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REGISTERED NUMBER: 03112335 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THREEWAY PRESSINGS LIMITED

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THREEWAY PRESSINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: R W Perry
P M Stanley





REGISTERED OFFICE: 3 Malthouse Road
Tipton
West Midlands
DY4 9AE





REGISTERED NUMBER: 03112335 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 191,189 180,553
191,189 180,553

CURRENT ASSETS
Stocks 189,395 194,658
Debtors 6 1,369,770 1,516,418
1,559,165 1,711,076
CREDITORS
Amounts falling due within one year 7 1,235,578 1,400,808
NET CURRENT ASSETS 323,587 310,268
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,776

490,821

CREDITORS
Amounts falling due after more than
one year

8

(15,833

)

(32,615

)

PROVISIONS FOR LIABILITIES 11 (2,003 ) -
NET ASSETS 496,940 458,206

CAPITAL AND RESERVES
Called up share capital 12 76 100
Capital redemption reserve 13 24 -
Retained earnings 13 496,840 458,106
SHAREHOLDERS' FUNDS 496,940 458,206

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

BALANCE SHEET - continued
31 OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 26 July 2024 and were signed on its behalf by:





R W Perry - Director


THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Threeway Pressings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Intangible fixed assets and amortisation
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

Amortisation is provided at the following rates:

Goodwill - 10 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 balance sheet date.

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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 balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the Profit and loss account as the related expenditure is incurred.

Investments
Investments held as fixed assets are shown at cost less provision for impairment.

Operating leases
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 40 ) .

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 5,000
AMORTISATION
At 1 November 2022
and 31 October 2023 5,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 November 2022 178,366 695,455 873,821
Additions - 19,230 19,230
At 31 October 2023 178,366 714,685 893,051
DEPRECIATION
At 1 November 2022 42,307 650,961 693,268
Charge for year - 8,594 8,594
At 31 October 2023 42,307 659,555 701,862
NET BOOK VALUE
At 31 October 2023 136,059 55,130 191,189
At 31 October 2022 136,059 44,494 180,553

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 781,394 814,472
Amounts owed by related undertakings 538,613 575,257
Other debtors 49,763 49,482
R & D Tax Debtor - 48,013
Deferred tax asset
Accelerated capital allowances - 29,194
1,369,770 1,516,418

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 41,322 99,434
Hire purchase contracts (see note 9)
8,102

9,660
Trade creditors 422,958 483,093
Social security and other taxes 128,584 126,523
Factoring 634,612 682,098
1,235,578 1,400,808

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 15,833 25,837
Hire purchase contracts (see note 9)
-

6,778
15,833 32,615

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,102 9,660
Between one and five years - 6,778
8,102 16,438

Non-cancellable operating leases
2023 2022
£    £   
Within one year 16,292 39,100
Between one and five years - 16,292
16,292 55,392

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 31,322 89,438
Bank loans 25,833 35,833
Factoring - 635,797
57,155 761,068

11. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax
Accelerated capital allowances 2,003

Deferred
tax
£   
Balance at 1 November 2022 (29,194 )
Deferred tax on losses
Movement on timing differences 31,197
Changes in deferred tax rate
Balance at 31 October 2023 2,003

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
76 Ordinary £1 76 100

On the 27 March 2023 the company purchased 24 ordinary £1 shares of its own for £50,000

THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 458,106 - 458,106
Profit for the year 88,734 88,734
Purchase of own shares (50,000 ) 24 (49,976 )
At 31 October 2023 496,840 24 496,864

14. CONTINGENT LIABILITIES

Threeway Pressings Limited and its fellow subsidiaries of TWP Manufacturing Limited are cross guaranteeing the 10 year bank loan In TWP Manufacturing Limited 2023: £227,059 (2022: £261,472).

15. ULTIMATE CONTROLLING PARTY

TWP Manufacturing Limited's directors are now the ultimate controlling party.