Company registration number 05659086 (England and Wales)
ELEKTRON TOWER 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELEKTRON TOWER 3 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ELEKTRON TOWER 3 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
6,863,424
6,519,645
Current assets
Debtors
4
355,323
276,323
Cash at bank and in hand
741
1,411
356,064
277,734
Creditors: amounts falling due within one year
5
(913,608)
(784,964)
Net current liabilities
(557,544)
(507,230)
Total assets less current liabilities
6,305,880
6,012,415
Creditors: amounts falling due after more than one year
6
(1,487,650)
(1,487,650)
Net assets
4,818,230
4,524,765
Capital and reserves
Called up share capital
7
3,714
3,714
Share premium account
3,706,290
3,706,290
Profit and loss reserves
8
1,108,226
814,761
Total equity
4,818,230
4,524,765
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 March 2025
Michael Docker
Director
Company registration number 05659086 (England and Wales)
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Elektron Tower 3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Redeemable preference shares are classified as liabilities in accordance with FRS 102 Section 22 (liabilities and equities). The preference dividend is charged in arriving at the interest cost in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
Other investments other than loans
6,863,422
6,519,643
6,863,424
6,519,645
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
2
6,519,643
6,519,645
Movements
-
343,779
343,779
At 31 March 2024
2
6,863,422
6,863,424
Carrying amount
At 31 March 2024
2
6,863,422
6,863,424
At 31 March 2023
2
6,519,643
6,519,645
The other investments represent the company's capital account in Gracewood Group LLP as at the balance sheet date and includes an allocation of profit for the year of £344,403 (2023: £340,776).
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
215
215
Amounts owed by group undertakings
106,437
107,437
Other debtors
248,671
168,671
355,323
276,323
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
913,608
784,964
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,487,650
1,487,650
Included within the above are Preference shares classified as liabilities totalling £298,030 (2023: £298,030).
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
4
4
4
4
Preferred Ordinary Shares of £1 each
3,710
3,710
3,710
3,710
3,714
3,714
3,714
3,714
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
4% Redeemable Preference Shares of £1 each
298,030
298,030
298,030
298,030
Preference shares classified as liabilities
298,030
298,030
8
Profit and loss reserves
Included within the profit and loss account reserves is an amount of £3,864,088 (2023: £3,566,991) in respect of the Preferred Ordinary Shares reserve in accordance with the Articles of Association.
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
9
Related party transactions
During the year the company sold services amounting to £80,000 (2023: £nil) to a company controlled by M Docker and his wife.
Included within other debtors is £248,671 (2023: £168,671) due from companies which are controlled by M Docker and his wife.
Included within other creditors is £7,200 (2023: £4,800) due to a company which is controlled by M Docker and his wife.