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REGISTERED NUMBER: 04188941 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

TOWER LETTINGS LIMITED

TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TOWER LETTINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr B R Dick
Mrs J M Dick





SECRETARY: Mrs J M Dick





REGISTERED OFFICE: Kingston House
1 Worgret Gardens
Wareham
Dorset
BH20 4FD





REGISTERED NUMBER: 04188941 (England and Wales)





ACCOUNTANTS: Newton Magnus
Chartered Certified Accountants
Arrowsmith Court
Station Approach
Broadstone
Dorset
BH18 8AT

TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

ABRIDGED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 9
Investment property 5 718,000 737,000
718,000 737,009

CURRENT ASSETS
Cash at bank 51,817 52,308

CREDITORS
Amounts falling due within one year (227,692 ) (228,700 )
NET CURRENT LIABILITIES (175,875 ) (176,392 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

542,125

560,617

PROVISIONS FOR LIABILITIES (81,533 ) (85,141 )
NET ASSETS 460,592 475,476

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 6 429,120 448,120
Retained earnings 31,471 27,355
SHAREHOLDERS' FUNDS 460,592 475,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 5 August 2024 and were signed on its behalf by:





Mr B R Dick - Director


TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Tower Lettings 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 as modified by the revaluation of certain assets.

Turnover
This represents rental income from property letting.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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.

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.

TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 5,906
DEPRECIATION
At 1 April 2023 5,897
Charge for year 9
At 31 March 2024 5,906
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 9

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 737,000
Revaluations (19,000 )
At 31 March 2024 718,000
NET BOOK VALUE
At 31 March 2024 718,000
At 31 March 2023 737,000

TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 639,000
Valuation in 2020 (26,000 )
Valuation in 2021 5,000
Valuation in 2022 79,000
Valuation in 2023 40,000
Valuation in 2024 (19,000 )
718,000

If investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 288,880 288,880

Investment property was valued on an open market basis on 9 May 2024 by the director Mr BR Dick .

Long Leasehold

The property 40 St Helens Road, Sandford, Wareham, Dorset is subject to lease dated 25th July 1988 for 125 years.

6. RESERVES
Fair
value
reserve
£   
At 1 April 2023 448,120
Revaluation (19,000 )

At 31 March 2024 429,120

Deferred tax on the revaluation gain £81,533 (2023 £85,141) has been provided in the accounts.

TOWER LETTINGS LIMITED (REGISTERED NUMBER: 04188941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. RELATED PARTY DISCLOSURES

a) The company is controlled by Mr B R and Mrs J M Dick.

b) Mr B R Dick and Mrs J M Dick are directors and controlling shareholders in Object Oriented Analysis & Design Limited.

c) Object Oriented Analysis & Design Limited provided finance to the Company by way of a loan to purchase the investment property.

The loan is interest free but repayable on demand.

Loan - amount owing 31st March 2024 £224,779 (2023 - £224,779).

d) The company received rent of £Nil (2023 - £Nil) from Object Oriented Analysis and Design Limited during the period under review.