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TOWER COMMODITIES 1981 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Tower Commodities 1981 Limited is a private company, limited by shares, registered in England and Wales, registration number 01558371. The registered office address is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
The principal activity of the company is that of investment property.
2.Accounting policies
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Basis of preparation of financial statements
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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.
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.
Turnover from investment property is recognised when it is probable the company will receive the consideration due under the contract.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans with related parties.
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The average monthly number of employees, including the director, during the year was 1 (2022 -1).
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