Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-303truefalse2022-05-01No description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03192801 2022-05-01 2023-04-30 03192801 2021-05-01 2022-04-30 03192801 2023-04-30 03192801 2022-04-30 03192801 2021-05-01 03192801 10 2021-05-01 2022-04-30 03192801 d:Director1 2022-05-01 2023-04-30 03192801 e:FreeholdInvestmentProperty 2023-04-30 03192801 e:FreeholdInvestmentProperty 2022-04-30 03192801 e:CurrentFinancialInstruments 2023-04-30 03192801 e:CurrentFinancialInstruments 2022-04-30 03192801 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 03192801 e:CurrentFinancialInstruments e:WithinOneYear 2022-04-30 03192801 e:ShareCapital 2023-04-30 03192801 e:ShareCapital 2021-05-01 2022-04-30 03192801 e:ShareCapital 2022-04-30 03192801 e:ShareCapital 2021-05-01 03192801 e:RevaluationReserve 2023-04-30 03192801 e:RevaluationReserve 2021-05-01 2022-04-30 03192801 e:RevaluationReserve 2022-04-30 03192801 e:RevaluationReserve 2021-05-01 03192801 e:RevaluationReserve 10 2021-05-01 2022-04-30 03192801 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 03192801 e:RetainedEarningsAccumulatedLosses 2023-04-30 03192801 e:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 03192801 e:RetainedEarningsAccumulatedLosses 2022-04-30 03192801 e:RetainedEarningsAccumulatedLosses 2021-05-01 03192801 d:FRS102 2022-05-01 2023-04-30 03192801 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 03192801 d:FullAccounts 2022-05-01 2023-04-30 03192801 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03192801 5 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 03192801










TOWERBAY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
TOWERBAY LIMITED
REGISTERED NUMBER:03192801

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,380,000
1,380,000

  
1,380,000
1,380,000

Current assets
  

Debtors: amounts falling due within one year
 5 
44,680
60,008

Cash at bank and in hand
  
165,545
140,466

  
210,225
200,474

Creditors: amounts falling due within one year
 6 
(57,012)
(120,959)

Net current assets
  
 
 
153,213
 
 
79,515

Total assets less current liabilities
  
1,533,213
1,459,515

  

Net assets
  
1,533,213
1,459,515


Capital and reserves
  

Called up share capital 
  
900
900

Revaluation reserve
  
370,953
370,953

Profit and loss account
  
1,161,360
1,087,662

  
1,533,213
1,459,515


Page 1

 
TOWERBAY LIMITED
REGISTERED NUMBER:03192801
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.









Tzi Leung Man
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
TOWERBAY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2021
900
990,953
1,069,667
2,061,520


Comprehensive income for the year

Profit for the year

-
-
107,995
107,995

Impairment adjustment - freehold property
-
(620,000)
-
(620,000)
Total comprehensive income for the year
-
(620,000)
107,995
(512,005)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(90,000)
(90,000)



At 1 May 2022
900
370,953
1,087,662
1,459,515



Profit for the year

-
-
73,698
73,698


At 30 April 2023
900
370,953
1,161,360
1,533,213


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
TOWERBAY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Towerbay Limited is a private company, limited by shares, registered in England and Wales, registration number 03192801. The registered office is 10 Queen Street Place, London, EC4R 1AG. 
The principal activity of the company is the rental of property.
The functional and presentational currency is GBP.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. 

Page 4

 
TOWERBAY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and other third parties.

 
2.9

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3

Page 5

 
TOWERBAY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
1,380,000



At 30 April 2023
1,380,000





At 30 April 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,009,947
1,009,947

Page 6

 
TOWERBAY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Prepayments and accrued income
44,680
60,008



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
18,976
13,632

Other taxation and social security
7,614
8,327

Other creditors
72
70,750

Accruals and deferred income
30,350
28,250

57,012
120,959


 
Page 7