Registered number
06622800
Tower Supply Limited
Filleted Accounts
31 August 2024
Tower Supply Limited
Registered number: 06622800
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,400 4,950
Tangible assets 4 82,761 84,370
87,161 89,320
Current assets
Debtors 5 21,205 31,441
Investments held as current assets 6 13,275 11,096
Cash at bank and in hand 155,030 348,709
189,510 391,246
Creditors: amounts falling due within one year 7 (102,348) (149,758)
Net current assets 87,162 241,488
Total assets less current liabilities 174,323 330,808
Creditors: amounts falling due after more than one year 8 (4,583) (9,583)
Provisions for liabilities (1,806) (1,393)
Net assets 167,934 319,832
Capital and reserves
Called up share capital 250 300
Profit and loss account 167,684 319,532
Shareholders' funds 167,934 319,832
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Middleton
Director
Approved by the board on 25 March 2025
Tower Supply Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 25% reducing balance
Office equipment 10% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 11,000
At 31 August 2024 11,000
Amortisation
At 1 September 2023 6,050
Provided during the year 550
At 31 August 2024 6,600
Net book value
At 31 August 2024 4,400
At 31 August 2023 4,950
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Office Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 66,642 15,854 11,890 94,386
Additions - 1,894 - 1,894
At 31 August 2024 66,642 17,748 11,890 96,280
Depreciation
At 1 September 2023 - 9,521 495 10,016
Charge for the year - 654 2,849 3,503
At 31 August 2024 - 10,175 3,344 13,519
Net book value
At 31 August 2024 66,642 7,573 8,546 82,761
At 31 August 2023 66,642 6,333 11,395 84,370
5 Debtors 2024 2023
£ £
Trade debtors 21,205 31,441
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 13,275 11,096
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 2,179 -
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Trade creditors - 2,620
Taxation and social security costs 93,186 138,705
Other creditors 4,162 3,433
102,348 149,758
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,583 9,583
9 Other information
Tower Supply Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tower House
282 Church Street
Blackpool
Lancashire
FY1 3QA
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