9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 15,999 15,667 286 15,953 46 332 xbrli:pure xbrli:shares iso4217:GBP 01236002 2023-01-01 2023-12-31 01236002 2023-12-31 01236002 2022-12-31 01236002 2022-01-01 2022-12-31 01236002 2022-12-31 01236002 2021-12-31 01236002 core:PlantMachinery 2023-01-01 2023-12-31 01236002 bus:Director3 2023-01-01 2023-12-31 01236002 core:PlantMachinery 2022-12-31 01236002 core:PlantMachinery 2023-12-31 01236002 core:WithinOneYear 2023-12-31 01236002 core:WithinOneYear 2022-12-31 01236002 core:ShareCapital 2023-12-31 01236002 core:ShareCapital 2022-12-31 01236002 core:RetainedEarningsAccumulatedLosses 2023-12-31 01236002 core:RetainedEarningsAccumulatedLosses 2022-12-31 01236002 core:BetweenOneFiveYears 2023-12-31 01236002 core:PlantMachinery 2022-12-31 01236002 bus:SmallEntities 2023-01-01 2023-12-31 01236002 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01236002 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01236002 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01236002 bus:FullAccounts 2023-01-01 2023-12-31 01236002 core:ComputerSoftware 2023-01-01 2023-12-31 01236002 core:ComputerEquipment 2023-01-01 2023-12-31 01236002 core:ComputerSoftware 2023-12-31 01236002 core:ComputerSoftware 2022-12-31 01236002 core:ComputerEquipment 2022-12-31 01236002 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 01236002
TERWIN INSTRUMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
TERWIN INSTRUMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
46
332
Tangible assets
6
37,230
24,560
---------
---------
37,276
24,892
Current assets
Stocks
375,339
372,697
Debtors
7
104,318
86,798
Cash at bank and in hand
280,595
274,209
----------
----------
760,252
733,704
Creditors: amounts falling due within one year
8
( 75,010)
( 89,048)
----------
----------
Net current assets
685,242
644,656
----------
----------
Total assets less current liabilities
722,518
669,548
Provisions
( 9,123)
( 5,984)
----------
----------
Net assets
713,395
663,564
----------
----------
TERWIN INSTRUMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
300
300
Profit and loss account
713,095
663,264
----------
----------
Shareholders funds
713,395
663,564
----------
----------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
J Ridsdale
Director
Company registration number: 01236002
TERWIN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Winterbeck Industrial Estate, Orston Lane, Bottesford, Notts, NG13 0AU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling , which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Intangible assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
15,999
---------
Amortisation
At 1 January 2023
15,667
Charge for the year
286
---------
At 31 December 2023
15,953
---------
Carrying amount
At 31 December 2023
46
---------
At 31 December 2022
332
---------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
268,860
12,626
281,486
Additions
17,849
6,780
24,629
Disposals
( 5,741)
( 5,741)
----------
---------
----------
At 31 December 2023
280,968
19,406
300,374
----------
---------
----------
Depreciation
At 1 January 2023
253,487
3,439
256,926
Charge for the year
8,830
2,751
11,581
Disposals
( 5,363)
( 5,363)
----------
---------
----------
At 31 December 2023
256,954
6,190
263,144
----------
---------
----------
Carrying amount
At 31 December 2023
24,014
13,216
37,230
----------
---------
----------
At 31 December 2022
15,373
9,187
24,560
----------
---------
----------
7. Debtors
2023
2022
£
£
Trade debtors
96,601
77,663
Other debtors
7,717
9,135
----------
---------
104,318
86,798
----------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,119
44,189
Corporation tax
9,888
5,936
Social security and other taxes
13,918
13,396
Other creditors
28,085
25,527
---------
---------
75,010
89,048
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,257
Later than 1 year and not later than 5 years
16,329
---------
----
23,586
---------
----
10. Controlling party
The company was under the control of the directors in the current and previous year.