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REGISTERED NUMBER: 06679575 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Towers Drylining Ltd.

Towers Drylining Ltd. (Registered number: 06679575)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Towers Drylining Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTOR: K J Towers





REGISTERED OFFICE: 21 Church Road
Parkstone
Poole
Dorset
BH14 8UF





REGISTERED NUMBER: 06679575 (England and Wales)





ACCOUNTANT: Richard Allen & Associates
21 Church Road
Parkstone
Poole
Dorset
BH14 8UF

Towers Drylining Ltd. (Registered number: 06679575)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,158 13,510

CURRENT ASSETS
Stocks 853,394 206,121
Debtors 5 285,958 827,097
1,139,352 1,033,218
CREDITORS
Amounts falling due within one year 6 565,015 534,102
NET CURRENT ASSETS 574,337 499,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

582,495

512,626

CREDITORS
Amounts falling due after more than one
year

7

(28,458

)

(42,708

)

PROVISIONS FOR LIABILITIES (1,926 ) (3,190 )
NET ASSETS 552,111 466,728

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 552,011 466,628
SHAREHOLDERS' FUNDS 552,111 466,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Towers Drylining Ltd. (Registered number: 06679575)

Balance Sheet - continued
29 February 2024


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 director and authorised for issue on 27 November 2024 and were signed by:





K J Towers - Director


Towers Drylining Ltd. (Registered number: 06679575)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Towers Drylining Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Towers Drylining Ltd. (Registered number: 06679575)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 27,355
Disposals (5,750 )
At 29 February 2024 21,605
DEPRECIATION
At 1 March 2023 13,845
Charge for year 3,533
Eliminated on disposal (3,931 )
At 29 February 2024 13,447
NET BOOK VALUE
At 29 February 2024 8,158
At 28 February 2023 13,510

Towers Drylining Ltd. (Registered number: 06679575)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 19,750
Disposals (5,750 )
At 29 February 2024 14,000
DEPRECIATION
At 1 March 2023 7,431
Charge for year 2,625
Eliminated on disposal (3,931 )
At 29 February 2024 6,125
NET BOOK VALUE
At 29 February 2024 7,875
At 28 February 2023 12,319

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 211,811 689,959
Other debtors 74,147 137,138
285,958 827,097

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,754 959
Hire purchase contracts 4,200 3,500
Trade creditors 429,639 486,406
Taxation and social security 90,794 36,659
Other creditors 22,628 6,578
565,015 534,102

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 22,450 32,500
Hire purchase contracts 6,008 10,208
28,458 42,708

Towers Drylining Ltd. (Registered number: 06679575)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 22,450 32,500