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Registered number: 04648956










TOW MASTER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

 
TOW MASTER LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7

 
TOW MASTER LIMITED
REGISTERED NUMBER: 04648956

BALANCE SHEET
AS AT 28 FEBRUARY 2025

28 February
29 February
2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
331,659
221,896

Current assets
  

Stocks
  
114,285
151,496

Debtors: amounts falling due within one year
 5 
183,292
94,487

Cash at bank and in hand
  
713,921
749,963

  
1,011,498
995,946

Creditors: amounts falling due within one year
 6 
(281,495)
(300,355)

Net current assets
  
 
 
730,003
 
 
695,591

Total assets less current liabilities
  
1,061,662
917,487

Provisions for liabilities
  

Deferred tax
  
(82,915)
(43,257)

Net assets
  
978,747
874,230


Capital and reserves
  

Called up share capital 
  
1,250
1,250

Profit and loss account
  
977,497
872,980

  
978,747
874,230

Page 1

 
TOW MASTER LIMITED
REGISTERED NUMBER: 04648956
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2025.




S.R. McIlhagga
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
TOW MASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

1.


General information

Tow Master Limited (the company) is a private company limited by shares incorporated in England. The address of the registered office is Rutland House, 148 Edmund Street, Birmingham, West Midlands, B3 2FD and its principal place of business is Unit 5 Amber Court, Walthew House Lane, Martland Park, Wigan, WN5 0JY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 3

 
TOW MASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Improvements to leasehold property
-
Over the term of the lease
Plant & machinery
-
25% on a reducing balance basis
Motor vehicles
-
25% on a reducing balance basis
Fixtures & fittings
-
15% on a reducing balance basis
Computer equipment
-
25% on a straight line basis
Hire fleet
-
20% on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Page 4

 
TOW MASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
TOW MASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2024 - 12).


4.


Tangible fixed assets







Improve-ments to leasehold property
Plant & machinery
Motor vehicles
Fixtures, fittings and computer equipment
Hire fleet
Total

£
£
£
£
£
£



Cost


At 1 March 2024
32,459
46,424
191,551
93,948
208,126
572,508


Additions
-
249
-
815
228,490
229,554


Disposals
-
-
-
-
(60,233)
(60,233)



At 28 February 2025

32,459
46,673
191,551
94,763
376,383
741,829



Depreciation


At 1 March 2024
32,459
37,297
81,556
76,048
123,252
350,612


Charge for the year on owned assets
-
2,344
27,499
4,907
57,081
91,831


Disposals
-
-
-
-
(32,273)
(32,273)



At 28 February 2025

32,459
39,641
109,055
80,955
148,060
410,170



Net book value



At 28 February 2025
-
7,032
82,496
13,808
228,323
331,659



At 29 February 2024
-
9,127
109,995
17,900
84,874
221,896


5.


Debtors

28 February
29 February
2025
2024
£
£


Trade debtors
168,090
58,500

Other debtors
3,131
26,625

Prepayments and accrued income
12,071
9,362

183,292
94,487


Page 6

 
TOW MASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

6.


Creditors: Amounts falling due within one year

28 February
29 February
2025
2024
£
£

Payments received on account
123,830
153,465

Trade creditors
81,427
92,797

Corporation tax
65,404
50,536

Other taxation and social security
6,069
-

Accruals and deferred income
4,765
3,557

281,495
300,355



7.


Commitments under operating leases

At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 February
29 February
2025
2024
£
£


Not later than 1 year
54,850
39,000

Later than 1 year and not later than 5 years
86,846
100,750

141,696
139,750


8.


Directors' benefits: advances, credit and guarantees

Included in debtors is a loan from the company to a director of £Nil (2024: £9,440). Payments totalling £Nil (2024: £4,000) were made in the year and repayments totalling £9,440 (2024: £Nil) were made in the year. The maximum amount outstanding at any point during the year was £9,440 (2024: £9,440). The loan is unsecured, interest-free and repayable on demand.        
Also included in debtors is a loan from the company to another director of £Nil (2024: £2,300). Payments totalling £Nil (2024: £2,300) were made in the year and repayments totalling £2,300 (2024: £3,000) were made in the year. The maximum amount outstanding at any point during the year was £2,300 (2023: £3,000). The loan is unsecured, interest-free and repayable on demand.

 
Page 7