REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
TOWER SYSTEMS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
TOWER SYSTEMS LIMITED |
TOWER SYSTEMS LIMITED (Registered number: 02971924) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TOWER SYSTEMS LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
St Mary's Court |
The Broadway |
Old Amersham |
Buckinghamshire |
HP7 0UT |
TOWER SYSTEMS LIMITED (Registered number: 02971924) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
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 SYSTEMS LIMITED (Registered number: 02971924) |
Balance Sheet - continued |
31 December 2023 |
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 |
TOWER SYSTEMS LIMITED (Registered number: 02971924) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Freehold property - 2% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 25% on cost |
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. |
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. |
TOWER SYSTEMS LIMITED (Registered number: 02971924) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Freehold | Motor | Computer |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Motor | Computer |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2023 | 98,495 | - | - | 98,495 |
Cost | 254,571 | 341,488 | 66,691 | 662,750 |
353,066 | 341,488 | 66,691 | 761,245 |
If Freehold land and building had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 254,571 | 254,571 |
Aggregate depreciation | 71,098 | 68,005 |
Value of land in freehold land and buildings | 183,473 | 186,566 |
Freehold land and building were valued on an open market basis on 31 December 2023 by Independent valuer . |
TOWER SYSTEMS LIMITED (Registered number: 02971924) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Provision for bad debts | (18,052 | ) | (17,748 | ) |
Prepayments & accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Mainstream corporation tax |
Social security and other tax |
VAT | 57,904 | 65,968 |
Credit card account |
American Express Business Card | 3,872 | 4,020 |
Directors' current accounts | 18,958 | 19,258 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
Deferred tax | 24,624 | - |
7. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation on assets | 73,871 |
At 31 December 2023 |