Company Registration No. 03396454 (England and Wales)
TOWERBLOCK LIMITED
Unaudited accounts
for the year ended 30 June 2023
TOWERBLOCK LIMITED
Unaudited accounts
Contents
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
TOWERBLOCK LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
136,759
136,759
Investment property
11,451,289
11,298,328
Cash at bank and in hand
588,205
521,836
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
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
TOWERBLOCK LIMITED
Notes to the Accounts
for the year ended 30 June 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 in subsidiary undertakings are recognised at cost.
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
TOWERBLOCK LIMITED
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Plant & machinery
Fair value at 1 July 2022
11,298,328
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
Amounts falling due within one year
Amounts due from group undertakings etc.
-
500,000
Accrued income and prepayments
7,896
-
Amounts falling due after more than one year
Amounts due from group undertakings etc.
510,000
-
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
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
Loans from directors
5,200
1,044
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.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
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).