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Registered Number: 05160845
England and Wales

 

 

 

TWIN ENGINEERING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 2,500    5,000 
Tangible fixed assets 4 88,643    26,473 
91,143    31,473 
Current assets      
Stocks 5 3,801    4,240 
Debtors 6 257,471    216,666 
Cash at bank and in hand 689,876    810,451 
951,148    1,031,357 
Creditors: amount falling due within one year 7 (347,824)   (387,954)
Net current assets 603,324    643,403 
 
Total assets less current liabilities 694,467    674,876 
Provisions for liabilities 8 (21,793)   (4,689)
Net assets 672,674    670,187 
 

Capital and reserves
     
Called up share capital 180    180 
Profit and loss account 672,494    670,007 
Shareholder's funds 672,674    670,187 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 February 2024 and were signed by:


-------------------------------
Gary Chapman
Director
1
General Information
Twin Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05160845, registration address 31 First Avenue, Bletchley, Milton Keynes, MK1 1DX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Group accounts
The company is a subsidiary company subject to the small companies regime. The company and its parent comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Straight Line
Motor Vehicles 25% Straight Line
Fixtures and Fittings 10% Straight Line
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 9 (2022 : 9).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 July 2022 50,000    50,000 
Additions  
Disposals  
At 30 June 2023 50,000    50,000 
Amortisation
At 01 July 2022 45,000    45,000 
Charge for year 2,500    2,500 
On disposals  
At 30 June 2023 47,500    47,500 
Net book values
At 30 June 2023 2,500    2,500 
At 30 June 2022 5,000    5,000 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 July 2022 26,700    90,326    24,000    22,348    13,135    176,509 
Additions     77,188      1,955    79,143 
Disposals     (500)     (3,419)   (3,919)
At 30 June 2023 26,700    90,326    100,688    22,348    11,671    251,733 
Depreciation
At 01 July 2022 26,700    69,397    23,854    17,795    12,290    150,036 
Charge for year   3,786    11,256    1,051    734    16,827 
On disposals     (354)     (3,419)   (3,773)
At 30 June 2023 26,700    73,183    34,756    18,846    9,605    163,090 
Net book values
Closing balance as at 30 June 2023   17,143    65,932    3,502    2,066    88,643 
Opening balance as at 01 July 2022   20,929    146    4,553    845    26,473 


5.

Stocks

2023
£
  2022
£
Stocks 3,801    4,240 
3,801    4,240 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 244,176    189,187 
Other Debtors 13,295    27,479 
257,471    216,666 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 55,539    82,304 
Taxation and Social Security 104,849    88,651 
Other Creditors 187,436    216,999 
347,824    387,954 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 21,793    4,689 
21,793    4,689 

2