Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false67682022-04-01No description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08965732 2022-04-01 2023-03-31 08965732 2021-04-01 2022-03-31 08965732 2023-03-31 08965732 2022-03-31 08965732 c:Director1 2022-04-01 2023-03-31 08965732 c:Director2 2022-04-01 2023-03-31 08965732 c:Director3 2022-04-01 2023-03-31 08965732 c:Director4 2022-04-01 2023-03-31 08965732 d:PlantMachinery 2022-04-01 2023-03-31 08965732 d:PlantMachinery 2023-03-31 08965732 d:PlantMachinery 2022-03-31 08965732 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:MotorVehicles 2022-04-01 2023-03-31 08965732 d:MotorVehicles 2023-03-31 08965732 d:MotorVehicles 2022-03-31 08965732 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:FurnitureFittings 2022-04-01 2023-03-31 08965732 d:FurnitureFittings 2023-03-31 08965732 d:FurnitureFittings 2022-03-31 08965732 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:OfficeEquipment 2022-04-01 2023-03-31 08965732 d:OfficeEquipment 2023-03-31 08965732 d:OfficeEquipment 2022-03-31 08965732 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 08965732 d:OtherPropertyPlantEquipment 2023-03-31 08965732 d:OtherPropertyPlantEquipment 2022-03-31 08965732 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08965732 d:Goodwill 2022-04-01 2023-03-31 08965732 d:Goodwill 2023-03-31 08965732 d:Goodwill 2022-03-31 08965732 d:CurrentFinancialInstruments 2023-03-31 08965732 d:CurrentFinancialInstruments 2022-03-31 08965732 d:Non-currentFinancialInstruments 2023-03-31 08965732 d:Non-currentFinancialInstruments 2022-03-31 08965732 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08965732 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08965732 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08965732 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08965732 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08965732 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 08965732 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08965732 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 08965732 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 08965732 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 08965732 d:ShareCapital 2023-03-31 08965732 d:ShareCapital 2022-03-31 08965732 d:RetainedEarningsAccumulatedLosses 2023-03-31 08965732 d:RetainedEarningsAccumulatedLosses 2022-03-31 08965732 c:FRS102 2022-04-01 2023-03-31 08965732 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08965732 c:FullAccounts 2022-04-01 2023-03-31 08965732 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08965732 2 2022-04-01 2023-03-31 08965732 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08965732










TWG (1857) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TWG (1857) LIMITED
REGISTERED NUMBER: 08965732

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
68,756
137,515

Tangible assets
 5 
794,028
853,269

  
862,784
990,784

Current assets
  

Debtors: amounts falling due within one year
 6 
206,282
291,082

Cash at bank and in hand
  
163,351
208,344

  
369,633
499,426

Creditors: amounts falling due within one year
 7 
(378,342)
(472,785)

Net current (liabilities)/assets
  
 
 
(8,709)
 
 
26,641

Total assets less current liabilities
  
854,075
1,017,425

Creditors: amounts falling due after more than one year
 8 
(690,659)
(851,789)

Provisions for liabilities
  

Deferred tax
  
(53,716)
(42,649)

  
 
 
(53,716)
 
 
(42,649)

Net assets
  
109,700
122,987


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
9,700
22,987

  
109,700
122,987


Page 1

 
TWG (1857) LIMITED
REGISTERED NUMBER: 08965732
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M B Sarson
Mrs R E Pye
Director
Director



J E Baskerville
Director



Mrs E C Talbot
Director


Date: 9 August 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

TWG (1857) Limited is a company limited by shares incorporated in England and Wales, registration number 08965732. The address of the registered office is 10 Market Hill, Diss, Norfolk, IP22 4WJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Page 3

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Wymondham office furniture and equipment
-
20% on reducing balance
Motor vehicles
-
20% on reducing balance
Saleyard equipment
-
20% on reducing balance
Furniture and equipment
-
20% on reducing balance
Saleyard improvements
-
5% on straight line

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

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 ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2022 - 67).

Page 6

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
687,587



At 31 March 2023

687,587



Amortisation


At 1 April 2022
550,072


Charge for the year on owned assets
68,759



At 31 March 2023

618,831



Net book value



At 31 March 2023
68,756



At 31 March 2022
137,515



Page 7

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Wymondham Office Furniture and Equipment
Motor vehicles
Saleyard Equipment
Furniture and Equipment

£
£
£
£



Cost or valuation


At 1 April 2022
39,019
-
297,942
148,884


Additions
2,548
15,000
4,527
1,717



At 31 March 2023

41,567
15,000
302,469
150,601



Depreciation


At 1 April 2022
29,159
-
195,315
110,632


Charge for the year on owned assets
2,482
3,000
21,431
7,993



At 31 March 2023

31,641
3,000
216,746
118,625



Net book value



At 31 March 2023
9,926
12,000
85,723
31,976



At 31 March 2022
9,860
-
102,627
38,252
Page 8

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           5.Tangible fixed assets (continued)


Saleyard Improvements
Total

£
£



Cost or valuation


At 1 April 2022
962,497
1,448,342


Additions
-
23,792



At 31 March 2023

962,497
1,472,134



Depreciation


At 1 April 2022
259,967
595,073


Charge for the year on owned assets
48,127
83,033



At 31 March 2023

308,094
678,106



Net book value



At 31 March 2023
654,403
794,028



At 31 March 2022
702,530
853,269


6.


Debtors

2023
2022
£
£


Trade debtors
102,713
214,611

Amounts owed by joint ventures and associated undertakings
2,085
2,085

Other debtors
34,502
18,900

Prepayments and accrued income
66,982
55,486

206,282
291,082


Page 9

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
44,121
42,220

Trade creditors
27,086
42,001

Corporation tax
97,809
159,391

Other taxation and social security
115,578
114,928

Other creditors
41,346
58,707

Accruals and deferred income
52,402
55,538

378,342
472,785


The aggregate amount for which security has been given amounted to £42,121 (2022: £42,220). The bank loan is secured by a fixed charge. 


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
197,222
241,343

Other loans
493,437
610,446

690,659
851,789


The aggregate amount for which security has been given amounted to £197,222 (2022: £241,343). The bank loan is secured by a fixed charge. 

Page 10

 
TWG (1857) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
44,121
42,220


44,121
42,220

Amounts falling due 1-2 years

Bank loans
46,159
44,121

Other loans
493,437
610,446


539,596
654,567

Amounts falling due 2-5 years

Bank loans
151,063
144,892


151,063
144,892

Amounts falling due after more than 5 years

Bank loans
-
52,330

-
52,330

734,780
894,009



10.


Contingent liabilities

The Company together with TWG Property Limited has given guarantees to the bank in respect of monies due to the bank by parties to the guarantees. At 31 March 2023 the contingent liability in respect of the agreement amounted to £469,707 (2022: £577,305). 


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £168,848 (2022: £24,839). Contributions totalling £NIL (2022: £2,082) were payable to the fund at the statement of financial position date.

Page 11