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REGISTERED NUMBER: 06500216 (England and Wales)












Financial Statements

for the Year Ended 31 March 2024

for

Towers + Gornall Ltd

Towers + Gornall Ltd (Registered number: 06500216)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Towers + Gornall Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr MR Gornall
Mr KB Taylor
Miss CE Cliffe
Mrs C A Bardsley
Mrs R Stuart





REGISTERED OFFICE: River View
96 The High Street
Garstang
Preston
Lancashire
PR3 1WZ





REGISTERED NUMBER: 06500216 (England and Wales)





ACCOUNTANTS: Towers + Gornall Ltd
Chartered Certified Accountants
River View
96 High Street
Garstang
Preston
Lancashire
PR3 1WZ

Towers + Gornall Ltd (Registered number: 06500216)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 228,274 307,912
Tangible assets 5 96,973 143,512
325,247 451,424

CURRENT ASSETS
Stocks 293,950 339,911
Debtors 6 488,123 406,875
Investments 7 300 300
Cash at bank and in hand 109,666 113,737
892,039 860,823
CREDITORS
Amounts falling due within one year 8 379,860 351,582
NET CURRENT ASSETS 512,179 509,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

837,426

960,665

PROVISIONS FOR LIABILITIES 22,887 26,009
NET ASSETS 814,539 934,656

CAPITAL AND RESERVES
Called up share capital 233 246
Capital redemption reserve 70 57
Retained earnings 814,236 934,353
SHAREHOLDERS' FUNDS 814,539 934,656

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.

Towers + Gornall Ltd (Registered number: 06500216)

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.

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 13 August 2024 and were signed on its behalf by:




Miss CE Cliffe - Director Mr MR Gornall - Director




Mr KB Taylor - Director Mrs C A Bardsley - Director


Towers + Gornall Ltd (Registered number: 06500216)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Towers + Gornall Ltd 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.

Turnover represents net invoiced sale of services excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & fittings - 20% on cost
Computer equipment - 50% on cost
Office equipment - 33% on cost

Work in progress
Work in progress is valued at the lower of cost and net realisable value on a client by client basis.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Towers + Gornall Ltd (Registered number: 06500216)

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 37 (2023 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 796,385
AMORTISATION
At 1 April 2023 488,473
Charge for year 79,638
At 31 March 2024 568,111
NET BOOK VALUE
At 31 March 2024 228,274
At 31 March 2023 307,912

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 331,757
Additions 5,649
At 31 March 2024 337,406
DEPRECIATION
At 1 April 2023 188,245
Charge for year 52,188
At 31 March 2024 240,433
NET BOOK VALUE
At 31 March 2024 96,973
At 31 March 2023 143,512

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 438,835 380,649
Other debtors 49,288 26,226
488,123 406,875

Towers + Gornall Ltd (Registered number: 06500216)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Shares in group undertakings 300 300

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,080 95,702
Trade creditors 20,108 25,727
Taxation and social security 245,562 177,973
Other creditors 68,110 52,180
379,860 351,582

9. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.