Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truefalsefalse3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01true2 03755214 2023-04-01 2024-03-31 03755214 2022-04-01 2023-03-31 03755214 2024-03-31 03755214 2023-03-31 03755214 c:Director2 2023-04-01 2024-03-31 03755214 d:FreeholdInvestmentProperty 2024-03-31 03755214 d:FreeholdInvestmentProperty 2023-03-31 03755214 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 03755214 d:CurrentFinancialInstruments 2024-03-31 03755214 d:CurrentFinancialInstruments 2023-03-31 03755214 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 03755214 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03755214 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03755214 c:OrdinaryShareClass1 2024-03-31 03755214 c:OrdinaryShareClass1 2023-03-31 03755214 c:FRS102 2023-04-01 2024-03-31 03755214 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03755214 c:FullAccounts 2023-04-01 2024-03-31 03755214 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03755214 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03755214 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03755214 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03755214









TOWERGLEN LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TOWERGLEN LIMITED
REGISTERED NUMBER: 03755214

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investment property
 4 
935,000
930,000

  
935,000
930,000

Current assets
  

Debtors: amounts falling due within one year
 5 
37,606
25,054

Cash at bank and in hand
  
114,445
79,436

  
152,051
104,490

Creditors: amounts falling due within one year
 6 
(137,943)
(126,409)

Net current assets/(liabilities)
  
 
 
14,108
 
 
(21,919)

Total assets less current liabilities
  
949,108
908,081

  

Provisions for liabilities
  

Deferred taxation
 7 
(78,604)
(77,353)

  
 
 
(78,604)
 
 
(77,353)

  

Net assets
  
870,504
830,728


Capital and reserves
  

Called up share capital 
 8 
2
2

Revaluation reserve
 9 
304,173
300,423

Profit and loss account
 9 
566,329
530,303

  
870,504
830,728


Page 1

 
TOWERGLEN LIMITED
REGISTERED NUMBER: 03755214

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



R. S. Testler
Director

Date: 21 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
TOWERGLEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares and incorporated in England & Wales. This company is not part of a group. The registered number is 03755214 and the registered office is Causeway House, 1 Dane Street, Bishops Stortford, CM23 3BT. The trading address is 64 Highgate High Street, London, N6 5HX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Revaluations are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
TOWERGLEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 4

 
TOWERGLEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
930,000


Surplus on revaluation
5,000



At 31 March 2024
935,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
552,223
552,223

Page 5

 
TOWERGLEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
37,606
25,054



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,976
997

Corporation tax
14,509
7,841

Other taxation and social security
4,590
2,838

Other creditors
87,323
87,325

Accruals and deferred income
29,545
27,408

137,943
126,409



7.


Deferred taxation




2024


£






At beginning of year
(77,353)


Charged to profit or loss
(1,251)



At end of year
(78,604)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of assets
(78,604)
(77,353)

Page 6

 
TOWERGLEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



9.


Reserves

Revaluation reserve

The revaluation reserve represents investment property at fair value, less deferred tax.

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.


10.


Related party transactions

During the year the company operated a loan account with the directors. The amount due to the directors at the year end and within other creditors is £Nil (2023 - £87,323). This is repayable on demand and no interest has been charged.
During the year the company operated a loan account with a shareholder. The amount due to the shareholder at the year end and within other creditors is £87,323 (2023 - £Nil). This is repayable on demand and no interest has been charged.


Page 7