Registered number
00571705
Tower Toys Ltd
Filleted Accounts
31 December 2023
Tower Toys Ltd
Registered number: 00571705
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,000,000 2,000,000
Current assets
Debtors 4 - 13,344
Cash at bank and in hand 104,854 827,078
104,854 840,422
Creditors: amounts falling due within one year 5 (48,848) (63,165)
Net current assets 56,006 777,257
Total assets less current liabilities 2,056,006 2,777,257
Provisions for liabilities (211,930) (211,930)
Net assets 1,844,076 2,565,327
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,843,076 2,564,327
Shareholders' funds 1,844,076 2,565,327
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Sinclair Richard Lipson
Director Director
Approved by the board on 7 August 2024 Approved by the board on 7 August 2024
Tower Toys Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment over 5 years
Investment Property
Investment properties are carried at fair value, which is derived from the current market prices for comparable real estate and is assessed annually. The value is based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

No depreciation is provided in respect of investment properties. This treatment in regards to the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 2,000,000 13,385 2,013,385
At 31 December 2023 2,000,000 13,385 2,013,385
Depreciation
At 1 January 2023 - 13,385 13,385
At 31 December 2023 - 13,385 13,385
Net book value
At 31 December 2023 2,000,000 - 2,000,000
At 31 December 2022 2,000,000 - 2,000,000
4 Debtors 2023 2022
£ £
Trade debtors - 13,344
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,932 -
Taxation and social security costs 38,322 34,851
Other creditors 3,594 28,314
48,848 63,165
6 Other information
Tower Toys Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Langley Crescent
Edgware
Middlesex
HA8 9SZ
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