Towhaven Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 01549325

Towhaven Limited

Filleted Financial Statements

31 March 2020

Towhaven Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		8	262,500

Current assets

Debtors	5	1,012,866	372,094
Cash at bank and in hand		3,097	1,205
		------------	---------
		1,015,963	373,299

Creditors: amounts falling due within one year	6	663,061		21,163
		------------		---------
Net current assets			352,902	352,136
			---------	---------
Total assets less current liabilities			352,910	614,636

Provisions

Taxation including deferred tax	–	( 49,759)
	---------	---------
Net assets	352,910	564,877
	---------	---------

Capital and reserves

Called up share capital	100	100
Fair value reserve	–	212,133
Profit and loss account	352,810	352,644
	---------	---------
Shareholders funds	352,910	564,877
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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 were approved by the board of directors and authorised for issue on 12 May 2021 , and are signed on behalf of the board by:

Mrs D. Feldman

Director

Company registration number: 01549325

Towhaven Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover of the company is derived solely from rental income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2019	262,500
Disposals	( 262,492)
	---------
At 31 March 2020	8
	---------
Depreciation
At 1 April 2019 and 31 March 2020	–
	---------
Carrying amount
At 31 March 2020	8
	---------
At 31 March 2019	262,500
	---------

5. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	359,375	370,060
Other debtors	653,491	2,034
	------------	---------
	1,012,866	372,094
	------------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	647,236	2,965
Amounts owed to related companies	3,913	3,913
Other creditors	11,912	14,285
	---------	--------
	663,061	21,163
	---------	--------

7. Summary audit opinion

The auditor's report for the year dated 12 May 2021 was unqualified.

The senior statutory auditor was Dr P.P.Smulovitch , for and on behalf of GK & Co. LLP .

8. Related party transactions

Amounts owed to and from group and other related companies are shown separately in the debtors and creditors notes to the accounts.