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REGISTERED NUMBER: 06262168 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2022 TO 30 JUNE 2023

FOR

TWIN WHOLESALE LIMITED

TWIN WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 1 JUNE 2022 TO 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TWIN WHOLESALE LIMITED

COMPANY INFORMATION
For The Period 1 JUNE 2022 TO 30 JUNE 2023







DIRECTORS: R Constantinou
Y Tornari





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 06262168 (England and Wales)





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

TWIN WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 354,288 394,478

CURRENT ASSETS
Stocks 258,667 208,000
Debtors 5 803,126 1,604,468
Cash at bank 24,613 28,723
1,086,406 1,841,191
CREDITORS
Amounts falling due within one year 6 904,738 1,059,812
NET CURRENT ASSETS 181,668 781,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

535,956

1,175,857

CREDITORS
Amounts falling due after more than one
year

7

(369,290

)

(534,253

)

PROVISIONS FOR LIABILITIES 9 (22,471 ) (27,792 )
NET ASSETS 144,195 613,812

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 124,195 593,812
SHAREHOLDERS' FUNDS 144,195 613,812

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 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 WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

NOTES TO THE FINANCIAL STATEMENTS
For The Period 1 JUNE 2022 TO 30 JUNE 2023

1. STATUTORY INFORMATION

Twin Wholesale 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.

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 significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Freehold Property - 5% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicle - 25% on reducing balance
Computer Equipment - 20% 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.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

TWIN WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 JUNE 2022 TO 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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.

Taxation
Taxation for the period 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.

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 period 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 statement of financial position 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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2022 - 17 ) .

TWIN WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 JUNE 2022 TO 30 JUNE 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2022 402,891 46,587 24,111
Additions - - -
At 30 June 2023 402,891 46,587 24,111
DEPRECIATION
At 1 June 2022 122,178 35,689 21,097
Charge for period 15,205 2,361 653
At 30 June 2023 137,383 38,050 21,750
NET BOOK VALUE
At 30 June 2023 265,508 8,537 2,361
At 31 May 2022 280,713 10,898 3,014

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 154,289 79,909 707,787
Additions - 4,740 4,740
At 30 June 2023 154,289 84,649 712,527
DEPRECIATION
At 1 June 2022 79,523 54,822 313,309
Charge for period 20,249 6,462 44,930
At 30 June 2023 99,772 61,284 358,239
NET BOOK VALUE
At 30 June 2023 54,517 23,365 354,288
At 31 May 2022 74,766 25,087 394,478

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 744,131 1,459,561
Amounts owed by group undertakings 27,000 -
Other debtors 31,995 144,907
803,126 1,604,468

TWIN WHOLESALE LIMITED (REGISTERED NUMBER: 06262168)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 JUNE 2022 TO 30 JUNE 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 150,000 150,000
Hire purchase contracts 14,213 16,738
Trade creditors 313,093 540,048
Amounts owed to group undertakings 354,104 19,250
Taxation and social security 34,345 312,879
Other creditors 38,983 20,897
904,738 1,059,812

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 325,000 477,386
Hire purchase contracts 44,290 56,867
369,290 534,253

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 475,000 627,386

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

9. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 22,471 27,792

Deferred
tax
£   
Balance at 1 June 2022 27,792
Credit to Income Statement during period (5,321 )
Balance at 30 June 2023 22,471

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 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 creditors is an amount of £25,000 (2022: NIL) due to connected companies with common directorship and shareholding. The loan is interest free and repayable on demand.