Company registration number 10714683 (England and Wales)
TOWER GRANGE FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TOWER GRANGE FINANCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TOWER GRANGE FINANCE LIMITED
BALANCE SHEET
AS AT
26 JUNE 2024
26 June 2024
- 1 -
26 June 2024
27 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
704
1,354
Investments
5
-
0
29,334
704
30,688
Current assets
Debtors falling due after more than one year
6
660,752
-
0
Debtors falling due within one year
6
12,447,801
13,957,844
Cash at bank and in hand
1,261
16,754
13,109,814
13,974,598
Creditors: amounts falling due within one year
7
(13,618,522)
(13,882,494)
Net current (liabilities)/assets
(508,708)
92,104
Total assets less current liabilities
(508,004)
122,792
Provisions for liabilities
(134)
(339)
Net (liabilities)/assets
(508,138)
122,453
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
(508,438)
122,153
Total equity
(508,138)
122,453
TOWER GRANGE FINANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
26 JUNE 2024
26 June 2024
- 2 -

For the financial period ended 26 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period 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 10 December 2025 and are signed on its behalf by:
S J Peck
Director
Company registration number 10714683 (England and Wales)
TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 JUNE 2024
- 3 -
1
Accounting policies
Company information

Tower Grange Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 - 25 Elbow Lane, Formby, Merseyside, L37 4AB.

1.1
Reporting period

These financial statements are for the period ended 26 June 2024 as the accounting period was shortened by a day. The previous financial statements were for the period ended 27 June 2023. As such, the comparative amounts presented in these financial statements (including the related notes) are not entirely comparable.

1.2
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents fees and interest charged on commercial loans excluding value added tax.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less.

1.9
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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Where material, t he cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Where relevant, t ermination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Going concern

The company meets its day to day working capital requirements through loans provided by the directors.

The directors have confirmed they will continue to support the company in this manner for the foreseeable future.

The financial statements have therefore been prepared on the going concern basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 JUNE 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
8
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 June 2023 and 26 June 2024
1,949
Depreciation and impairment
At 28 June 2023
595
Depreciation charged in the period
650
At 26 June 2024
1,245
Carrying amount
At 26 June 2024
704
At 27 June 2023
1,354
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
29,334
Fixed asset investments not carried at market value

The fixed asset investment represents the purchase price of shares held in associate undertakings.

TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 JUNE 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 28 June 2023 & 26 June 2024
29,334
Impairment
At 28 June 2023
-
Impairment losses
29,334
At 26 June 2024
29,334
Carrying amount
At 26 June 2024
-
At 27 June 2023
29,334
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,148,903
12,604,105
Other debtors
1,298,898
1,353,739
12,447,801
13,957,844
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
660,752
-
0
Total debtors
13,108,553
13,957,844
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,906,028
13,025,805
Taxation and social security
149,297
256,978
Other creditors
563,197
599,711
13,618,522
13,882,494

A number of the trade creditors are secured by a floating charge over the assets of the company.

TOWER GRANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 JUNE 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
61,541
-
0
10
Directors' transactions

Transactions in relation to loans with directors during the period are outlined in the table below:

Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
S Sullivan - loan
2.25
402,831
286,400
581
(594,060)
95,752
402,831
286,400
581
(594,060)
95,752
11
Parent company

The ultimate parent company is Tower Grange Holdings Limited, a company registered in England and Wales, which owns the entire issued share capital of Tower Grange Finance Limited.

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