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REGISTERED NUMBER: 11872120 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31st March 2024

for

TOWERSIT LIMITED

TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 7

TOWERSIT LIMITED

Company Information
for the year ended 31st March 2024







DIRECTORS: A Towers
G Maull
C R Towers
P Houghton





REGISTERED OFFICE: Suffolk House
George Street
Croydon
Surrey
CR0 0YN





REGISTERED NUMBER: 11872120 (England and Wales)





ACCOUNTANTS: TC Group
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN

TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)

Statement of Financial Position
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,624 9,833

CURRENT ASSETS
Debtors 5 380,322 553,314
Cash at bank 280,532 366,009
660,854 919,323
CREDITORS
Amounts falling due within one year 6 498,923 613,291
NET CURRENT ASSETS 161,931 306,032
TOTAL ASSETS LESS CURRENT LIABILITIES 168,555 315,865

PROVISIONS FOR LIABILITIES 1,656 2,458
NET ASSETS 166,899 313,407

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Share premium 7,834 7,834
Retained earnings 158,065 304,573
SHAREHOLDERS' FUNDS 166,899 313,407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)

Statement of Financial Position - continued
31st March 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th January 2025 and were signed on its behalf by:





A Towers - Director


TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Towersit 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 Company 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" 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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st April 2023 8,240 3,135 17,850 29,225
Additions - - 4,252 4,252
At 31st March 2024 8,240 3,135 22,102 33,477
DEPRECIATION
At 1st April 2023 4,446 1,734 13,212 19,392
Charge for year 1,648 627 5,186 7,461
At 31st March 2024 6,094 2,361 18,398 26,853
NET BOOK VALUE
At 31st March 2024 2,146 774 3,704 6,624
At 31st March 2023 3,794 1,401 4,638 9,833

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 369,345 547,481
Other debtors 10,977 5,833
380,322 553,314

TOWERSIT LIMITED (REGISTERED NUMBER: 11872120)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 34,007 192,118
Tax 170,532 115,973
Social security and other taxes 47,064 60,460
VAT 54,534 15,276
Other creditors 160,033 164,482
Directors' current accounts 23,553 44,107
Accruals and deferred income 9,200 20,875
498,923 613,291

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
800 A Ordinary 1 800 1,000
200 B Ordinary 1 200 -
1,000 1,000

8. RELATED PARTY DISCLOSURES

At the year end the Company owed the Directors £23,553 (2023: 44,107). No interest was charged and the amounts are repayable on demand.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Towersit Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31st March 2024.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.






TC Group
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN


29th January 2025