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Financial Statements for the Year Ended 31st March 2022 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st March 2022 |
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for |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
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Company Information |
for the Year Ended 31st March 2022 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Balance Sheet |
31st March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Non-distributable reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2022 |
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1. | STATUTORY INFORMATION |
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Tower Beach Management Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Revenue is derived from investment property management services, net of value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on these movements. Gains and losses arising from changes in fair value are included in the Statement of Income and Retained Earnings in the period in which they arise. |
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Investment property is shown at the most recent valuation. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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. |
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Basic financial assets |
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets. |
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Other financial liabilities |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1st April 2021 |
and 31st March 2022 |
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DEPRECIATION |
At 1st April 2021 |
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Charge for year |
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At 31st March 2022 |
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NET BOOK VALUE |
At 31st March 2022 |
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At 31st March 2021 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2021 |
and 31st March 2022 |
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NET BOOK VALUE |
At 31st March 2022 |
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At 31st March 2021 |
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Fair value at 31st March 2022 is represented by: |
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Valuation in 2021 | 2,147,164 |
Cost | 536,096 |
2,683,260 |
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The investment property was valued on an open market basis on 22nd December 2021 by Francisco Reyes Medel (Architect) . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Amounts owed to group undertakings |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Other Loan |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | POST BALANCE SHEET EVENTS |
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In May 2022, the company disposed of its investment property and the principal activity of the company ceased. It is the intention of the director that the company will not continue to trade and the company will be dissolved in due course. |
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12. | ULTIMATE CONTROLLING PARTY |
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Dhowin Limited (incorporated in Isle of Man) is regarded by the director as being the company's ultimate parent company. |
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As at 31 March 2022 the company was controlled by the executors of the estate of the late Mr T J Hemmings. |