Tower Projects Limited 31/12/2018 iXBRL

Tower Projects Limited 31/12/2018 iXBRL

TOWER PROJECTS LIMITED - Company Information

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Company registration number: 01507409
Tower Projects Limited
Unaudited filleted financial statements
31 December 2018
Tower Projects Limited
Contents
Statement of financial position
Notes to the financial statements
Tower Projects Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Investments 6 1 1
_______ _______
1 1
Current assets
Stocks 7,318 7,318
Debtors 7 40,245 40,000
Cash at bank and in hand 2,525 128,507
_______ _______
50,088 175,825
Creditors: amounts falling due
within one year 8 ( 22,310) ( 74,524)
_______ _______
Net current assets 27,778 101,301
_______ _______
Total assets less current liabilities 27,779 101,302
_______ _______
Net assets 27,779 101,302
_______ _______
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 27,679 101,202
_______ _______
Shareholders funds 27,779 101,302
_______ _______
For the year ending 31 December 2018 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 year 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 June 2019 , and are signed on behalf of the board by:
Mr R R Benns
Director
Company registration number: 01507409
Tower Projects Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower Projects Limited, 9 Duke Street, Dartmouth, Devon, TQ6 9PY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax the company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2018 90 90
Disposals ( 90) ( 90)
_______ _______
At 31 December 2018 - -
_______ _______
Depreciation
At 1 January 2018 90 90
Disposals ( 90) ( 90)
_______ _______
At 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 - -
_______ _______
At 31 December 2017 - -
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2018 and 31 December 2018 1 1
_______ _______
Impairment
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 1 1
_______ _______
At 31 December 2017 1 1
_______ _______
7. Debtors
2018 2017
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 40,000 40,000
Other debtors 245 -
_______ _______
40,245 40,000
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Other creditors 22,310 74,524
_______ _______
9. Related parties
The loan to an undertaking in which the company has a participating interest is interest-free and repayable on demand.