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

REGISTERED NUMBER: 05219122 (England and Wales)

TOWERMIST LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTOR:

J Padley

SECRETARY:

Mrs H J Padley

REGISTERED OFFICE:

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

REGISTERED NUMBER:

05219122 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

FIXED ASSETS

Tangible assets

4

16,204

34,939

Investments

5

7,433

7,433

Investment property

6

2,528,082

2,345,000

2,551,719

2,387,372

CURRENT ASSETS

Debtors

7

800

29,101

Cash at bank

11,711

1,646

12,511

30,747

CREDITORS

Amounts falling due within one year

8

(595,961

)

(654,602

)

NET CURRENT LIABILITIES

(583,450

)

(623,855

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,968,269

1,763,517

CREDITORS

Amounts falling due after more than one year

9

(1,532,872

)

(1,385,387

)

PROVISIONS FOR LIABILITIES

(6,715

)

-

NET ASSETS

428,682

378,130

CAPITAL AND RESERVES

Called up share capital

12

1

1

Fair value reserve

13

46,715

46,715

Retained earnings

381,966

331,414

SHAREHOLDERS' FUNDS

428,682

378,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 22 December 2017 and were signed by:

J Padley - Director

1.	STATUTORY INFORMATION

Towermist 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's trading address is:

Haven Business Park

Riverside Industrial Estate

Boston

Lincolnshire

PE21 7AA

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.

The financial statements for the year ended 31 March 2017 are the first financial statements of Towermist

Limited prepared in accordance with FRS 102. No adjustments were required on transition to FRS 102.

At the statement of financial position date the company had net current liabilities of £583,450 (2016 -

£623,855). The director is aware of the situation and considers that the company will trade profitably in the

future. The company currently meets its day to day working capital requirements by its bank overdraft and

bank loan facilities and also through funds invested by the director. The director has indicated that he will

continue to support the company by not withdrawing his directors loan account in the foreseeable future.

Turnover

Turnover represents amounts chargeable by the company for rent during the year, net of value added tax.

Revenue is recognised in the year that the rent relates to.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance and 15% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position.Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2016

61,786

17,300

79,086

Disposals

-

(17,300

)

(17,300

)

At 31 March 2017

61,786

-

61,786

DEPRECIATION

At 1 April 2016

36,402

7,745

44,147

Charge for year

9,180

-

9,180

Eliminated on disposal

-

(7,745

)

(7,745

)

At 31 March 2017

45,582

-

45,582

NET BOOK VALUE

At 31 March 2017

16,204

-

16,204

At 31 March 2016

25,384

9,555

34,939

The net book value of tangible fixed assets includes £nil (2016 - £23,513) in respect of assets held under hire

purchase contracts.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

7,433

NET BOOK VALUE

At 31 March 2017

7,433

At 31 March 2016

7,433

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

2,345,000

Additions

183,082

At 31 March 2017

2,528,082

NET BOOK VALUE

At 31 March 2017

2,528,082

At 31 March 2016

2,345,000

The director considers the current investment property valuation to be at its fair value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

800

583

Other debtors

-

28,518

800

29,101

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

73,000

-

Hire purchase contracts (see note 10)

-

16,488

Trade creditors

44,023

3,423

Amounts owed to group undertakings

205,234

373,259

Taxation and social security

39,303

31,375

Other creditors

234,401

230,057

595,961

654,602

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

1,532,872

1,384,092

Hire purchase contracts (see note 10)

-

1,295

1,532,872

1,385,387

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five year

-

1,384,092

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

-

16,488

Between one and five years

-

1,295

-

17,783

Non-cancellable operating

leases

2017

2016

£

£

Within one year

5,676

-

Between one and five years

2,365

-

8,041

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,605,872

1,384,092

Hire purchase contracts

-

17,783

1,605,872

1,401,875

The bank loans are secured by way of a first legal charge over the investment property known as land and

buildings, Slippery Gowt Lane, Riverside Industrial Estate, Boston, Lincs, a first, fixed and floating charge over

the assets of the company, a second legal mortgage over the freehold property known as Haven Industrial

Park, land lying to the North of Slippery Gowt Lane.

Assets held under hire purchase contracts are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

13.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

46,715

14.	RELATED PARTY DISCLOSURES

At the year end Towermist Limited owed £199,528 (2016 - £295,698) to the parent undertaking. No interest is

charged on this balance.

15.	CONTROLLING PARTY

The controlling party is Haven Trading Limited, a company incorporated and registered in England and Wales.

The registered office is:

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

and principal place of business is:

Haven Business Park

Riverside Industrial Estate

Boston

Lincolnshire

PE21 7AA