Company registration number 10011470 (England and Wales)
TWYNINGS & ROCKWOOD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
TWYNINGS & ROCKWOOD LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr K D Edwards
Secretary
Mr K D Edwards
Company number
10011470
Registered office
Twynings
3 Linfield Copse
Thakeham
Pulborough
RH20 3EU
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
TWYNINGS & ROCKWOOD LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TWYNINGS & ROCKWOOD LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
374
440
Investment properties
4
480,000
480,000
480,374
480,440
Current assets
Cash at bank and in hand
25,355
26,743
Creditors: amounts falling due within one year
5
(282,019)
(281,411)
Net current liabilities
(256,664)
(254,668)
Total assets less current liabilities
223,710
225,772
Creditors: amounts falling due after more than one year
6
(137,019)
(147,000)
Provisions for liabilities
(15,004)
(15,004)
Net assets
71,687
63,768
Capital and reserves
Called up share capital
7
2
2
Fair value reserve
60,015
60,015
Profit and loss reserves
11,670
3,751
Total equity
71,687
63,768
TWYNINGS & ROCKWOOD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 April 2024
Mr K D Edwards
Director
Company Registration No. 10011470
The notes on pages 4 to 7 form part of these financial statements
TWYNINGS & ROCKWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Twynings & Rockwood Limited is a private company limited by shares incorporated in England and Wales. The registered office is Twynings, 3 Linfield Copse, Thakeham, Pulborough, RH20 3EU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for rents receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TWYNINGS & ROCKWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
TWYNINGS & ROCKWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 March 2023 and 29 February 2024
610
Depreciation and impairment
At 1 March 2023
170
Depreciation charged in the year
66
At 29 February 2024
236
Carrying amount
At 29 February 2024
374
At 28 February 2023
440
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
480,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 February 2024 by the director.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,873
2,043
Other creditors
280,146
279,368
282,019
281,411
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
137,019
147,000
TWYNINGS & ROCKWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Lendinvest BTL Limited holds a fixed charge over the company's investment properties.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
2
2
2