Both teams had much to play for at London Road as they attempted to break their recent run of defeats in the East Lincs Combination Division One.
Once the game kicked off, Old Boys were not long in showing their dominance and desire to win.
They stormed into a 2-0 lead at half-time and were cruising at 4-0 as they refused Town much time on the ball and restricted scoring opportunities to a minimum.
With about 15 minutes remaining Town netted a deserved consolation through Ryan Johnson’s long-range strike from outside the box.
But Old Boys had the final say with a fifth goal in the dying minutes.
Their first win of the season lifts Old Boys up to sixth and above Town Reserves who sit seventh.
Elsewhere in the league, rock bottom Mablethorpe Athletic’s miserable season continued as they were thrashed 16-1 at Division One leaders Tetney Rovers.
On Saturday, Louth Town Reserves host All Star Panthers at Saltfleetby, while AFC Louth travel to second-placed Holton le Clay and Mablethorpe visit Cleethorpes Town A. All matches kick off at 2pm.