Silverfin false 05/04/2023 06/04/2022 05/04/2023 E Rayment 15/03/2017 04 March 2024 The principal activity of the Company during the financial year was public relations and IT consultancy. 10671248 2023-04-05 10671248 bus:Director1 2023-04-05 10671248 2022-04-05 10671248 core:CurrentFinancialInstruments 2023-04-05 10671248 core:CurrentFinancialInstruments 2022-04-05 10671248 core:Non-currentFinancialInstruments 2023-04-05 10671248 core:Non-currentFinancialInstruments 2022-04-05 10671248 core:ShareCapital 2023-04-05 10671248 core:ShareCapital 2022-04-05 10671248 core:RetainedEarningsAccumulatedLosses 2023-04-05 10671248 core:RetainedEarningsAccumulatedLosses 2022-04-05 10671248 core:OtherPropertyPlantEquipment 2022-04-05 10671248 core:OtherPropertyPlantEquipment 2023-04-05 10671248 2022-04-06 2023-04-05 10671248 bus:FullAccounts 2022-04-06 2023-04-05 10671248 bus:SmallEntities 2022-04-06 2023-04-05 10671248 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 10671248 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 10671248 bus:Director1 2022-04-06 2023-04-05 10671248 core:OtherPropertyPlantEquipment 2022-04-06 2023-04-05 10671248 2021-04-06 2022-04-05 10671248 core:Non-currentFinancialInstruments 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Company No: 10671248 (England and Wales)

TWICK LTD

Unaudited Financial Statements
For the financial year ended 05 April 2023
Pages for filing with the registrar

TWICK LTD

Unaudited Financial Statements

For the financial year ended 05 April 2023

Contents

TWICK LTD

BALANCE SHEET

As at 05 April 2023
TWICK LTD

BALANCE SHEET (continued)

As at 05 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 6,855 881
Investment property 5 177,033 177,033
183,888 177,914
Current assets
Debtors 6 6,054 16,001
Cash at bank and in hand 785 195
6,839 16,196
Creditors: amounts falling due within one year 7 ( 56,007) ( 153,186)
Net current liabilities (49,168) (136,990)
Total assets less current liabilities 134,720 40,924
Creditors: amounts falling due after more than one year 8 0 ( 6,967)
Net assets 134,720 33,957
Capital and reserves
Called-up share capital 500 500
Profit and loss account 134,220 33,457
Total shareholder's funds 134,720 33,957

For the financial year ending 05 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Twick Ltd (registered number: 10671248) were approved and authorised for issue by the Director on 04 March 2024. They were signed on its behalf by:

E Rayment
Director
TWICK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
TWICK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Twick Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 128 City Road, London, EC1V 2NX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
-The amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost/Valuation
At 06 April 2022 3,331 3,331
Additions 7,913 7,913
At 05 April 2023 11,244 11,244
Accumulated depreciation
At 06 April 2022 2,450 2,450
Charge for the financial year 1,939 1,939
At 05 April 2023 4,389 4,389
Net book value
At 05 April 2023 6,855 6,855
At 05 April 2022 881 881

5. Investment property

Investment property
£
Valuation
As at 06 April 2022 177,033
As at 05 April 2023 177,033

Valuation

There has been no valuation of investment property by an independent valuer.

6. Debtors

2023 2022
£ £
Other debtors 6,054 16,001

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 2,200
Corporation tax 26,101 3,937
Other creditors 29,906 147,049
56,007 153,186

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 6,967

There are no amounts included above in respect of which any security has been given by the small entity.