REGISTERED NUMBER: 02971924 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

TOWER SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F J Smith

Mr J D Williams

SECRETARY:

Mr F J Smith

REGISTERED OFFICE:

Unit 4 Sandown Road Industrial Estate,

Sandown Road,

Watford,

Herts,

WD24 7UB

REGISTERED NUMBER:

02971924 (England and Wales)

ACCOUNTANTS:

Cansdales Business Advisers Limited

St Mary's Court

The Broadway

Old Amersham

Bucks

HP7 0UT

FIXED ASSETS

Tangible assets

3

306,552

331,347

CURRENT ASSETS

Stocks

147,879

150,418

Debtors

4

515,247

440,344

Cash at bank and in hand

201,734

233,062

864,860

823,824

CREDITORS

Amounts falling due within one year

5

(442,101

)

(357,132

)

NET CURRENT ASSETS

422,759

466,692

TOTAL ASSETS LESS CURRENT LIABILITIES

729,311

798,039

CREDITORS

Amounts falling due after more than one year

6

(30,321

)

(58,923

)

PROVISIONS FOR LIABILITIES

7

(32,337

)

(24,624

)

NET ASSETS

666,653

714,492

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

73,871

73,871

Retained earnings

592,682

640,521

666,653

714,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr J D Williams - Director

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost

Motor vehicles - 25% on cost

Computer equipment - 25% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

3.	TANGIBLE FIXED ASSETS

Freehold

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

353,066

341,488

66,691

761,245

Additions

-

-

1,013

1,013

At 31 December 2024

353,066

341,488

67,704

762,258

DEPRECIATION

At 1 January 2024

73,066

295,138

61,694

429,898

Charge for year

5,061

17,994

2,753

25,808

At 31 December 2024

78,127

313,132

64,447

455,706

NET BOOK VALUE

At 31 December 2024

274,939

28,356

3,257

306,552

At 31 December 2023

280,000

46,350

4,997

331,347

The value of the freehold property as at 31 December 2024, was estimated by the director, Julian Williams.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

533,302

455,951

Provision for bad debts

(18,055

)

(18,052

)

Prepayments & accrued income

-

2,445

515,247

440,344

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

9,966

9,721

Hire purchase contracts

18,304

19,087

Trade creditors

231,923

172,714

Corporation tax

19,837

35,673

Social security and other tax

16,060

17,796

VAT

82,888

57,904

Other Creditor

4,492

6,484

Directors' current accounts

17,221

18,958

Accrued expenses

41,410

18,795

442,101

357,132

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

10,218

9,968

Bank loans - 2-5 years

2,267

12,813

Hire purchase contracts

17,836

36,142

30,321

58,923

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

32,337

24,624

Deferred

tax

£

Balance at 1 January 2024

24,624

Provided during year

7,713

Balance at 31 December 2024

32,337