Towerbridge Finance Limited 08785371 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Financial brokers Digita Accounts Production Advanced 6.30.9574.0 true 08785371 2022-12-01 2023-11-30 08785371 2023-11-30 08785371 core:RetainedEarningsAccumulatedLosses 2023-11-30 08785371 core:ShareCapital 2023-11-30 08785371 core:CurrentFinancialInstruments 2023-11-30 08785371 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 08785371 core:FurnitureFittingsToolsEquipment 2023-11-30 08785371 bus:SmallEntities 2022-12-01 2023-11-30 08785371 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08785371 bus:FullAccounts 2022-12-01 2023-11-30 08785371 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08785371 bus:RegisteredOffice 2022-12-01 2023-11-30 08785371 bus:Director1 2022-12-01 2023-11-30 08785371 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08785371 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 08785371 core:OfficeEquipment 2022-12-01 2023-11-30 08785371 core:OtherRelatedParties 2022-12-01 2023-11-30 08785371 countries:EnglandWales 2022-12-01 2023-11-30 08785371 2022-11-30 08785371 core:FurnitureFittingsToolsEquipment 2022-11-30 08785371 2021-12-01 2022-11-30 08785371 2022-11-30 08785371 core:RetainedEarningsAccumulatedLosses 2022-11-30 08785371 core:ShareCapital 2022-11-30 08785371 core:CurrentFinancialInstruments 2022-11-30 08785371 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 08785371 core:FurnitureFittingsToolsEquipment 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 08785371

Towerbridge Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Towerbridge Finance Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Towerbridge Finance Limited

Company Information

Director

Mrs K Bhundia

Registered office

50 Oakington Avenue
Hayes
Middlesex
UB3 4AH

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountant
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Towerbridge Finance Limited

(Registration number: 08785371)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,438

1,220

Current assets

 

Debtors

5

1

14,598

Cash at bank and in hand

 

73,966

76,141

 

73,967

90,739

Creditors: Amounts falling due within one year

6

(7,380)

(10,902)

Net current assets

 

66,587

79,837

Total assets less current liabilities

 

68,025

81,057

Provisions for liabilities

(273)

(232)

Net assets

 

67,752

80,825

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

67,652

80,725

Shareholders' funds

 

67,752

80,825

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 March 2024
 

.........................................
Mrs K Bhundia
Director

 

Towerbridge Finance Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
50 Oakington Avenue
Hayes
Middlesex
UB3 4AH

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Revenue recognition

Turnover shown in the profit and loss account represents amounts invoiced during the year.

The company recognises revenue when:
i. The amount of revenue can be reliably measured;
ii. it is probable that future economic benefits will flow to the entity;
iii. and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Towerbridge Finance Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

10 years straight line

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

4,833

4,833

Additions

779

779

At 30 November 2023

5,612

5,612

Depreciation

At 1 December 2022

3,613

3,613

Charge for the year

561

561

At 30 November 2023

4,174

4,174

Carrying amount

At 30 November 2023

1,438

1,438

At 30 November 2022

1,220

1,220

5

Debtors

2023
£

2022
£

Other debtors

1

14,598

1

14,598

 

Towerbridge Finance Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Director current account

5,880

-

Accruals and deferred income

1,500

1,680

Income tax liability

-

9,222

7,380

10,902

7

Related party transactions

Summary of transactions with other related parties

Other related party transactions

During the year the company made the following related party transactions:

Mrs. K. Bhundia
(Director & Sole Shareholder)

During the year the company paid a dividend to Mrs. K. Bhundia amounting to £2,500.

At the balance sheet date the amount due (from)/to Mrs K Bhundia was £5,880 (2022: (£14,598)).