Registered number: 00294907
FOR THE YEAR ENDED 31 MARCH 2025
TOWN END (LEEDS) PLC
COMPANY INFORMATION
TOWN END (LEEDS) PLC
CONTENTS
TOWN END (LEEDS) PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements of the company for the year ended 31 March 2025.
The principal activity of the company during the year was the manufacture, merchanting and distribution of industrial colour.
The company monitors the risks it faces through informal monthly discussions. Other than the general risk caused by the uncertain economic climate, the directors believe there are no major risks and uncertainties facing the company's operations.
The company's key financial performance indicators during the year were as follows:
The gross profit margin increased in the year mainly due to a change in the sales mix.
The company has a strong net current position at year end.
The company has no significant non-financial KPI's that is considered key to the running of the business.
The gross profit margin increased in the year mainly due to a change in the sales mix.
The company has a strong net current position at year end.
The company has no significant non-financial KPI's that is considered key to the running of the business.
The company's principal financial instruments comprise a bank overdraft and an invoice discounting facility. The main purpose of these financial instruments is to raise finance for the company's operations. The company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The company does not enter into derivative transactions. It is, and has been throughout the period under review, the company's policy that no trading in financial instruments is undertaken. The main risks arising from the company's financial instruments are price risk, liquidity risk, foreign currency risk and credit risk. The policies managing these risks are summarised below.
Material costs have the potential to increase with short notice and as such a policy is adopted to recover these costs increases as soon as practical through the use of price increases. The company will maintain its competitive position by mitigating these where possible with tight cost controls.
The company's profits can be affected by movements in exchange rates. The company does not seek to hedge this exposure.
The directors believe the company has sufficient funds available to support its activities in the future.
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TOWN END (LEEDS) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company has implemented policies that require appropriate credit checks on customers before sales are made.
The director's of Town End (Leeds) PLC consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and in doing so, have regard to a number of broad matters which are set out below.
Town End (Leeds) PLC distributes regular performance updates, cashflows and forecasts to the shareholders.
Town End (Leeds) PLC engages with suppliers on terms appropriate to its size and pays suppliers invoices in
line with agreed terms.
Town End (Leeds) PLC ensures that strong relationships are maintained with customers.
Town End (Leeds) PLC's directors are responsible for ensuring the fair treatment of all shareholders, all are
active participants in the business.
Town End (Leeds) PLC distributes regular performance updates, cashflows and forecasts to the shareholders.
Town End (Leeds) PLC engages with suppliers on terms appropriate to its size and pays suppliers invoices in
line with agreed terms.
Town End (Leeds) PLC ensures that strong relationships are maintained with customers.
Town End (Leeds) PLC's directors are responsible for ensuring the fair treatment of all shareholders, all are
active participants in the business.
The directors are not expecting to make any significant changes in the nature of the business in the near future.
This report was approved by the board and signed on its behalf.
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TOWN END (LEEDS) PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £405,550 (2024 - £192,221).
The directors have not recommended a dividend.
The directors who served during the year and up to the date of this report were:
The directors are not expecting to make any significant changes in the nature of the business in the near future.
Certain information is not shown in the director's report because it is shown in the strategic report instead under s414c (11). The strategic report includes a business review, principal risk and uncertainities, financial key performance indicators and financial risk management objectives and policies.
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TOWN END (LEEDS) PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Company since the year end.
The auditor, AAB Audit & Accountancy Limited will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TOWN END (LEEDS) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWN END (LEEDS) PLC
We have audited the financial statements of Town End (Leeds) Plc (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TOWN END (LEEDS) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWN END (LEEDS) PLC (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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TOWN END (LEEDS) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWN END (LEEDS) PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006, UK Taxation legislation and Health & Safety legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls through the posting of unusual journals
∙Timing of revenue recognition
∙Management judgement applied in calculating provisions
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness
∙Designing audit procedures to test the timing and completion of income
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
∙Enquiries of management about litigation and claims and inspection of relevant correspondence
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
∙Analytical procedures to identify any unusual or unexpected trends or relationship
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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TOWN END (LEEDS) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWN END (LEEDS) PLC (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory auditor
Gresham House
5-7 St Pauls Street
LS1 2JG
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TOWN END (LEEDS) PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
REGISTERED NUMBER: 00294907
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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TOWN END (LEEDS) PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the company during the year was the manufacture, merchanting and distribution of industrial colour operating from their registered office located in Silver Court, Intercity Way, Stanningley, Leeds, LS13 4LY.
The company is a public limited company incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
These financial statements have been prepared in Pound sterling as this is the currency of the primary economic environment in which the company operates.
The company is a public limited company incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
These financial statements have been prepared in Pound sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months from the signing of the financial statements. The company continues to have the support of the directors and shareholders and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
The company has built a strong set of cash reserves, which together with excellent relationships with its bankers through available overdraft facilities, means significant liquidity headroom from which to continue operations for a period of at least the next twelve months from the signing of the financial statements.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
The company has built a strong set of cash reserves, which together with excellent relationships with its bankers through available overdraft facilities, means significant liquidity headroom from which to continue operations for a period of at least the next twelve months from the signing of the financial statements.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Stock provision
Stock has been written down in respect to those items for which the net realisable value has been estimated by the directors to be lower than cost.
The whole of the turnover is attributable to the manufacture, merchanting and distribution of industrial colour.
Analysis of turnover by country of destination:
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £88,732 (2024 - £49,206). Contributions of £37,963 (2024 - £15,178) were payable at the year end.
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TOWN END (LEEDS) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.Contingencies
Barclays Bank UK PLC hold fixed and floating charges over all present and future interests of the company.
The directors do not believe there to be an ultimate controlling party.
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