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REGISTERED NUMBER: 02971924 (England and Wales)










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: Mr F J Smith
Mr J D Williams





SECRETARY: Mr F J Smith





REGISTERED OFFICE: Unit 4 Sandown Road Industrial Estate,
Sandown Road,
Watford,
Herts,
WD24 7UB





REGISTERED NUMBER: 02971924 (England and Wales)





ACCOUNTANTS: Cansdales Business Advisers Limited
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 3 331,347 216,959

CURRENT ASSETS
Stocks 150,418 149,186
Debtors 4 440,344 311,106
Cash at bank and in hand 233,062 274,427
823,824 734,719
CREDITORS
Amounts falling due within one year 5 (357,132 ) (298,409 )
NET CURRENT ASSETS 466,692 436,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,039

653,269

CREDITORS
Amounts falling due after more than one year 6 (83,547 ) (53,165 )
NET ASSETS 714,492 600,104

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 73,871 -
Retained earnings 640,521 600,004
714,492 600,104

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 SYSTEMS LIMITED (Registered number: 02971924)

Balance Sheet - continued
31 December 2023


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 25 September 2024 and were signed on its behalf by:





Mr J D Williams - Director


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
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
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 15 (2022 - 15 ) .

3. TANGIBLE FIXED ASSETS
Freehold Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 254,571 319,380 66,691 640,642
Additions - 41,448 - 41,448
Disposals - (19,340 ) - (19,340 )
Revaluations 98,495 - - 98,495
At 31 December 2023 353,066 341,488 66,691 761,245
DEPRECIATION
At 1 January 2023 68,005 296,484 59,194 423,683
Charge for year 5,061 17,994 2,500 25,555
Eliminated on disposal - (19,340 ) - (19,340 )
At 31 December 2023 73,066 295,138 61,694 429,898
NET BOOK VALUE
At 31 December 2023 280,000 46,350 4,997 331,347
At 31 December 2022 186,566 22,896 7,497 216,959

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 455,951 325,501
Provision for bad debts (18,052 ) (17,748 )
Prepayments & accrued income 2,445 3,353
440,344 311,106

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,721 8,903
Hire purchase contracts 19,087 10,175
Trade creditors 172,714 134,964
Mainstream corporation tax 35,673 19,424
Social security and other tax 17,796 16,567
VAT 57,904 65,968
Credit card account 2,612 2,670
American Express Business Card 3,872 4,020
Directors' current accounts 18,958 19,258
Accrued expenses 18,795 16,460
357,132 298,409

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,968 9,932
Bank loans - 2-5 years 12,813 23,667
Hire purchase contracts 36,142 19,566
Deferred tax 24,624 -
83,547 53,165

7. RESERVES
Revaluation
reserve
£   
Revaluation on assets 73,871

At 31 December 2023 73,871