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Company Registration No. 03396454 (England and Wales)
TOWERBLOCK LIMITED Unaudited accounts for the year ended 30 June 2023
TOWERBLOCK LIMITED Unaudited accounts Contents
Page
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TOWERBLOCK LIMITED Company Information for the year ended 30 June 2023
Directors
G L Basra R Basra
Company Number
03396454 (England and Wales)
Registered Office
9 LONDON ROAD SOUTHAMPTON HAMPSHIRE SO15 2AE
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TOWERBLOCK LIMITED Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
136,759 
136,759 
Investment property
11,451,289 
11,298,328 
Investments
200 
200 
11,588,248 
11,435,287 
Current assets
Debtors
637,145 
502,036 
Cash at bank and in hand
588,205 
521,836 
1,225,350 
1,023,872 
Creditors: amounts falling due within one year
(335,001)
(205,203)
Net current assets
890,349 
818,669 
Total assets less current liabilities
12,478,597 
12,253,956 
Creditors: amounts falling due after more than one year
(418,210)
(490,567)
Net assets
12,060,387 
11,763,389 
Capital and reserves
Called up share capital
350,000 
350,000 
Fair value reserve
5,249,000 
5,249,000 
Profit and loss account
6,461,387 
6,164,389 
Shareholders' funds
12,060,387 
11,763,389 
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by
G L Basra Director Company Registration No. 03396454
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TOWERBLOCK LIMITED Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
TOWERBLOCK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03396454. The registered office is 9 LONDON ROAD, SOUTHAMPTON, HAMPSHIRE, SO15 2AE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets, less estimated residual value, over their estimated useful lives:
Plant & machinery
25% on reducing balance
Investments
Investments in subsidiary undertakings are recognised at cost.
Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
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TOWERBLOCK LIMITED Notes to the Accounts for the year ended 30 June 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2022
270,391 
At 30 June 2023
270,391 
Depreciation
At 1 July 2022
133,632 
At 30 June 2023
133,632 
Net book value
At 30 June 2023
136,759 
At 30 June 2022
136,759 
5
Investment property
2023 
£ 
Fair value at 1 July 2022
11,298,328 
Additions
152,961 
At 30 June 2023
11,451,289 
Investment property was valued on an open market basis on 14 June 2023 by the directors. The historic cost equivalent of investment property included at fair value is £6,202,289 (2022 - £6,049,328).
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 July 2022
200 
Valuation at 30 June 2023
200 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,533 
2,036 
Amounts due from group undertakings etc.
- 
500,000 
Accrued income and prepayments
7,896 
- 
Other debtors
116,716 
- 
127,145 
502,036 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
510,000 
- 
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TOWERBLOCK LIMITED Notes to the Accounts for the year ended 30 June 2023
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
76,038 
77,101 
VAT
7,901 
4,910 
Trade creditors
80,595 
41,710 
Amounts owed to group undertakings and other participating interests
74,941 
- 
Taxes and social security
90,326 
78,533 
Other creditors
- 
1,155 
Loans from directors
5,200 
1,044 
Accruals
- 
750 
335,001 
205,203 
Bank loans totalling £76,038 (2022 - £77,101) are secured by a legal charge and repayable by instalments.
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
418,210 
490,567 
Aggregate of amounts that fall due for payment after five years
114,057 
192,061 
Bank loans totalling £418,210 (2022 - £490,567) are secured by a legal charge and repayable by instalments.
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
G L Basra
Loan
- 
116,716 
- 
116,716 
- 
116,716 
- 
116,716 
The loan is subject to interest at the HMRC official rate, unsecured and repayable on demand. The outstanding balance has been included in other debtors in note 7.
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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