Towerpiece Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04482851 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

TOWERPIECE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

3

-

-

Tangible assets

4

3,147

3,702

Investment property

5

950,000

950,000

953,147

953,702

CURRENT ASSETS

Debtors

6

18,168

18,619

Cash at bank

4,049

1,465

22,217

20,084

CREDITORS

Amounts falling due within one year

7

77,312

54,807

NET CURRENT LIABILITIES

(55,095

)

(34,723

)

TOTAL ASSETS LESS CURRENT LIABILITIES

898,052

918,979

CREDITORS

Amounts falling due after more than one year

8

(346,309

)

(375,525

)

PROVISIONS FOR LIABILITIES

(91,337

)

(264

)

NET ASSETS

460,406

543,190

CAPITAL AND RESERVES

Called up share capital

90

90

Revaluation reserve

9

455,365

455,365

Retained earnings

4,951

87,735

SHAREHOLDERS' FUNDS

460,406

543,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 November 2017 and were signed on its behalf by:

Mrs T A 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

36,000

AMORTISATION

At 1 March 2016

and 28 February 2017

36,000

NET BOOK VALUE

At 28 February 2017

-

At 29 February 2016

-

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 March 2016

and 28 February 2017

45,000

16,650

61,650

DEPRECIATION

At 1 March 2016

45,000

12,948

57,948

Charge for year

-

555

555

At 28 February 2017

45,000

13,503

58,503

NET BOOK VALUE

At 28 February 2017

-

3,147

3,147

At 29 February 2016

-

3,702

3,702

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2016

and 28 February 2017

950,000

NET BOOK VALUE

At 28 February 2017

950,000

At 29 February 2016

950,000

Fair value at 28 February 2017 is represented by:

£

Valuation in 2005

705,365

Valuation in 2011

(250,000

)

Cost

494,635

950,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

98

98

Other debtors

18,070

18,521

18,168

18,619

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

28,155

26,000

Trade creditors

8,303

680

Taxation and social security

7,246

4,885

Other creditors

33,608

23,242

77,312

54,807

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

346,309

375,525

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

214,619

245,525

9.

RESERVES

Revaluation

reserve

£

At 1 March 2016

and 28 February 2017

455,365

10.	ULTIMATE CONTROLLING PARTY

The controlling party is The Directors.

11.	RELATED PARTY DISCLOSURES

Mrs S Kimitri

Director

As at the balance sheet date the company owed £10,921 (2016 - £9,855) to the director which is included in the

other creditors due within one year. The loan is interest free and repayable on demand.

K Kimitri

Married to Mrs T Kimitri who is a director.

As at the balance sheet date, the company owed K Kimitri £2,432 (2016 - £2,432) which is included within other

creditors. The loan is interest free and repayable on demand.

C K investments (Weston) Limited

A company in which Mrs S Kimitri is a director

As at the balance sheet date the company was owed £17,710 (2016 - £17,710) by C K investment (Weston)

Limited. The loan is interest free and repayable on demand.

V&C Lettings

A business run by V & C Kimitri (parents-in-law) of the shareholder

At the balance sheet date V&C Lettings owed the company £360 (2016 - £360), which is shown in other debtors

due within one year. The loan is interest free and repayable on demand.