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REGISTERED NUMBER: 07602556 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

TWIN ATTITUDE UK LIMITED

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TWIN ATTITUDE UK LIMITED

COMPANY INFORMATION
For The Year Ended 31 MAY 2023







DIRECTORS: R Constantinou
Y Tornari





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 07602556 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

BALANCE SHEET
31 MAY 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,569 8,211
Investments 5 333,101 20,101
Investment property 6 5,678,000 4,431,548
6,017,670 4,459,860

CURRENT ASSETS
Debtors 7 4,435,248 4,949,693
Cash at bank and in hand 53,826 20,998
4,489,074 4,970,691
CREDITORS
Amounts falling due within one year 8 956,356 693,780
NET CURRENT ASSETS 3,532,718 4,276,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,550,388

8,736,771

CREDITORS
Amounts falling due after more than one
year

9

(1,396,607

)

(1,667,578

)

DEFERRED TAX 11 (683,192 ) (371,579 )
NET ASSETS 7,470,589 6,697,614

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 10,001 10,001
Fair value reserve 12 2,049,576 1,114,737
Retained earnings 5,401,012 5,562,876
SHAREHOLDERS' FUNDS 7,470,589 6,697,614

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

BALANCE SHEET - continued
31 MAY 2023


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 2 August 2024 and were signed on its behalf by:





R Constantinou - Director


TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023

1. STATUTORY INFORMATION

Twin Attitude UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Twin Attitude UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixture and fittings 15% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investments in subsidiaries
Investment in subsidiary and associate undertakings are recognised at cost less impairment.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022
and 31 May 2023 11,585
DEPRECIATION
At 1 June 2022 3,374
Charge for year 1,642
At 31 May 2023 5,016
NET BOOK VALUE
At 31 May 2023 6,569
At 31 May 2022 8,211

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022 20,101
Additions 313,000
At 31 May 2023 333,101
NET BOOK VALUE
At 31 May 2023 333,101
At 31 May 2022 20,101

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 4,431,548
Revaluation gain 1,246,452
At 31 May 2023 5,678,000
NET BOOK VALUE
At 31 May 2023 5,678,000
At 31 May 2022 4,431,548

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2016 1,486,315
Valuation in 2023 1,246,452
Cost 2,945,233
5,678,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 2,945,233 2,945,233

Investment property was valued on an open market basis on 31 May 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 62,641 7,799
Amounts owed by group undertakings 3,895,515 4,466,668
Other debtors 477,092 475,226
4,435,248 4,949,693

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 288,500 193,902
Trade creditors 341 33,016
Amounts owed to group undertakings 444,309 -
Taxation and social security 63,997 49,156
Other creditors 159,209 417,706
956,356 693,780

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 1,396,607 1,667,578

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 1,685,107 1,861,480

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

11. DEFERRED TAX
2023 2022
as restated
£    £   
Deferred tax 683,192 371,579

Deferred
tax
£   
Balance at 1 June 2022 371,579
Provided during year 311,613
Balance at 31 May 2023 683,192

12. RESERVES
Fair
value
reserve
£   
At 1 June 2022 1,114,737
Movement during the year 934,839

At 31 May 2023 2,049,576

TWIN ATTITUDE UK LIMITED (REGISTERED NUMBER: 07602556)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

13. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors is an amount of £260,500 (2022:£154,000) receivable from a connected company under common directorship. The loans were interest free and repayable on demand.

Included in other creditors less than one year, is an amount of £137,179 (2022: £71,848) due to the directors of the company. The loan was interest free and repayable on demand.