J Townsend & Sons (Warton) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00302781 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

J Townsend & Sons (Warton) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Townsend

Mr R Townsend Jnr

Mrs SM Townsend

SECRETARY:

Mr R Townsend Jnr

REGISTERED OFFICE:

184 Lytham Road

Warton

Preston

Lancashire

PR4 1AH

REGISTERED NUMBER:

00302781 (England and Wales)

ACCOUNTANTS:

Towers + Gornall Ltd

Chartered Certified Accountants

Abacus House

The Ropewalk

Garstang

Preston

Lancashire

PR3 1NS

FIXED ASSETS

Tangible assets

4

1,528,192

1,485,804

Investment property

5

325,000

1,853,192

1,810,804

CURRENT ASSETS

Stocks

97,561

12,612

Debtors

6

191,450

170,359

Cash at bank and in hand

395,693

152,504

684,704

335,475

CREDITORS

Amounts falling due within one year

7

1,068,522

789,583

NET CURRENT LIABILITIES

(383,818

)

(454,108

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,469,374

1,356,696

PROVISIONS FOR LIABILITIES

55,883

53,894

NET ASSETS

1,413,491

1,302,802

CAPITAL AND RESERVES

Called up share capital

151

Other reserves

8

132

Profit & loss -

non-distributable

8

76,330

76,329

Retained earnings

8

1,336,878

1,226,190

SHAREHOLDERS' FUNDS

1,413,491

1,302,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 March 2019 and were signed on its behalf by:

Mr R Townsend - Director

Mrs SM Townsend - Director

Mr R Townsend Jnr - Director

1.	STATUTORY INFORMATION

J Townsend & Sons (Warton) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for fuel and related motor vehicle products and services net of VAT and

trade discounts. Income is recognised at point of sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

Stocks

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

moving items.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

entered into. An equity instrument is an contract that evidences a residual interest in the assets of the entity after

deducting all of its financial liabilities.

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 taxation is provided on the liability method to take account of the timing differences between the treatment

of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated

capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the

income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

COST

At 1 January 2018

1,474,499

481,165

1,955,664

Additions

97,693

1,799

99,492

At 31 December 2018

1,572,192

482,964

2,055,156

DEPRECIATION

At 1 January 2018

149,776

320,084

469,860

Charge for year

31,444

25,660

57,104

At 31 December 2018

181,220

345,744

526,964

NET BOOK VALUE

At 31 December 2018

1,390,972

137,220

1,528,192

At 31 December 2017

1,324,723

161,081

1,485,804

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

325,000

NET BOOK VALUE

At 31 December 2018

325,000

At 31 December 2017

325,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

188,010

12,119

Tax

-

30,914

VAT

-

123,633

Prepayments and accrued income

3,440

3,693

191,450

170,359

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade creditors

214,031

23,027

Corporation tax

50,675

-

Social security and other taxes

4,551

4,589

VAT

27,916

-

Other creditors

400,000

Directors' loan accounts

354,639

354,657

Accruals and deferred income

16,710

7,310

1,068,522

789,583

8.

RESERVES

Profit &

Retained

Other

loss -

earnings

reserves

non-distributable

Totals

£

At 1 January 2018

1,226,189

132

76,330

1,302,651

Profit for the year

200,689

Dividends

(90,000

)

(90,000

)

At 31 December 2018

1,336,878

132

76,330

1,413,340

9.	RELATED PARTY DISCLOSURES

At 31 December 2018 the company owed the directors of the company £354,638 (2017 : £354,657) No interest has

been charged to the company in respect of this loan which is repayable on demand and classified in creditors due

within one year.

At 31 December 2018 the company owed R Townsend (Sunnyside Park) Limited £400,000 (2017 £400,000). R

Townsend (Sunnyside Park) Limited is a company controlled by R and S Townsend, both are directors and

shareholders of J Townsend & Sons (Warton) Limited. Interest has not been charged to the company in respect of

this loan which is repayable on demand and classified in creditors due within one year.