Company registration number 03044127 (England and Wales)
TOWER INDUSTRIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TOWER INDUSTRIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TOWER INDUSTRIES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,500
4,500
Debtors
3
32,600
28,505
Cash at bank and in hand
96
613
35,196
33,618
Creditors: amounts falling due within one year
4
(1,625)
(1,221)
Net current assets
33,571
32,397
Capital and reserves
Called up share capital
86
86
Profit and loss reserves
33,485
32,311
Total equity
33,571
32,397

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

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mrs Rosemary Player
Director
Company registration number 03044127 (England and Wales)
TOWER INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Tower Industries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Grange Offices, Aunby, Stamford, Lincolnshire, PE9 4EE.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TOWER INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
32,600
28,505
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
275
86
Other creditors
1,350
1,135
1,625
1,221
5
Ultimate Controlling Party

There is no controlling party of the company in the year.

6
Related party transactions

During the year the company sold goods to Peaker Pattinson (Auctioneers) Limited, a company which has mutual directors of C Player, R Player, E Sewell and P Sewell.

 

Goods sold totalled £25,656 (2023: £9,553), and purchases from Peaker Pattinson (Auctioneers) Limited totalled £12,882 (2023: £4,531). Loan receipts were also received from Peaker Pattinson (Auctioneers) Limited in the year totalling £7,950 (2023: £12,750). The year end balance owed by Peaker Pattinson (Auctioneers) Limited was £32,473 (2023: £27,649).

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