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Registration number: 04610327

Towerglens Technology Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

Towerglens Technology Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

Towerglens Technology Limited

Company Information

Directors

Mr Raymond John Davies

Mrs Nichola Ann Sheppard

Mr Richard Mark Davies

Company secretary

Mrs Nichola Ann Sheppard

Registered office

Towerglens
Turner Street
Dudley
West Midlands
DY1 1TX

Accountants

Walker Hubble 5 Parsons Street
Dudley
West Midlands
DY1 1JJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Towerglens Technology Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Towerglens Technology Limited for the year ended 30 September 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Towerglens Technology Limited, as a body, in accordance with the terms of our engagement letter dated 16 October 2014. Our work has been undertaken solely to prepare for your approval the accounts of Towerglens Technology Limited and state those matters that we have agreed to state to the Board of Directors of Towerglens Technology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Towerglens Technology Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Towerglens Technology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Towerglens Technology Limited. You consider that Towerglens Technology Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Towerglens Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Walker Hubble
5 Parsons Street
Dudley
West Midlands
DY1 1JJ

13 February 2025

 

Towerglens Technology Limited

(Registration number: 04610327)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,336,101

988,759

Current assets

 

Debtors

41,399

24,372

Cash at bank and in hand

 

83,605

367,357

 

125,004

391,729

Creditors: Amounts falling due within one year

(110,736)

(139,673)

Net current assets

 

14,268

252,056

Total assets less current liabilities

 

1,350,369

1,240,815

Accruals and deferred income

 

(47,956)

(42,718)

Net assets

 

1,302,413

1,198,097

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

1,302,313

1,197,997

Shareholders' funds

 

1,302,413

1,198,097

 

Towerglens Technology Limited

(Registration number: 04610327)
Abridged Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 

.........................................
Mr Raymond John Davies
Director

 

Towerglens Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Towerglens
Turner Street
Dudley
West Midlands
DY1 1TX

These financial statements were authorised for issue by the Board on 13 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Towerglens Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line on buildings

Leasehold buildings

2% straight line

Fixtures and fittings

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Towerglens Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

38,906

36,703

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Cost or valuation

At 1 October 2023

202,698

794,481

4,154

79,130

Additions

-

386,250

-

-

At 30 September 2024

202,698

1,180,731

4,154

79,130

Depreciation

At 1 October 2023

14,189

53,742

3,993

19,783

Charge for the year

2,027

22,010

32

14,836

At 30 September 2024

16,216

75,752

4,025

34,619

Carrying amount

At 30 September 2024

186,482

1,104,979

129

44,511

At 30 September 2023

188,509

740,739

161

59,350

 

Towerglens Technology Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Total
£

Cost or valuation

At 1 October 2023

1,080,463

Additions

386,250

At 30 September 2024

1,466,713

Depreciation

At 1 October 2023

91,707

Charge for the year

38,905

At 30 September 2024

130,612

Carrying amount

At 30 September 2024

1,336,101

At 30 September 2023

988,759

Included within the net book value of land and buildings above is £186,482 (2023 - £188,509) in respect of freehold land and buildings and £1,104,979 (2023 - £740,738) in respect of long leasehold land and buildings.
 

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100