Company registration number 12233503 (England and Wales)
TWR HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
TWR HOMES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TWR HOMES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TWR HOMES LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TWR Homes Limited for the year ended 28 February 2025 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of TWR Homes Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TWR Homes Limited and state those matters that we have agreed to state to the board of directors of TWR Homes 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 TWR Homes Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that TWR Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TWR Homes Limited. You consider that TWR Homes 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 financial statements of TWR Homes 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 financial statements.
Carpenter Box
18 June 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
TWR HOMES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,768
2,210
Investment property
4
190,000
190,000
191,768
192,210
Current assets
Debtors
5
1,770
870
Cash at bank and in hand
16,842
14,152
18,612
15,022
Creditors: amounts falling due within one year
6
(75,766)
(74,507)
Net current liabilities
(57,154)
(59,485)
Total assets less current liabilities
134,614
132,725
Creditors: amounts falling due after more than one year
7
(111,425)
(111,425)
Provisions for liabilities
(2,855)
(2,855)
Net assets
20,334
18,445
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
15,028
15,028
Distributable profit and loss reserves
5,206
3,317
Total equity
20,334
18,445
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 28 February 2025 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 member has 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.
TWR HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 18 June 2025
Mr T W Roberts
Director
Company registration number 12233503 (England and Wales)
TWR HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
1
Accounting policies
Company information
TWR Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rents, on a time apportioned basis, from investment properties.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% p.a. on a diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
TWR HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2023 - 0).
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 March 2024 and 28 February 2025
2,600
Depreciation and impairment
At 1 March 2024
390
Depreciation charged in the year
442
At 28 February 2025
832
Carrying amount
At 28 February 2025
1,768
At 29 February 2024
2,210
TWR HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
4
Investment property
2025
£
Fair value
At 1 March 2024 and 28 February 2025
190,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company director on 28 February 2025. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and it is considered that the cost remains equal to fair value.
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
1,770
870
6
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
718
171
Other creditors
75,048
74,336
75,766
74,507
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
111,425
111,425
The bank loans included above is secured against the underlying assets held in the business.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
TWR HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
9
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
15,028
-
Non distributable profits in the year
-
15,028
At the end of the year
15,028
15,028