Towerpiece Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04482851 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

TOWERPIECE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs S S Kimitri

Mrs T A Kimitri

REGISTERED OFFICE:

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

REGISTERED NUMBER:

04482851 (England and Wales)

ACCOUNTANTS:

Peregrine

Chartered Accountants

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,187

1,396

Investment property

6

963,500

963,500

964,687

964,896

CURRENT ASSETS

Debtors

7

18,168

18,168

Cash at bank

646

8,754

18,814

26,922

CREDITORS

Amounts falling due within one year

8

115,286

100,419

NET CURRENT LIABILITIES

(96,472

)

(73,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

868,215

891,399

CREDITORS

Amounts falling due after more than one year

9

(165,065

)

(209,118

)

PROVISIONS FOR LIABILITIES

(91,337

)

(91,337

)

NET ASSETS

611,813

590,944

CAPITAL AND RESERVES

Called up share capital

90

90

Revaluation reserve

10

455,365

455,365

Retained earnings

156,358

135,489

SHAREHOLDERS' FUNDS

611,813

590,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:

Mrs S S Kimitri - Director

1.	STATUTORY INFORMATION

Towerpiece 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

and 28 February 2023

36,000

AMORTISATION

At 1 March 2022

and 28 February 2023

36,000

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 March 2022

and 28 February 2023

45,000

16,650

61,650

DEPRECIATION

At 1 March 2022

45,000

15,254

60,254

Charge for year

-

209

209

At 28 February 2023

45,000

15,463

60,463

NET BOOK VALUE

At 28 February 2023

-

1,187

1,187

At 28 February 2022

-

1,396

1,396

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

and 28 February 2023

963,500

NET BOOK VALUE

At 28 February 2023

963,500

At 28 February 2022

963,500

Fair value at 28 February 2023 is represented by:

£

Valuation in 2005

705,365

Valuation in 2011

(250,000

)

Valuation in 2021

13,500

Cost

494,635

963,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

98

98

Other debtors

18,070

18,070

18,168

18,168

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

43,844

39,991

Taxation and social security

17,105

20,787

Other creditors

54,337

39,641

115,286

100,419

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

165,065

209,118

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

18,715

10.

RESERVES

Revaluation

reserve

£

At 1 March 2022

and 28 February 2023

455,365

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Towerpiece Limited for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Towerpiece 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 Towerpiece Limited. You consider that Towerpiece Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Towerpiece 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.

Peregrine

Chartered Accountants

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

Date: .............................................