Registered number
01209216
Twinwall Limited
Filleted Accounts
31 July 2023
Twinwall Limited
Registered number: 01209216
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 434,856 452,237
Current assets
Debtors 4 254,035 269,857
Cash at bank and in hand 55,174 49,752
309,209 319,609
Creditors: amounts falling due within one year 5 (18,005) (11,458)
Net current assets 291,204 308,151
Total assets less current liabilities 726,060 760,388
Provisions for liabilities - (235)
Net assets 726,060 760,153
Capital and reserves
Called up share capital 50,000 50,000
Revaluation reserve 6 102,313 103,314
Profit and loss account 573,747 606,839
Shareholders' funds 726,060 760,153
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G M Waite
Director
Approved by the board on 19 April 2024
Twinwall Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of properties and from the rendering of related services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Buildings improvem'ts Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 753,577 100,887 10,200 864,664
At 31 July 2023 753,577 100,887 10,200 864,664
Depreciation
At 1 August 2022 307,273 94,954 10,200 412,427
Charge for the year 15,071 2,310 - 17,381
At 31 July 2023 322,344 97,264 10,200 429,808
Net book value
At 31 July 2023 431,233 3,623 - 434,856
At 31 July 2022 446,304 5,933 - 452,237
Freehold land and buildings: 2023 2022
£ £
Historical cost 325,521 325,521
Cumulative depreciation based on historical cost 175,781 169,271
149,740 156,250
In 1997 land and buildings at Eton Hill Works costing £325,521 were revalued at £435,000. A revaluation reserve was created. An amount representing the excess depreciation charged is transferred each year from the revaluation reserve to the profit and loss account.
4 Debtors 2023 2022
£ £
Trade debtors 11,073 8,649
Amounts owed by group undertakings and undertakings in which the company has a participating interest 240,511 259,812
Other debtors 2,451 1,396
254,035 269,857
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,299 4,119
Taxation and social security costs 13,153 4,186
Other creditors 2,553 3,153
18,005 11,458
6 Revaluation reserve 2023 2022
£ £
At 1 August 2022 103,314 104,315
Transfer to profit and loss account (1,001) (1,001)
At 31 July 2023 102,313 103,314
7 Related party transactions 2023 2022
£ £
McKenzie Martin Limited
G M Waite is a common director
Rental income received 120,000 60,000
Amount due from the above company 60,000 58,956
McKenzie Martin (Holdings) Limited
G M Waite is a common director
Amount due from the above company 5,067 2,496
Ulpha Investments Limited
G M Waite is a common director
Dividend income paid (80,000) -
Management fee charged 40,000 40,000
Amount due (to)/from the above company (198) 22,702
Ulpha Investment Group Limited
G M Waite is a common director
Amount due from the above company 175,642 175,642
Pencilfront Limited
G M Waite is a common director
Amount due from the above company - 17
8 Controlling party
The ultimate holding company is Ulpha Investments Group Limited (10856522) a company incorporated in Great Britain, whose registered office is as set out in the note below.
9 Other information
Twinwall Limited is a private company limited by shares and incorporated in England. Its registered office is:
Eton Hill Works
Radcliffe
Manchester M26 2US
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