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REGISTERED NUMBER: 08774396 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

TWENTY FIRST AMENDMENT LTD

TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2


TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 182,767 229,161

CURRENT ASSETS
Stocks 156,331 124,524
Debtors 5 538,745 357,606
Cash at bank 88,582 212,354
783,658 694,484
CREDITORS
Amounts falling due within one year 6 626,501 332,115
NET CURRENT ASSETS 157,157 362,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

339,924

591,530

CREDITORS
Amounts falling due after more than one
year

7

(297,871

)

(313,823

)

PROVISIONS FOR LIABILITIES (6,431 ) (4,883 )
NET ASSETS 35,622 272,824

CAPITAL AND RESERVES
Called up share capital 207 207
Share premium 1,607,760 1,607,760
Retained earnings (1,572,345 ) (1,335,143 )
35,622 272,824

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:



Mr C M L Smith - Director


TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Twenty First Amendment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08774396

Registered office: Units 1&2, Falcon Business Centre
14 Wandle Way
Mitcham
Surrey
CR4 4FG

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the remaining useful economic life
Plant and machinery - Over the remaining useful economic life

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Research and development
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 13 ) .

TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 October 2022 361,442 134,732 496,174
Additions - 1,513 1,513
Disposals - (1,410 ) (1,410 )
At 30 September 2023 361,442 134,835 496,277
DEPRECIATION
At 1 October 2022 159,232 107,781 267,013
Charge for year 36,216 10,563 46,779
Eliminated on disposal - (282 ) (282 )
At 30 September 2023 195,448 118,062 313,510
NET BOOK VALUE
At 30 September 2023 165,994 16,773 182,767
At 30 September 2022 202,210 26,951 229,161

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 429,235 234,272
Other debtors 109,510 123,334
538,745 357,606

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,952 9,707
Trade creditors 209,586 163,567
Taxation and social security 49,773 44,533
Other creditors 357,190 114,308
626,501 332,115

The amount owed to HSBC is secured by fixed and floating charges over the company's assets.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,435 32,387
Other creditors 275,436 281,436
297,871 313,823

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs 275,436 281,436

Other creditors include loans received from related parties.

TWENTY FIRST AMENDMENT LTD (REGISTERED NUMBER: 08774396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 130,424 25,000
Between one and five years 423,878 -
554,302 25,000

9. RELATED PARTY DISCLOSURES

At the balance sheet date £110,891 (2022 - £116,891) was due to At Your Service Event Staffing Limited, a company in which C M L Smith and S J Weston are directors and shareholders. The amounts due are included within Other Creditors in Creditors: Amounts Falling Due Within on Year of £19,455 (2022 - £25,455) and Other Creditors in Creditors: Amounts Falling Due After More Than One Year of £91,436 (2022 - £91,436). C M L Smith and S J Weston each hold 26.31% of the issued share capital of Twenty First Amendment Ltd.

At the balance sheet date £276,971 (2022 - £228,552) was due to Pernod Ricard UK Ltd, a company that is a shareholder of Twenty First Amendment Ltd. The amounts due are included within Other Creditors in Creditors: Amounts Falling Due Within on Year of £92,971 (2022 - £38,552) and Other Creditors in Creditors: Amounts Falling Due After More Than One Year of £184,000 (2022 - £190,000). Pernod Ricard UK Ltd holds 26.31% of the issued share capital of Twenty First Amendment Ltd.

10. TAXATION

The company has estimated losses of £1,604,989 (2022 - £1,406,903) available to be carried forward against future trading profits.

11. DEFERRED TAX

The company has a deferred tax asset of £390,975 (2022: £342,721). This has been provided for in part at £42,630 (2022: £42,630).