REGISTERED NUMBER: 03180320 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

TOWER CORPORATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C J Gillam

J D Bell

H P Gillam

SECRETARY:

J D Bell

REGISTERED OFFICE:

Tower House

Fishergate

York

YO10 4UA

REGISTERED NUMBER:

03180320 (England and Wales)

ACCOUNTANTS:

Rawse, Varley & Co

Chartered Accountants

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

FIXED ASSETS

Tangible assets

4

31,705

32,919

Investments

5

1

1

Investment property

6

6,152,292

6,152,292

6,183,998

6,185,212

CURRENT ASSETS

Debtors

7

484,200

442,880

Cash at bank

265,611

240,509

749,811

683,389

CREDITORS

Amounts falling due within one year

8

861,430

895,834

NET CURRENT LIABILITIES

(111,619

)

(212,445

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,072,379

5,972,767

CREDITORS

Amounts falling due after more than one year

9

(260,850

)

(426,871

)

PROVISIONS FOR LIABILITIES

11

(75,997

)

(76,211

)

NET ASSETS

5,735,532

5,469,685

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

5,735,432

5,469,585

SHAREHOLDERS' FUNDS

5,735,532

5,469,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 23 December 2025 and were signed on its behalf by:

C J Gillam - Director

1.	STATUTORY INFORMATION

Tower Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Schedule 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for investment property as explained below.

Turnover

Turnover represents rents and service charges receivable, excluding value added tax.

Tangible fixed assets

Tangible fixed assets, other than freehold investment properties, are stated at cost less depreciation. Depreciation is calculated to write off the assets over their estimated useful lives, at the following annual rates:

Office equipment

-

20% of cost

Fixtures and fittings

-

10% of cost

Computer equipment

-

33 1/3% of cost

Motor vehicles

-

20% of cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Equipment,

fixtures

and

fittings

£

COST

At 1 April 2024

135,347

Additions

5,191

Disposals

(544

)

At 31 March 2025

139,994

DEPRECIATION

At 1 April 2024

102,428

Charge for year

6,077

Eliminated on disposal

(216

)

At 31 March 2025

108,289

NET BOOK VALUE

At 31 March 2025

31,705

At 31 March 2024

32,919

5.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1 April 2024

and 31 March 2025

1

NET BOOK VALUE

At 31 March 2025

1

At 31 March 2024

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

6,152,292

NET BOOK VALUE

At 31 March 2025

6,152,292

At 31 March 2024

6,152,292

Fair value at 31 March 2025 is represented by:

£

Valuation in 2009

975,937

Valuation in 2018

(208,234

)

Valuation in 2022

545,392

Cost

4,839,197

6,152,292

If freehold investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

4,839,197

4,839,197

Freehold investment properties were valued on an open market basis on 31 March 2025 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

92,613

65,517

Amounts owed by participating interests

105,000

105,000

Other debtors

-

48

Other loans

236,310

225,881

Director's current account

14,772

2,072

Prepayments and accrued income

35,505

44,362

484,200

442,880

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

166,209

153,266

Other loans

393,557

475,475

Trade creditors

85,583

84,363

Corporation tax

84,670

62,872

Social security and other taxes

32,739

27,101

Accruals and deferred income

98,672

92,757

861,430

895,834

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

173,926

165,232

Bank loans - 2-5 years

86,924

261,639

260,850

426,871

10.	SECURED DEBTS

Bank borrowings of £409,714 (2024 - £552,722) are secured by first legal charge over investment properties and fixed and floating charges over other assets.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

12,745

12,959

Fair value adjustment

63,252

63,252

75,997

76,211

Deferred

tax

£

Balance at 1 April 2024

76,211

Provided during year

(214

)

Balance at 31 March 2025

75,997

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1 April 2024

5,469,585

Profit for the year

265,847

At 31 March 2025

5,735,432

Retained earnings include £1,249,843 (2024 - £1,249,843) arising from the re-statement of investment property to fair value, which is non-distributable.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

C J Gillam

Balance outstanding at start of year

2,072

6,248

Amounts advanced

19,700

2,824

Amounts repaid

(7,000

)

(7,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

14,772

2,072

The current account of C J Gillam is interest free. The overdrawn balance was repaid post year end.

15.	RELATED PARTY DISCLOSURES

Other loans receivable include £236,249 (2024 - £225,820) due from Fountain Estates Limited.

Other loans payable include £383,177 (2024 - £385,034) due to Fountain Developments Limited and £10,380 due to Aurega Holdings Ltd (2024 - £90,440).

These loans are interest free and repayable on demand. C J Gillam is a director of and has a beneficial interest in the issued share capital of Aurega Holdings Ltd, Fountain Estates Limited and Fountain Developments Limited.