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REGISTERED NUMBER: 11820051 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

TOWER 1 LIMITED

TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOWER 1 LIMITED

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Kidar Joshi
Mehrdad Solimanifar





REGISTERED OFFICE: Rosehill House
Rosehill
Worcester
Worcestershire
WR5 1EY





REGISTERED NUMBER: 11820051 (England and Wales)





ACCOUNTANTS: Brindleys Limited
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,080 19,115
Investment property 5 - 276,206
40,080 295,321

CURRENT ASSETS
Stocks - 230,493
Debtors 6 597,126 60,442
Cash at bank 2,149 4,847
599,275 295,782
CREDITORS
Amounts falling due within one year 7 36,083 38,563
NET CURRENT ASSETS 563,192 257,219
TOTAL ASSETS LESS CURRENT
LIABILITIES

603,272

552,540

CREDITORS
Amounts falling due after more than one year 8 (24,221 ) (21,500 )

PROVISIONS FOR LIABILITIES (8,931 ) (4,778 )
NET ASSETS 570,120 526,262

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 570,020 526,162
SHAREHOLDERS' FUNDS 570,120 526,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by:





Mehrdad Solimanifar - Director


TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Tower 1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 37,484
Additions 44,181
Disposals (26,160 )
At 29 February 2024 55,505
DEPRECIATION
At 1 March 2023 18,369
Charge for year 12,179
Eliminated on disposal (15,123 )
At 29 February 2024 15,425
NET BOOK VALUE
At 29 February 2024 40,080
At 28 February 2023 19,115

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 276,206
Disposals (276,206 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 276,206

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 137,739 5,935
Other debtors 456,537 52,165
VAT 2,850 -
Prepayments - 2,342
597,126 60,442

TOWER 1 LIMITED (REGISTERED NUMBER: 11820051)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,999 10,999
Hire purchase contracts 10,808 -
Trade creditors 840 2,256
Tax 6,786 11,538
VAT - 2,281
Other creditors 3,400 3,000
Directors' current accounts - 4,239
Accrued expenses 4,250 4,250
36,083 38,563

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,999 11,000
Bank loans - 2-5 years 2,503 10,500
Hire purchase contracts 11,719 -
24,221 21,500

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
51 A Ordinary £1 51 51
49 B Ordinary £1 49 49
100 100

10. RESERVES
Retained
earnings
£   

At 1 March 2023 526,162
Profit for the year 43,858
At 29 February 2024 570,020