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Registration number: 02113422

Twin Property and Management Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

image-name
 

Twin Property and Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Twin Property and Management Limited

Company Information

Directors

Mr A W Farmborough

Mrs SR Halsey

Company secretary

Miss LM Halsey

Registered office

25 Swift Close
Newport Pagnell
Buckinghamshire
MK16 8PP

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Twin Property and Management Limited

(Registration number: 02113422)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

1,948

1,931

Cash at bank and in hand

 

104,936

154,725

 

106,884

156,656

Creditors: Amounts falling due within one year

5

(545)

(515)

Net assets

 

106,339

156,141

Capital and reserves

 

Called up share capital

11,000

11,000

Retained earnings

95,339

145,141

Shareholders' funds

 

106,339

156,141

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

.........................................
Mrs SR Halsey
Director

 

Twin Property and Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 02113422.

The address of its registered office is:
25 Swift Close
Newport Pagnell
Buckinghamshire
MK16 8PP

These financial statements were authorised for issue by the Board on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Twin Property and Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2022 - 2).

4

Debtors

Current

2023
£

2022
£

Prepayments

182

165

VAT Control

1,766

1,766

1,948

1,931

 

Twin Property and Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Directors loan account

1

1

Accruals

 

534

504

Corporation tax control

 

10

10

 

545

515