Company No: 01880869 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	C L A Slade
	B G B Slade

Registered office	Springfield House
	Springfield Road
	Horsham
	RH12 2RG
	United Kingdom

Company number

01880869 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Towerstile Limited for the financial year ended 31 March 2025 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Towerstile Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Towerstile Limited. You consider that Towerstile Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Towerstile Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Towerstile Limited, as a body, in accordance with the terms of our engagement letter dated 05 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Towerstile Limited and state those matters that we have agreed to state to the Board of Directors of Towerstile Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Towerstile Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP

Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG

24 November 2025

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	13,125		7,172
Investment property	4	10,885,576		10,749,112
		10,898,701		10,756,284
Current assets
Stocks		518,756		518,756
Debtors	5	717,051		845,524
Cash at bank and in hand		1,636,044		1,398,500
		2,871,851		2,762,780
Creditors: amounts falling due within one year	6	( 308,862)		( 326,547)
Net current assets		2,562,989		2,436,233
Total assets less current liabilities		13,461,690		13,192,517
Provision for liabilities	7	( 1,060,182)		( 1,058,693)
Net assets		12,401,508		12,133,824
Capital and reserves
Called-up share capital		100,000		100,000
Revaluation reserve	9	5,206,066		5,206,066
Profit and loss account		7,095,442		6,827,758
Total shareholders' funds		12,401,508		12,133,824

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Towerstile Limited (registered number: 01880869) were approved and authorised for issue by the Board of Directors on 21 November 2025. They were signed on its behalf by:

C L A Slade Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Towerstile Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, Springfield Road, Horsham, RH12 2RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Turnover

Revenue from rental income is recognised in the period in which the rental services are provided. 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 April 2024	0		7,425		7,425
Additions	5,219		3,046		8,265
At 31 March 2025	5,219		10,471		15,690
Accumulated depreciation
At 01 April 2024	0		253		253
Charge for the financial year	217		2,095		2,312
At 31 March 2025	217		2,348		2,565
Net book value
At 31 March 2025	5,002		8,123		13,125
At 31 March 2024	0		7,172		7,172

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	10,749,112
Additions	136,464
As at 31 March 2025	10,885,576

The valuations as at 2025 were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	4,622,610		4,486,146

5. Debtors

	2025		2024
	£		£
Trade debtors	100,010		70,006
Amounts owed by connected persons	0		6,300
Amounts owed by connected companies	423,972		420,995
Amounts owed by related parties	0		47,827
Prepayments and accrued income	89,586		81,638
Other debtors	103,483		218,758
	717,051		845,524

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	23,170		29,049
Amounts owed to connected persons	1,265		5,210
Amounts owed to directors	30,979		29,423
Accruals and deferred income	60,964		33,160
Corporation tax	121,073		144,706
Other taxation and social security	9,009		4,792
Other creditors	62,402		80,207
	308,862		326,547

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 1,058,693)		( 1,057,397)
Charged to the Profit and Loss Account	( 1,489)		( 1,296)
At the end of financial year	( 1,060,182)		( 1,058,693)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 3,282)		( 1,793)
Tax on investment property gains	( 1,056,900)		( 1,056,900)
	( 1,060,182)		( 1,058,693)

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts owed (to)/ from Shareholders	(1,264)		27,969

These loans are interest free and repayable on demand.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to C L A Slade	(8,207)		(6,651)
Amounts owed to B G B Slade	(22,772)		(22,772)

These loans are interest free and repayable on demand.

Other related party transactions

	2025		2024
	£		£
Amounts owed by Hungers Field Limited (Director in common)	336,081		335,615
Amounts owed by Brookton Ltd (Controlled by Mr J C B Slade, a connected person and former Director)	16,424		16,424
Amounts owed by White Ridge Estates Ltd (Common control)	18,432		18,432
Amounts owed by Jalet Property Services Ltd (Common control)	50,525		50,525
Amounts owed by Simply Horsing Around Ltd (Common Control)	2,510		0

These loans are interest free and repayable on demand.

9. Reserve

Investment Property revaluation reerve

The investment property revaluation reserve comprises unrealised gains on the investment properties net of deferred taxation.

Profit and loss account

The profit and loss account comprises all retained profits, net of dividends declared.