Tower Street Finance Funding Limited Filleted accounts for Companies House (small and micro)

TOWER STREET FINANCE FUNDING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12472473

Tower Street Finance Funding Limited

Filleted Unaudited Financial Statements

30 June 2021

Tower Street Finance Funding Limited

Statement of Financial Position

30 June 2021

	30 Jun 21
Note	£

Current assets

Debtors	4	4,751,355
Cash at bank and in hand		1,747,684
		------------
		6,499,039

Creditors: amounts falling due within one year	5	57,392
		------------
Net current assets		6,441,647
		------------
Total assets less current liabilities		6,441,647

Creditors: amounts falling due after more than one year	6	5,225,430
		------------
Net assets		1,216,217
		------------

Capital and reserves

Called up share capital	1,216,217
	------------
Shareholders funds	1,216,217
	------------

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.

For the period ending 30 June 2021 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 period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 22 September 2021 , and are signed on behalf of the board by:

Mr J Sisson	Mr R Davies
Director	Director

Company registration number: 12472473

Tower Street Finance Funding Limited

Notes to the Financial Statements

Period from 19 February 2020 to 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 Tower Street, Harrowgate, North Yorkshire, HG1 1HS, England.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured as the amount receivable in the month/year on the outstanding funding made available to originate loans (including capitalised interest)

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	30 Jun 21
	£
Trade debtors	4,751,355
	------------

5. Creditors: amounts falling due within one year

	30 Jun 21
	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	57,392
	--------

6. Creditors: amounts falling due after more than one year

	30 Jun 21
	£
Bank loans and overdrafts	5,225,430
	------------

The loans outstanding at the 30 June 2021 are secured by fixed and floating charges created 24 June 2020.

7. Controlling party

Tower Street Finance Funding Limited is a wholly owned subsidiary of Parent Company Tower Street Holdings Limited . The registered office address of Tower Street Holdings Limited is 46 Tower Street, Harrogate, North Yorkshire, United Kingdom, HG1 1HS.

8. Average number of employees

The average number of employees during the period was 0.