George Twist (Wholesale) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01165479 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

GEORGE TWIST (WHOLESALE) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Statement of Directors' Responsibilities

10

Independent Chartered Accountants' Review Report

11

DIRECTORS:

G Twist

J G Twist

SECRETARY:

G Twist

REGISTERED OFFICE:

Leopold Street

Lamberhead Industrial Estate

Pemberton

Wigan

Lancashire

WN5 8DH

REGISTERED NUMBER:

01165479 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

842,410

880,780

Investments

5

25,700

868,110

906,480

CURRENT ASSETS

Stocks

611,789

680,133

Debtors

6

111,219

99,808

Cash at bank and in hand

4,000

14,908

727,008

794,849

CREDITORS

Amounts falling due within one year

7

550,579

631,666

NET CURRENT ASSETS

176,429

163,183

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,044,539

1,069,663

CREDITORS

Amounts falling due after more than one
year

8

(49,565

)

(95,853

)

PROVISIONS FOR LIABILITIES

10

(31,492

)

(38,992

)

NET ASSETS

963,482

934,818

CAPITAL AND RESERVES

Called up share capital

10,000

Revaluation reserve

11

154,422

155,983

Retained earnings

11

799,060

768,835

SHAREHOLDERS' FUNDS

963,482

934,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 2 October 2023 and were signed on its behalf by:

J G Twist - Director

1.	STATUTORY INFORMATION

George Twist (Wholesale) 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about George Twist (Wholesale) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have transferred to the buyer. This is usually when the customer takes delivery of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and impairment. The company has taken advantage of the transitional relief to recognise the freehold property valuation at the date of transition as the deemed cost.

Depreciation is provided at rates calculated to write off the cost of less their estimated residual value, over their expected useful lives on the following basis:

Freehold property

1% reducing balance basis

Plant & machinery

15-33.33% reducing
balance basis

Fixtures and fittings

10-15% reducing balance
basis

Motor vehicles

25% reducing balance basis

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Government income

The company has claimed monies from local Government as part of the Government furlough scheme. This is recognised immediately the benefit becomes due.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transactions price. Financial assets that have no stated interest rate and recoverable within one year shall be measured at the undiscounted amount due.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and payable within one year shall be measured at the undiscounted amount due

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 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.

Deferred tax on fair value changes in respect of the company's revaluation reserve are not required to be accounted for due to the availability of indexation relief.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance lease are recognised initially at their fair value at the inception of the lease, or if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentive are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Fixed asset investments

Fixed asset investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in subsidiary undertakings are recognised at cost.

Short term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2022

and 31 March 2023

860,690

906,270

1,766,960

DEPRECIATION

At 1 April 2022

140,718

745,462

886,180

Charge for year

7,200

31,170

38,370

At 31 March 2023

147,918

776,632

924,550

NET BOOK VALUE

At 31 March 2023

712,772

129,638

842,410

At 31 March 2022

719,972

160,808

880,780

Analysis of freehold land and buildings valued at the date of transition to FRS 102 section 1a using the deemed cost exemption.

2023

2022

£

Historical cost equivalent

545,358

552,558

Revaluation

167,414

Net book value

712,772

719,972

The freehold land and buildings were last revalued in December 2015 by an independent valuer on an open market value basis, and the directors have relied upon this in arriving at a net book value at the Balance Sheet date.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1 April 2022

and 31 March 2023

1,000

24,700

25,700

NET BOOK VALUE

At 31 March 2023

1,000

24,700

25,700

At 31 March 2022

1,000

24,700

25,700

Cost or valuation at 31 March 2023 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2018

-

3,200

Valuation in 2021

-

14,000

Cost

1,000

7,500

8,500

1,000

24,700

25,700

The other investment is in the Northern Independent Supermarkets Association from whom the company receive trade discounts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

Trade debtors

50,241

43,887

Other debtors

60,978

55,921

111,219

99,808

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

Bank loans and overdrafts

26,443

60,001

Hire purchase contracts

19,634

20,600

Trade creditors

322,792

315,948

Amounts owed to group undertakings

80,965

141,368

Tax

29,850

29,249

Social security and other taxes

21,288

2,716

Directors' current accounts

10,305

16,090

Accruals

39,302

45,694

550,579

631,666

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2023

2022

£

Bank loans

29,248

56,032

Hire purchase contracts

20,317

39,821

49,565

95,853

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

Hire purchase contracts

39,951

60,421

Bank loans

16,873

67,495

56,824

127,916

The bank loan and overdraft facility are secured by a debenture comprising a first legal charge over the freehold property of the company.

The hire purchase contracts are secured on the fixed assets concerned.

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

Deferred tax

31,492

38,992

Deferred

tax

£

Balance at 1 April 2022

38,992

Provided during year

(7,500

)

Balance at 31 March 2023

31,492

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 April 2022

768,835

155,983

924,818

Profit for the year

97,014

Dividends

(68,350

)

(68,350

)

Annual reserves transfer

1,561

(1,561

)

-

At 31 March 2023

799,060

154,422

953,482

Included in retained earnings is £3,200 (2022 - £3,200) of profits which are not available for distribution as they are unrealised.

The revaluation reserve represents the gain created when recognising the freehold property valuation at the date of transition as the deemed cost.

12.	CONTINGENT LIABILITIES

An intercompany guarantee exists with Natwest Bank Plc between J&G Twist (Retail) Limited and the company.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE BOARD:

J G Twist - Director

2 October 2023

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of George Twist (Wholesale) Limited for the year ended 31 March 2023, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page thirteen, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Use of our report

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report, or for the conclusions we have formed.

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

Date: .............................................