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REGISTERED NUMBER: 01539498 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TWIRLROSE LIMITED

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TWIRLROSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: I D Cow
Ms S Hirst





SECRETARY: Ms S Hirst





REGISTERED OFFICE: Windover House
St Ann Street
Salibury
SP1 2DR





REGISTERED NUMBER: 01539498 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,703 4,551
Investment property 5 1,757,869 2,300,000
1,761,572 2,304,551

CURRENT ASSETS
Debtors 6 205 205
Cash at bank 192,613 67,706
192,818 67,911
CREDITORS
Amounts falling due within one year 7 108,312 130,197
NET CURRENT ASSETS/(LIABILITIES) 84,506 (62,286 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,846,078 2,242,265

CREDITORS
Amounts falling due after more than one
year

8

(238,506

)

(652,719

)

PROVISIONS FOR LIABILITIES (170,085 ) (272,230 )
NET ASSETS 1,437,487 1,317,316

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 772,819 1,175,574
Retained earnings 664,568 141,642
SHAREHOLDERS' FUNDS 1,437,487 1,317,316

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.

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

BALANCE SHEET - continued
31 MARCH 2023


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 28 November 2023 and were signed on its behalf by:





I D Cow - Director


TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Twirlrose 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.

he financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Valuation of investment property:
The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in the notes to the 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. Rental income is recognised on the accruals basis. All other income is recognised at the transaction date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 10% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property represents the company's portfolio of residential properties. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the Statement of Income and Retained Earnings for the year.

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 balance sheet date.

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

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 13,172
DEPRECIATION
At 1 April 2022 8,621
Charge for year 848
At 31 March 2023 9,469
NET BOOK VALUE
At 31 March 2023 3,703
At 31 March 2022 4,551

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,300,000
Additions 457,869
Disposals (1,000,000 )
At 31 March 2023 1,757,869
NET BOOK VALUE
At 31 March 2023 1,757,869
At 31 March 2022 2,300,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 954,097
Cost 803,772
1,757,869

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 803,772 832,902

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. INVESTMENT PROPERTY - continued

Investment property represents the company's portfolio of residential properties. The fair value (open market basis) of investment property was assessed by the directors at 31 March 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 205 205

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 69,551 -
Other creditors 38,761 130,197
108,312 130,197

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 238,506 652,719

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 238,506 652,719

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

TWIRLROSE LIMITED (REGISTERED NUMBER: 01539498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. RESERVES
Fair
value
reserve
£   
At 1 April 2022 1,175,574
Transfer (402,755 )

At 31 March 2023 772,819

Fair value reserve:
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.

12. RELATED PARTY DISCLOSURES

At the year end the directors were owed £37,321 (2022 - £128,757).