Registered number
12163936
TOWERS HOSPITALITY LIMITED
Unaudited Financial Statements
31 August 2024
TOWERS HOSPITALITY LIMITED
Registered number: 12163936
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,750 4,500
Tangible assets 4 71,339 76,600
75,089 81,100
Current assets
Stocks 8,500 8,000
Debtors 5 315,138 453,641
Cash at bank and in hand 4,996 5,418
328,634 467,059
Creditors: amounts falling due within one year 6 (163,014) (239,808)
Net current assets 165,620 227,251
Total assets less current liabilities 240,709 308,351
Creditors: amounts falling due after more than one year 7 (28,540) (27,430)
Provisions for liabilities - (11,749)
Net assets 212,169 269,172
Capital and reserves
Called up share capital 100 100
Profit and loss account 212,069 269,072
Shareholders' funds 212,169 269,172
The directors are 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 directors acknowledge their 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.
Mr B Towers
Director
Approved by the board on 9 August 2025
TOWERS HOSPITALITY LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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:
Improvements to property no depreciation
Fixtures and fittings 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 17 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 7,500
At 31 August 2024 7,500
Amortisation
At 1 September 2023 3,000
Provided during the year 750
At 31 August 2024 3,750
Net book value
At 31 August 2024 3,750
At 31 August 2023 4,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Improvements to leasehold property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 37,236 49,194 19,673 106,103
Additions - 1,862 - 1,862
At 31 August 2024 37,236 51,056 19,673 107,965
Depreciation
At 1 September 2023 - 20,638 8,865 29,503
Charge for the year - 4,421 2,702 7,123
At 31 August 2024 - 25,059 11,567 36,626
Net book value
At 31 August 2024 37,236 25,997 8,106 71,339
At 31 August 2023 37,236 28,556 10,808 76,600
5 Debtors 2024 2023
£ £
Trade debtors - 2,225
Deferred tax asset 5,554 -
Loan - Resilets: Blyth Quay Ltd 3,670 660
Loan - Mood Hospitality Limited 280,529 367,236
Loan - Towers Properties Limited - 75,808
Loan - Bother Investments Ltd 25,385 5,033
Other debtors - 2,679
315,138 453,641
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans, overdrafts and credit card balances owed 39,203 47,201
Obligations under finance lease and hire purchase contracts 6,126 5,219
Trade creditors 29,244 27,174
Taxation and social security costs 69,728 92,601
Other creditors 18,713 25,734
163,014 239,808
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,333 19,167
Obligations under finance lease and hire purchase contracts 3,573 8,263
Loan - Towers Properties Limited 16,634 -
28,540 27,430
8 Related party transactions
Related Party Loans

Loans between related parties owned and controlled by the same person:

Loans made to the following companies:
MOOD HOSPITALITY LIMITED - Company number 13851654
RESILETS: BLYTH QUAY LTD - Company number 15078181
BOTHER INVESTMENTS LIMITED - Company number 12320215

Loans received from the following company:
TOWERS PROPERTIES LIMITED - Company number 12947228

Balance at year end of loans:
MOOD HOSPITALITY LIMITED - £280,529 (included within debtors)
RESILETS: BLYTH QUAY LTD - £3,670 (included within debtors)
BOTHER INVESTMENTS LIMITED - £25,385 (included within debtors)
TOWERS PROPERTIES LIMITED - £16,634 (included within creditors due after 1 year)


No fixed terms of repayment are attached to the loans and these are interest free loans.

Mr B Towers owns 100% shareholding in all of the above company's and he is also a director in each of the company's.
10 Other information
TOWERS HOSPITALITY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Flat - La Torre
Millfield East
Bedlington
Northumberland
NE22 5ED
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