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TW AUTO ENGINEERS LIMITED

Registered Number
04746520
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

TW AUTO ENGINEERS LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

MCCLEAN, Liam Shane
THOMPSON, Ian Anthony
WATKIN, William Arthur

Company Secretary

WATKIN, William Arthur

Registered Address

36 Bridge Street
Belper
DE56 1AX

Registered Number

04746520 (England and Wales)
TW AUTO ENGINEERS LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3211,416195,348
211,416195,348
Current assets
Stocks1,0001,000
Debtors16,6859,143
Cash at bank and on hand77,74225,618
95,42735,761
Creditors amounts falling due within one year5(32,074)(14,217)
Net current assets (liabilities)63,35321,544
Total assets less current liabilities274,769216,892
Creditors amounts falling due after one year6(9,792)(7,816)
Provisions for liabilities8(5,228)-
Net assets259,749209,076
Capital and reserves
Profit and loss account259,749209,076
Shareholders' funds259,749209,076
The financial statements were approved and authorised for issue by the Board of Directors on 28 February 2024, and are signed on its behalf by:
THOMPSON, Ian Anthony
Director
WATKIN, William Arthur
Director

Registered Company No. 04746520
TW AUTO ENGINEERS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment15
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year55
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 22234,132
Additions19,693
At 30 June 23253,825
Depreciation and impairment
At 01 July 2238,784
Charge for year3,625
At 30 June 2342,409
Net book value
At 30 June 23211,416
At 30 June 22195,348
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables13,2339,143
Other debtors3,280-
Prepayments and accrued income172-
Total16,6859,143
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables7,8052,722
Bank borrowings and overdrafts2,000-
Taxation and social security17,6438,912
Finance lease and HP contracts2,980-
Other creditors1462,583
Accrued liabilities and deferred income1,500-
Total32,07414,217
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,8337,816
Other creditors5,959-
Total9,7927,816
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts5,959-
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,228-
Total5,228-