ELEKTRON_TOWER_3_LIMITED - Accounts


Company Registration No. 05659086 (England and Wales)
ELEKTRON TOWER 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ELEKTRON TOWER 3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELEKTRON TOWER 3 LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
5,956,144
5,486,888
Current assets
Debtors
4
316,638
328,139
Cash at bank and in hand
4
182
316,642
328,321
Creditors: amounts falling due within one year
5
(582,222)
(528,136)
Net current liabilities
(265,580)
(199,815)
Total assets less current liabilities
5,690,564
5,287,073
Creditors: amounts falling due after more than one year
6
(1,487,650)
(1,487,650)
Net assets
4,202,914
3,799,423
Capital and reserves
Called up share capital
7
3,714
3,714
Share premium account
3,706,290
3,706,290
Profit and loss reserves
8
492,910
89,419
Total equity
4,202,914
3,799,423
ELEKTRON TOWER 3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 June 2021
Michael Docker
Director
Company Registration No. 05659086
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information

Elektron Tower 3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6

Preference shares

Redeemable preference shares are classified as liabilities in accordance with FRS 102 Section 22 (liabilities and equities). The preference dividend is charged in arriving at the interest cost in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2020
2019
Number
Number
Total
1
1
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
2
2
Other investments other than loans
5,956,142
5,486,886
5,956,144
5,486,888

 

ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2019
2
5,486,886
5,486,888
Movements
-
469,256
469,256
At 31 March 2020
2
5,956,142
5,956,144
Carrying amount
At 31 March 2020
2
5,956,142
5,956,144
At 31 March 2019
2
5,486,886
5,486,888

Other investments represents the company's capital account in Gracewood Group LLP (previously known as Estates and Lets 2 LLP) as at the balance sheet date and includes an allocation of profit for the year of £472,672 (2019: £193,774).

4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
147,968
159,468
Other debtors
168,670
168,671
316,638
328,139
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
105
-
0
Corporation tax
10,455
14,773
Other creditors
571,662
513,363
582,222
528,136
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,487,650
1,487,650
ELEKTRON TOWER 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
4
4
4
4
Preferred Ordinary Shares of £1 each
3,710
3,710
3,710
3,710
3,714
3,714
3,714
3,714
8
Profit and loss reserves

Included within the profit and loss account reserves is an amount of £2,677,820 (2019: £2,376,776) in respect of the Preferred Ordinary Shares reserve in accordance with the Articles of Association.

9
Related party transactions

Included in debtors is £168,671 (2019: £168,671) due from a company which is controlled by M Docker.

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