Two Tower Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06846891 (England and Wales)

Financial Statements

for the Year Ended 31 December 2020

for

Two Tower Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs D M Beth

Ms E V Heurlin

E Sharvelle

REGISTERED OFFICE:

28 Church Road

Stanmore

Middlesex

HA7 4XR

REGISTERED NUMBER:

06846891 (England and Wales)

ACCOUNTANTS:

Parker Cavendish

Chartered Accountants

28 Church Road

Stanmore

Middlesex

HA7 4XR

FIXED ASSETS

Property, plant and equipment

4

-

-

Investment property

5

1,119,000

1,119,000

1,119,000

1,119,000

CURRENT ASSETS

Debtors

6

3,662

3,154

Cash at bank

21,304

14,267

24,966

17,421

CREDITORS

Amounts falling due within one year

7

(544,505

)

(483,370

)

NET CURRENT LIABILITIES

(519,539

)

(465,949

)

TOTAL ASSETS LESS CURRENT LIABILITIES

599,461

653,051

CREDITORS

Amounts falling due after more than one year

8

(141,324

)

(152,499

)

PROVISIONS FOR LIABILITIES

(52,698

)

(52,698

)

NET ASSETS

405,439

447,854

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

10

384,012

384,012

Retained earnings

20,427

62,842

SHAREHOLDERS' FUNDS

405,439

447,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2021 and were signed on its behalf by:

Mrs D M Beth - Director

1.	STATUTORY INFORMATION

Two Tower Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

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

Fixtures and fittings

-

25% Straight line

Investment properties

Freehold investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is accounted for in the income statement. The directors consider that this policy results in the accounts showing a true and fair view. Depreciation is only one of the factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified nor quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 January 2020

and 31 December 2020

12,709

DEPRECIATION

At 1 January 2020

and 31 December 2020

12,709

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

1,119,000

NET BOOK VALUE

At 31 December 2020

1,119,000

At 31 December 2019

1,119,000

Fair value at 31 December 2020 is represented by:

£

Valuation in 2012

33,260

Valuation in 2014

61,401

Valuation in 2017

341,925

Cost

682,414

1,119,000

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

2020

2019

£

£

Cost

682,414

682,414

The investment properties were valued on an open market basis on 31 December 2020 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

3,662

3,154

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

23,631

10,838

Amounts owed to group undertakings

517,776

467,776

Taxation and social security

1,198

2,756

Other creditors

1,900

2,000

544,505

483,370

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

141,324

152,499

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

164,955

163,337

The bank loans are secured by legal charges over the company's investment properties.

10.

RESERVES

Fair

value

reserve

£

At 1 January 2020

and 31 December 2020

384,012