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Company No: 10983148 (England and Wales)

TWISTED GRAIN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

TWISTED GRAIN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

TWISTED GRAIN LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
TWISTED GRAIN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr P L Brew
Ms A E Zobell
REGISTERED OFFICE The Black Dog Beerhouse
17 Albany Road
Brentford
Middx.
TW8 0NF
United Kingdom
COMPANY NUMBER 10983148 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
TWISTED GRAIN LIMITED

BALANCE SHEET

As at 31 March 2023
TWISTED GRAIN LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 61,174 70,009
61,174 70,009
Current assets
Stocks 18,570 19,844
Debtors
- due within one year 4 29,506 23,578
- due after more than one year 4 1 0
Cash at bank and in hand 129,483 99,206
177,560 142,628
Creditors: amounts falling due within one year 5 ( 181,754) ( 148,552)
Net current liabilities (4,194) (5,924)
Total assets less current liabilities 56,980 64,085
Creditors: amounts falling due after more than one year 6 ( 23,605) ( 33,184)
Provision for liabilities ( 14,766) ( 16,525)
Net assets 18,609 14,376
Capital and reserves
Called-up share capital 7 100 3
Profit and loss account 18,509 14,373
Total shareholders' funds 18,609 14,376

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Twisted Grain Limited (registered number: 10983148) were approved and authorised for issue by the Board of Directors on 28 October 2023. They were signed on its behalf by:

Mr P L Brew
Director
TWISTED GRAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
TWISTED GRAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Twisted Grain Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Black Dog Beerhouse, 17 Albany Road, Brentford, Middx., TW8 0NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery etc. 0 - 25 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 initially measured at transaction price including transaction costs and 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 42

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 8,999 113,213 122,212
Additions 0 11,132 11,132
At 31 March 2023 8,999 124,345 133,344
Accumulated depreciation
At 01 April 2022 5,089 47,114 52,203
Charge for the financial year 1,800 18,167 19,967
At 31 March 2023 6,889 65,281 72,170
Net book value
At 31 March 2023 2,110 59,064 61,174
At 31 March 2022 3,910 66,099 70,009

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Other debtors 29,506 23,578
Debtors: amounts falling due after more than one year
Other debtors 1 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 24,517 16,107
Taxation and social security 76,132 21,407
Other creditors 81,105 111,038
181,754 148,552

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 23,605 33,184

There are no amounts included above in respect of which any security has been given by the entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
Allotted, called-up and not yet paid
50 Class B ordinary shares of £ 1.00 each (2022: 1 share of £ 1.00 ) 50 1
50 Class A ordinary shares of £ 1.00 each (2022: 2 shares of £ 1.00 each) 50 2
100 3