Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-31Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.2023-03-3102022-04-01false0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10523807 2022-04-01 2023-03-31 10523807 2021-04-01 2022-03-31 10523807 2023-03-31 10523807 2022-03-31 10523807 c:Director1 2022-04-01 2023-03-31 10523807 c:Director1 2023-03-31 10523807 c:RegisteredOffice 2022-04-01 2023-03-31 10523807 d:Buildings 2023-03-31 10523807 d:Buildings 2022-03-31 10523807 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 10523807 d:CurrentFinancialInstruments 2023-03-31 10523807 d:CurrentFinancialInstruments 2022-03-31 10523807 d:Non-currentFinancialInstruments 2023-03-31 10523807 d:Non-currentFinancialInstruments 2022-03-31 10523807 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10523807 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10523807 c:FRS102 2022-04-01 2023-03-31 10523807 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10523807 c:AbridgedAccounts 2022-04-01 2023-03-31 10523807 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10523807 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10523807









TWR PROPERTIES LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
TWR PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Director
Nadia Momin Imam (appointed 13 December 2016)




Registered number
10523807



Registered office
2nd Floor
22 Gilbert Street

London

W1K 5HD





 
TWR PROPERTIES LIMITED
 

CONTENTS



Page
Director's report
1
Profit and loss account
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 11


 
TWR PROPERTIES LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2023

The director presents her report and the financial statements for the Period ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a investment property company.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





Nadia Momin Imam
Director

Page 1

 
TWR PROPERTIES LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2023

2023
2022
Note
£
£

Turnover
  
21,600
21,600

Gross profit
  
21,600
21,600

Administrative expenses
  
(3,911)
(6,910)

Interest payable and similar expenses
  
(13,362)
(10,098)

Profit before taxation
  
4,327
4,592

Profit for the Period
  
4,327
4,592

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
TWR PROPERTIES LIMITED
REGISTERED NUMBER: 10523807

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
415,347
415,347

  
415,347
415,347

Current assets
  

Debtors: amounts falling due within one year
 5 
108,099
86,500

Cash at bank and in hand
 6 
-
1,408

  
108,099
87,908

Creditors: amounts falling due within one year
 7 
(208,295)
(192,801)

Net current liabilities
  
 
 
(100,196)
 
 
(104,893)

Total assets less current liabilities
  
315,151
310,454

  

Creditors: amounts falling due after more than one year
 8 
(307,500)
(307,500)

  
7,651
2,954

  

  

Net assets excluding pension asset
  
7,651
2,954

Net assets
  
7,651
2,954


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
7,551
2,854

  
7,651
2,954


Page 3

 
TWR PROPERTIES LIMITED
REGISTERED NUMBER: 10523807
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 Period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the 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 24 April 2024.




Nadia Momin Imam
Director

Page 4

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

The company is a members limited liability company and is registered in the United Kingdom.
The registered address is:
22 Gilbert Street
London
W1K 5HD
The company's principal activity continued to be of investment property.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the Period in which they are incurred.

Page 5

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 6

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 7

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the Period was 0 (2022 - 0).

Page 8

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 April 2022
415,347



At 31 March 2023

415,347






Net book value



At 31 March 2023
415,347



At 31 March 2022
415,347


5.


Debtors

2023
2022
£
£


Other debtors
100
100

Prepayments and accrued income
107,999
86,400

108,099
86,500



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
1,408

-
1,408


Page 9

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,981
674

Corporation tax
943
943

Other creditors
205,371
191,184

208,295
192,801



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
307,500
307,500

307,500
307,500


The following liabilities were secured:

2023
2022
£
£



Bank Loan
307,500
307,500

307,500
307,500

Details of security provided:

Bank loan of £307,500 (2022: £307,500) was secured on the assets of the company.

Page 10

 
TWR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
307,500
307,500


307,500
307,500



307,500
307,500



10.


Related party transactions

As at the year end the company owed to IPE Group Holding Ltd £205,371 (2022: £191,184).

 
Page 11