538

4,538

Retained earnings

286,746

261,629

Shareholders' funds

 

291,284

266,167

For the financial year ending 31 March 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

 

Towler Limited

(Registration number: 05603780)
Balance Sheet as at 31 March 2025

Mr J J Rushton
Director

Mrs S M Rushton
Director

Mr P D Rushton
Director

     
 

Towler Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Market Place
Easingwold
YO61 3AD

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

2

Accounting policies

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 current and deferred 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.

 

Towler Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

10% and 33% straight line

Motor vehicles

25% reducing balance

Leasehold improvements

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Website

25% straight line

 

Towler Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2024 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

8,615

10,797

Amortisation expense

18,985

12,360

 

Towler Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 April 2024

180,841

39,772

220,613

At 31 March 2025

180,841

39,772

220,613

Amortisation

At 1 April 2024

142,774

4,058

146,832

Amortisation charge

9,042

9,943

18,985

At 31 March 2025

151,816

14,001

165,817

Carrying amount

At 31 March 2025

29,025

25,771

54,796

At 31 March 2024

38,067

35,714

73,781

6

Tangible assets

Leashold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

68,554

67,537

9,328

145,419

Additions

-

5,615

-

5,615

Disposals

-

(37,073)

-

(37,073)

At 31 March 2025

68,554

36,079

9,328

113,961

Depreciation

At 1 April 2024

16,067

61,490

9,086

86,643

Charge for the year

6,232

2,322

61

8,615

Eliminated on disposal

-

(36,679)

-

(36,679)

At 31 March 2025

22,299

27,133

9,147

58,579

Carrying amount

At 31 March 2025

46,255

8,946

181

55,382

At 31 March 2024

52,487

6,047

242

58,776

 

Towler Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Stocks

2025
£

2024
£

Finished goods and goods for resale

225,470

197,423

8

Debtors

Current

2025
£

2024
£

Prepayments

2,886

2,260

Other debtors

5,539

6,973

 

8,425

9,233

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

90,370

94,116

Trade creditors

 

40,132

73,090

Taxation and social security

 

50,773

27,363

Other creditors

 

1,323

1,331

 

182,598

195,900

10

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Other borrowings

90,370

94,116