REGISTERED NUMBER: 05990815 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Towbar Express Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A T Stanforth

REGISTERED OFFICE:

The Old Barn

Egton

Whitby

North Yorkshire

YO21 1BF

REGISTERED NUMBER:

05990815 (England and Wales)

ACCOUNTANTS:

Philip Burley & Co

Chartered Accountants

28 Bagdale

Whitby

North Yorkshire

YO21 1QL

FIXED ASSETS

Intangible assets

4

2,205

12,128

Tangible assets

5

1,501,604

1,407,111

1,503,809

1,419,239

CURRENT ASSETS

Stocks

30,000

30,000

Debtors

6

563,389

563,430

Investments

7

75

75

Cash at bank

148,143

-

741,607

593,505

CREDITORS

Amounts falling due within one year

8

1,003,646

626,315

NET CURRENT LIABILITIES

(262,039

)

(32,810

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,241,770

1,386,429

CREDITORS

Amounts falling due after more than one year

9

(731,888

)

(789,024

)

PROVISIONS FOR LIABILITIES

(170,832

)

(154,099

)

NET ASSETS

339,050

443,306

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

339,048

443,304

SHAREHOLDERS' FUNDS

339,050

443,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 30 December 2025 and were signed by:

Mr A T Stanforth - Director

1.	STATUTORY INFORMATION

Towbar Express Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Freehold property is not depreciated in accordance with FRS 102 Section 1A. The property purchased in the prior period is still undergoing considerable improvement works. The company moved in to it prior to the year end but the renovations are still not complete. Therefore in the opinion of the director the freehold property should not be depreciated as a result of the improvement works carried out to the property and hence its current market value will exceed its cost value. At the balance sheet date a definitive market value has not been determined as the restoration project is ongoing, however in the opinion of the director a provision for depreciation is not deemed necessary.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2024 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Website

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

120,000

49,613

169,613

AMORTISATION

At 1 April 2024

120,000

37,485

157,485

Amortisation for year

-

9,923

9,923

At 31 March 2025

120,000

47,408

167,408

NET BOOK VALUE

At 31 March 2025

-

2,205

2,205

At 31 March 2024

-

12,128

12,128

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

690,020

143,103

54,314

Additions

59,205

17,115

6,738

Disposals

-

-

-

At 31 March 2025

749,225

160,218

61,052

DEPRECIATION

At 1 April 2024

-

51,572

8,224

Charge for year

-

10,865

5,283

Eliminated on disposal

-

-

-

At 31 March 2025

-

62,437

13,507

NET BOOK VALUE

At 31 March 2025

749,225

97,781

47,545

At 31 March 2024

690,020

91,531

46,090

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

806,251

36,161

1,729,849

Additions

193,759

7,909

284,726

Disposals

(45,500

)

-

(45,500

)

At 31 March 2025

954,510

44,070

1,969,075

DEPRECIATION

At 1 April 2024

230,713

32,229

322,738

Charge for year

141,431

6,542

164,121

Eliminated on disposal

(19,388

)

-

(19,388

)

At 31 March 2025

352,756

38,771

467,471

NET BOOK VALUE

At 31 March 2025

601,754

5,299

1,501,604

At 31 March 2024

575,538

3,932

1,407,111

Freehold property has not been depreciated as the director is of the opinion the market value is in excess of costs. See note 2.

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

Motor

vehicles

£

COST

At 1 April 2024

804,854

Additions

192,828

Disposals

(45,500

)

At 31 March 2025

952,182

DEPRECIATION

At 1 April 2024

230,713

Charge for year

141,431

Eliminated on disposal

(19,388

)

At 31 March 2025

352,756

NET BOOK VALUE

At 31 March 2025

599,426

At 31 March 2024

574,141

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

2,045

9,468

Amounts owed by group undertakings

207,839

196,481

Other debtors

353,505

357,481

563,389

563,430

7.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Shares in group undertakings

75

75

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

7,500

40,903

Hire purchase contracts

167,697

137,377

Trade creditors

115,644

127,471

Taxation and social security

471,922

238,405

Other creditors

240,883

82,159

1,003,646

626,315

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

273,250

254,472

Hire purchase contracts

299,114

311,422

Other creditors

159,524

223,130

731,888

789,024

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

280,750

286,518

Hire purchase

466,811

448,799

747,561

735,317

The bank loan is secured by a charge over the company's freehold property and also by a personal guarantee from the director.

The hire purchase liabilities are secured over the assets financed.