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REGISTERED NUMBER: 05198252 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

TOWER HOLDINGS LIMITED

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


TOWER HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A Dorrian
A S Wood
E P Wood





REGISTERED OFFICE: 5 The Quadrant
Coventry
West Midlands
CV5 6ET





REGISTERED NUMBER: 05198252 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

The group primarily trades as an electrical and mechanical contractor in the construction sector, providing plumbing, electrical, heating, and associated services within the new build and care provider market.

REVIEW OF BUSINESS
The Directors believe the business has performed well in a challenging year and market, while continued cost pressures from persistently high inflation impacting direct costs and overheads. Achieving a consistent operating margin remains a challenge due to the uncertainty of future cost fluctuations, but the directors review cost changes as they occur and are confident the Group can continue to operate profitably.

Turnover has fallen by 6.4% to £14,671,875, due to lower levels of activity across the sector caused by higher borrowing costs, but new customers have been introduced during the year, allowing the Group to remain competitive within the sector. Gross profit has remained relatively flat at £1,324,295 as the Group has successfully managed cost pressures during the year.

At the year end, the Group had cash available of £1,797,981 and net assets of £2,835,737. These changes were largely driven by dividends issued in the year of £361,375, along with continued investments in fixed assets and timing differences in the payments and receipts of supplier invoices and trade receivables respectively. Net cash available was £1,363,212, when accounting for supplier cheques not yet presented.

PRINCIPAL RISKS AND UNCERTAINTIES

Staff:
Access to suitably trained staff remains a key risk to the Group, with shortages of skilled staff and above inflationary rises in pay across the sector leading to higher costs and higher turnover rates. The directors mitigate this risk with a series of internal policies designed to upskill, reward and retain existing staff.

Supply chain:
Supplier pricing and supply chain issues are a constant risk to the Groups business activities, with higher material prices leading to contractions in project margins. The directors mitigate this risk by maintaining their relationships with existing suppliers to ensure a timely supply of materials as required, and by maintaining an internal purchasing process which prevents overreliance on a single supplier or late ordering of goods.


TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES (CONT)
Cash management/Credit risk:
All businesses suffer uncertainty around the recoverability of their receivables, but the directors actively review cash reserves within the group to ensure sufficient reserves are available for working capital, and controls around payment terms with customers and the recovery of debts helps to mitigate the risk associated with receivables.
The group does not utilise any external financing apart from hire purchase leases for business vehicles.

Health and Safety:
Working within the construction sector means that the Group takes the risk of a health & safety incident seriously, and the directors mitigate this risk by ensuring all staff undergo appropriate training and perform risk assessments. All staff on site for projects are CSCS certified to ensure that they are appropriately qualified for their roles. The Group maintains appropriate certifications in relation to health & safety compliance.

The directors are confident that the Group remains a competitive business in the market and that the level of service offered to their clients will continue to allow the business to continue to grow.

ON BEHALF OF THE BOARD:





A S Wood - Director


8 January 2025

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
Dividends totalling £361,375 were paid during the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

A Dorrian
A S Wood
E P Wood

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A S Wood - Director


8 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWER HOLDINGS LIMITED


Opinion
We have audited the financial statements of Tower Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWER HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWER HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:
- discussion with directors and management of the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the group's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety regulations.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
- reviewing balance sheet control accounts to ensure these are properly reconciled;
- addressing the risks of fraud through management override of controls by performing journal entry testing;
- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud.
- enquiring with management concerning actual and potential litigation claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Geordiades (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

8 January 2025

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 14,671,875 15,674,148

Cost of sales 13,347,580 14,377,143
GROSS PROFIT 1,324,295 1,297,005

Administrative expenses 1,278,808 1,280,167
OPERATING PROFIT 4 45,487 16,838

Interest receivable and similar income 34,458 17,862
79,945 34,700

Interest payable and similar expenses 5 8,757 12,800
PROFIT BEFORE TAXATION 71,188 21,900

Tax on profit 6 38,009 (7 )
PROFIT FOR THE FINANCIAL YEAR 33,179 21,907
Profit attributable to:
Owners of the parent 33,179 21,907

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 33,179 21,907


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

33,179

21,907

Total comprehensive income attributable to:
Owners of the parent 33,179 21,907

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 611,066 524,967
Investments 10 - -
611,066 524,967

CURRENT ASSETS
Debtors 11 2,897,701 2,577,070
Cash at bank 1,797,981 3,066,810
4,695,682 5,643,880
CREDITORS
Amounts falling due within one year 12 2,339,305 2,906,565
NET CURRENT ASSETS 2,356,377 2,737,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,967,443

3,262,282

CREDITORS
Amounts falling due after more than one
year

13

(69,810

)

(68,705

)

PROVISIONS FOR LIABILITIES 16 (61,896 ) (29,644 )
NET ASSETS 2,835,737 3,163,933

CAPITAL AND RESERVES
Called up share capital 17 202 202
Retained earnings 18 2,835,535 3,163,731
SHAREHOLDERS' FUNDS 2,835,737 3,163,933

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





A S Wood - Director


TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 354,337 278,157
Investments 10 302 302
354,639 278,459

CURRENT ASSETS
Debtors 11 1,487,315 1,220,615
Cash at bank 1,421,925 2,329,071
2,909,240 3,549,686
CREDITORS
Amounts falling due within one year 12 1,040,969 1,251,027
NET CURRENT ASSETS 1,868,271 2,298,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,222,910

2,577,118

CAPITAL AND RESERVES
Called up share capital 17 202 202
Retained earnings 18 2,222,708 2,576,916
SHAREHOLDERS' FUNDS 2,222,910 2,577,118

Company's profit for the financial year 7,167 38,726

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

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





A S Wood - Director


TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 202 3,461,824 3,462,026

Changes in equity
Dividends - (320,000 ) (320,000 )
Total comprehensive income - 21,907 21,907
Balance at 30 April 2023 202 3,163,731 3,163,933

Changes in equity
Dividends - (361,375 ) (361,375 )
Total comprehensive income - 33,179 33,179
Balance at 30 April 2024 202 2,835,535 2,835,737

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 202 2,858,190 2,858,392

Changes in equity
Dividends - (320,000 ) (320,000 )
Total comprehensive income - 38,726 38,726
Balance at 30 April 2023 202 2,576,916 2,577,118

Changes in equity
Dividends - (361,375 ) (361,375 )
Total comprehensive income - 7,167 7,167
Balance at 30 April 2024 202 2,222,708 2,222,910

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (443,724 ) 170,082
Interest paid (8,757 ) (12,800 )
Tax paid (102,318 ) 2,880
Net cash from operating activities (554,799 ) 160,162

Cash flows from investing activities
Purchase of tangible fixed assets (148,785 ) (101,219 )
Sale of tangible fixed assets - 19,300
Interest received 34,458 17,862
Net cash from investing activities (114,327 ) (64,057 )

Cash flows from financing activities
Capital repayments in year 7,020 (50,073 )
Amount withdrawn by directors (10,000 ) -
Equity dividends paid (361,375 ) (320,000 )
Net cash from financing activities (364,355 ) (370,073 )

Decrease in cash and cash equivalents (1,033,481 ) (273,968 )
Cash and cash equivalents at beginning of
year

2

2,396,693

2,670,661

Cash and cash equivalents at end of year 2 1,363,212 2,396,693

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 71,188 21,900
Depreciation charges 61,086 68,647
Loss/(profit) on disposal of fixed assets 1,600 (13,063 )
Finance costs 8,757 12,800
Finance income (34,458 ) (17,862 )
108,173 72,422
Increase in trade and other debtors (320,631 ) (719,846 )
(Decrease)/increase in trade and other creditors (231,266 ) 817,506
Cash generated from operations (443,724 ) 170,082

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 1,797,981 3,066,810
Bank overdrafts (434,769 ) (670,117 )
1,363,212 2,396,693
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 3,066,810 3,675,414
Bank overdrafts (670,117 ) (1,004,753 )
2,396,693 2,670,661


TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank 3,066,810 (1,268,829 ) 1,797,981
Bank overdrafts (670,117 ) 235,348 (434,769 )
2,396,693 (1,033,481 ) 1,363,212
Debt
Finance leases (112,292 ) (7,020 ) (119,312 )
(112,292 ) (7,020 ) (119,312 )
Total 2,284,401 (1,040,501 ) 1,243,900

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Tower Holdings Limited 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within 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.

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.
Long leasehold - 25% Straight line
Fixtures and fittings - 20% per annum of net book value
Motor vehicles - 25% reducing balance and 15% reducing balance
Computer equipment - 33% per annum of cost

Financial instruments
i) Loans and receivables

All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method.

Gains and losses are recognised in the income statement when the instruments are derecognised or impaired. Premia, discounts and other costs are recognised in the income statement through the amortisation process.

ii) Trade receivables

Trade receivables do not carry any interest receivable and are initially recognised at fair value and subsequently at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

iii) Trade payables

Trade payables are not interest bearing and are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 138,200 336,678
Other pension costs 68,443 103,372
206,643 440,050

The average number of employees during the year was as follows:
2024 2023

Directors 3 3
Administration 7 7
Management and accounts 10 10
Production 65 70
85 90

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 18,200 17,678

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 20,523 22,720
Depreciation - assets on hire purchase contracts 40,563 45,926
Loss/(profit) on disposal of fixed assets 1,600 (13,063 )
Auditors' remuneration 3,620 18,780

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Lease charges 8,757 12,800

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 5,757 -

Deferred tax 32,252 (7 )
Tax on profit 38,009 (7 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 361,375 320,000

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Long and
property leasehold fittings
£    £    £   
COST
At 1 May 2023 100,000 2,420 47,976
Additions 10,000 - -
Disposals - - -
At 30 April 2024 110,000 2,420 47,976
DEPRECIATION
At 1 May 2023 - 2,420 30,741
Charge for year - - 3,447
Eliminated on disposal - - -
At 30 April 2024 - 2,420 34,188
NET BOOK VALUE
At 30 April 2024 110,000 - 13,788
At 30 April 2023 100,000 - 17,235

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 787,606 23,790 961,792
Additions 138,785 - 148,785
Disposals (14,385 ) - (14,385 )
At 30 April 2024 912,006 23,790 1,096,192
DEPRECIATION
At 1 May 2023 379,874 23,790 436,825
Charge for year 57,639 - 61,086
Eliminated on disposal (12,785 ) - (12,785 )
At 30 April 2024 424,728 23,790 485,126
NET BOOK VALUE
At 30 April 2024 487,278 - 611,066
At 30 April 2023 407,732 - 524,967

Included in cost of land and buildings is freehold land of £110,000 (2023 - £100,000) which is not depreciated.

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 215,950
Additions 63,605
Transfer to ownership (13,015 )
At 30 April 2024 266,540
DEPRECIATION
At 1 May 2023 77,893
Charge for year 40,563
Transfer to ownership (12,303 )
At 30 April 2024 106,153
NET BOOK VALUE
At 30 April 2024 160,387
At 30 April 2023 138,057

Company
Freehold Motor
property vehicles Totals
£    £    £   
COST
At 1 May 2023 100,000 178,157 278,157
Additions 10,000 66,180 76,180
At 30 April 2024 110,000 244,337 354,337
NET BOOK VALUE
At 30 April 2024 110,000 244,337 354,337
At 30 April 2023 100,000 178,157 278,157

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 May 2023
and 30 April 2024 302
NET BOOK VALUE
At 30 April 2024 302
At 30 April 2023 302

The company owns 100% of the issued share capital of the companies listed below.


2023 2022
Aggregate capital and reserves £    £   

Spectrum M & E Limited (5,207 ) 91,400
Spectrum Electrical & Mechanical Engineering Limited 676,084 551,635
Spectrum Repairs and Maintenance Limited 1 1
Spectrum Construction (Special Projects) Limited (40,996 ) (39,100 )


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 250,699 340,669 - -
Amounts owed by group undertakings - - 1,235,335 1,203,599
Other debtors 240,302 85,148 240,502 10,002
VAT 352,433 473,011 11,478 7,014
Accrued income 2,046,278 1,623,319 - -
Prepayments and accrued income 7,989 54,923 - -
2,897,701 2,577,070 1,487,315 1,220,615

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 14) 434,769 670,117 - -
Hire purchase contracts (see note 15) 49,502 43,587 - -
Trade creditors 1,588,084 1,829,327 2,578 4,036
Amounts owed to group undertakings - - 1,007,074 1,190,527
Corporation tax 7,588 104,149 33 22,332
Social security & other taxes 64,113 89,963 - -
Other creditors 24,450 25,264 19,812 15,886
Pension control 1,701 1,885 - -
Directors' current accounts 3,131 13,131 3,131 13,131
Accrued expenses 165,967 129,142 8,341 5,115
2,339,305 2,906,565 1,040,969 1,251,027

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 15) 69,810 68,705

14. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 434,769 670,117

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 49,502 43,587
Between one and five years 69,810 68,705
119,312 112,292

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 61,896 29,644

Group
Deferred
tax
£   
Balance at 1 May 2023 29,644
Charge to Income Statement during year 32,252
Balance at 30 April 2024 61,896

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
100 Ordinary B £1 100 100
2 Ordinary C & D £2 1 1
201 201

18. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 3,163,731
Profit for the year 33,179
Dividends (361,375 )
At 30 April 2024 2,835,535

Company
Retained
earnings
£   

At 1 May 2023 2,576,916
Profit for the year 7,167
Dividends (361,375 )
At 30 April 2024 2,222,708

TOWER HOLDINGS LIMITED (REGISTERED NUMBER: 05198252)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


18. RESERVES - continued


19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A S Wood.

The company was under the control of Mr A S Wood for the current and prior year.