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Registered number: 02395892 JAMES WALKER TOWNSON LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
JAMES WALKER TOWNSON LIMITED COMPANY INFORMATION
Directors | P L Bristow
| D Neeb
| J Eves
Registered number | 02395892
Registered office | Lion House
| Oriental Road
| Woking
| Surrey
| GU22 8AP
Independent auditors | HaysMac LLP
| 10 Queen Street Place
| London
| EC4R 1AG
JAMES WALKER TOWNSON LIMITED CONTENTS
| Page
Directors' Report | 1 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 20
JAMES WALKER TOWNSON LIMITED 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.
Directors' responsibilities statement
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. 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; ∙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.
Results and dividends
The profit for the year, after taxation, amounted to £443,370 (2024 - £516,301). The Directors approved a dividend of £800,000 (2024: £450,000).
Directors
The Directors who served during the year were:
P L Bristow
D Neeb
J Eves
Page 1
JAMES WALKER TOWNSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Business risks
Product innovation The Company supplies products which include materials that are subject to regulations and in some cases customer certifications. Specifically, there is a risk around poly and perfluoroalkyl substances (PFAS) and if these materials are prohibited or withdrawn this could stop the supply of certain products into the market place. We are identifying materials that could be at risk as well as researching and developing alternative solutions. Supply chain disruption Disruption of supply of raw and semi-finished materials has continued to reduce during the year, partly due to a number of measures which the Company has implemented. We continue to communicate closely with our suppliers, review critical raw material needs and monitor logistics partners. We are not currently experiencing any supply chain issues. Impact of US tariffs New, elevated US tariffs were announced on 2 April 2025, creating significant global economic uncertainty and raising the risk of recessionary consequences. We anticipate a relatively limited direct impact from these tariffs and any reciprocal measures. We import raw materials from the USA however our exports to the USA are relatively modest. We anticipate passing on tariff costs to customers, wherever possible. Conversely, decreased global economic activity has the potential to significantly reduce demand for our products and systems. Geopolitical instability We are seeing increased geopolitical instability which may impact supply chains, customer demand or wider operations. The diversified geography and industry of our business is helpful. We also view increased defence spending as an opportunity. Input costs Some of the Company’s input costs, including labour and associated UK social taxes, continue to increase. We aim to mitigate this through operational efficiencies, cost saving initiatives and passing residual cost increases on to customers.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
JAMES WALKER TOWNSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditors
On 18 November 2024, the Company’s auditors changed their name from Haysmacintyre LLP to HaysMac LLP. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and HaysMac LLP will therefore continue in office.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 10 July 2025 and signed on its behalf.
................................................ P L Bristow Director
Page 3
JAMES WALKER TOWNSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED
Opinion
We have audited the financial statements of James Walker Townson Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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.
Conclusions relating to going concern
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. Page 4
JAMES WALKER TOWNSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED)
Other information
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, Page 5
JAMES WALKER TOWNSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED) or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for manufacturing businesses such as health and safety and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙Inspecting correspondence with regulators and tax authorities; ∙Discussion with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; ∙Evaluating management’s controls designed to prevent and detect irregularities; ∙Identifying and testing journals, in particular journal entries posted with unusual large amounts or with unusual depriciations; and ∙Challenging assumptions and judgements made by management in their critical accounting estimates. 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. 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 Auditors' Report. Page 6
JAMES WALKER TOWNSON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER TOWNSON LIMITED (CONTINUED)
Use of our 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. Bernadette King (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 10 July 2025 Page 7
JAMES WALKER TOWNSON LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
| £ | £
Turnover |  | 3,861,603 | 2,996,240
Change in stocks of finished goods and work in progress |  | (28,925) | 102,447
Other operating income |  | 26,735 | 9,452
Raw materials and consumables |  | (950,898) | (887,962)
Other external charges |  | (856,047) | (654,925)
Staff costs |  | (1,345,615) | (1,029,893)
Depreciation and amortisation |  | (50,805) | (16,195)
Operating profit |  | 656,048 | 519,164
Interest receivable and similar income |  | 19,050 | 19,474
Interest payable and similar expenses |  | - | (337)
Profit before tax |  | 675,098 | 538,301
Tax on profit | 3 | (231,728) | (22,000)
Profit for the financial year |  | 443,370 | 516,301
The notes on pages 12 to 20 form part of these financial statements.
Page 8
JAMES WALKER TOWNSON LIMITED REGISTERED NUMBER: 02395892 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 222,362 |  | 267,537
|  |  | 222,362 |  | 267,537
Current assets |  |  |  |  |
Stocks | 5 | 486,964 |  | 494,747 |
Debtors due after more than 1 year | 6 | - |  | 814 |
Debtors due within 1 year | 6 | 1,520,356 |  | 1,284,990 |
Bank and cash balances |  | 38,264 |  | 23,174 |
|  | 2,045,584 |  | 1,803,725 |
Creditors: amounts falling due within one year | 7 | (615,855) |  | (408,928) |
Net current assets |  |  | 1,429,729 |  | 1,394,797
Total assets less current liabilities |  |  | 1,652,091 |  | 1,662,334
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (35,000) |  | (16,000) |
Other provisions | 9 | (98,050) |  | (120,663) |
|  |  | (133,050) |  | (136,663)
Net assets |  |  | 1,519,041 |  | 1,525,671
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 665,002 |  | 665,002
Profit and loss account |  |  | 854,039 |  | 860,669
|  |  | 1,519,041 |  | 1,525,671
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ P L Bristow
Director
Date: 10 July 2025
The notes on pages 12 to 20 form part of these financial statements. Page 9
JAMES WALKER TOWNSON LIMITED REGISTERED NUMBER: 02395892 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 Page 10
JAMES WALKER TOWNSON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 665,002 | 794,368 | 1,459,370
Comprehensive income for the year |  |  |
Profit for the year | - | 516,301 | 516,301
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (450,000) | (450,000)
At 1 April 2024 | 665,002 | 860,669 | 1,525,671
Comprehensive income for the year |  |  |
Profit for the year | - | 443,370 | 443,370
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (450,000) | (450,000)
At 31 March 2025 | 665,002 | 854,039 | 1,519,041
| The notes on pages 12 to 20 form part of these financial statements.
Page 11
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies
| 1.1 | Basis of preparation of financial statements
James Walker Townson Limited is a private company, limited by shares, registered and domiciled in England and Wales. The registered office is: Lion House Oriental Road Woking Surrey GU22 8AP The principal place of business is: Unit 1B Castlehill, Horsefield Way Bredbury Park Industrial Estate Bredbury Stockport SK6 2SU The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006. The following principal accounting policies have been applied:
| 1.2 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 1.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 12
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is provided on the following basis:
|  |  |  | Leasehold additions | - | Over the term of the lease
|  |  |  | Plant and machinery | - | 10% straight-line method
|  |  |  | Motor vehicles | - | 25% straight-line method
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 within 'other external charges' in the Income Statement.
| 1.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
| 1.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 1.7 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 13
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.8 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 1.9 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 1.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 14
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2. | Employees
The average monthly number of employees during the year was 25 (2024: 21). Page 15
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 212,728 | 22,000
|  | 212,728 | 22,000
| Total current tax | 212,728 | 22,000
| Deferred tax |  |
| Origination and reversal of timing differences | 19,000 | -
| Total deferred tax | 19,000 | -
| Tax on profit | 231,728 | 22,000
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 675,097 | 538,302
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 168,690 | 134,576
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 188 | 250
| Capital allowances for year in excess of depreciation | 26,460 | (7,961)
| Underprovision in prior year tax | 32,491 | -
| Other timing differences leading to an increase (decrease) in taxation | 4,982 | 1,000
| Non-taxable income | (1,083) | -
| Group relief surrender | (180,237) | (105,865)
| Purchase of tax losses | 180,237 | -
| Total tax charge for the year | 231,728 | 22,000
Page 16
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3.Taxation (continued)
| Factors that may affect future tax charges
Based on current investment plans, the Company expects to continue to be able to claim capital allowances in excess of depreciation.
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Long-term leasehold property | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 385,443 | 127,404 | 101,784 | 614,631
| Additions | 8,131 | - | - | 8,131
| Disposals | - | (14,970) | - | (14,970)
| At 31 March 2025 | 393,574 | 112,434 | 101,784 | 607,792
| Depreciation |  |  |  |
| At 1 April 2024 | 213,416 | 31,894 | 101,784 | 347,094
| Charge for the year | 24,573 | 26,233 | - | 50,806
| Disposals | - | (12,470) | - | (12,470)
| At 31 March 2025 | 237,989 | 45,657 | 101,784 | 385,430
| Net book value |  |  |  |
| At 31 March 2025 | 155,585 | 66,777 | - | 222,362
| At 31 March 2024 | 172,027 | 95,510 | - | 267,537
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JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 280,230 | 262,142
| Finished goods and work in progress | 206,734 | 232,605
|  | 486,964 | 494,747
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | - | 814
|  | - | 814
| Due within one year |  |
| Trade debtors | 293,925 | 244,499
| Amounts owed by group undertakings | 1,104,941 | 866,222
| Other debtors | 1,704 | 41,761
| Prepayments and accrued income | 119,786 | 132,508
|  | 1,520,356 | 1,285,804
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 203,574 | 207,230
| Amounts owed to group undertakings | 182,492 | 7,100
| Other taxation and social security | 24,872 | -
| Other creditors | 21,297 | 35,842
| Accruals and deferred income | 183,620 | 158,756
|  | 615,855 | 408,928
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JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (16,000)
| Charged to profit or loss | (19,000)
| At end of year | (35,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deaccelerated capital allowances | (35,000) | (16,000)
|  | (35,000) | (16,000)
9. | Provisions
|  | Dilapidations provision | Warranty provision | Other specific provisions | Total
|  | £ | £ | £ | £
| At 1 April 2024 | 43,956 | 34,360 | 42,347 | 120,663
| Charged to profit or loss | 3,996 | 5,738 | (32,347) | (22,613)
| At 31 March 2025 | 47,952 | 40,098 | 10,000 | 98,050
10. | Contingent liabilities
At 31 March 2025 the Company was party to a multilateral guarantee in respect of the indebtedness of other group companies to the value of £2,000,000 (2024: £2,000,000). Page 19
JAMES WALKER TOWNSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Pension commitments
The Company participates in a group defined benefit plan, the James Walker Pension Scheme ("JWPS"). For the purposes of FRS102 s28 the Company cannot identify its share of the underlying assets & liabilities of the defined benefit scheme in which it participates and the Company's pension contributions are assessed in accordance with the advice of a qualified independent actuary whose calculations are based upon total scheme membership. There is no contractual agreement or stated policy for charging the cost of the plan to the individual companies. In overall terms at 31 March 2025 there was a deficit of £1,054k in respect of the JWPS. The JWPS was closed to future accrual with effect from 30 April 2016 and active members of the scheme at that date were auto-enrolled into the James Walker Group Personal Pension Plan, a defined contribution scheme. Further information is included in the financial statements of the parent undertaking.
12. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 166,596 | 146,496
| Later than 1 year and not later than 5 years | 162,285 | 301,678
|  | 328,881 | 448,174
13. | Controlling party
The ultimate parent undertaking is James Walker Group Limited. Its registered office is Lion House, Oriental Road, Woking, Surrey, GU22 8AP. Group financial statements for James Walker Group Limited are available to the public from Companies House, Crown Way, Cardiff, for which there may be a fee, if applicable.
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