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Company registration number: 09802941
TwinElms Limited
Unaudited filleted financial statements
31 August 2023
TwinElms Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TwinElms Limited
Directors and other information
Directors Mr Nobuo Hayashi
Ms Motoko Hayashi
Mr Jiro Hayashi
Mr R P M Gillies
Company number 09802941
Registered office 4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Accountants BG Partnership
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
TwinElms Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 2,585,211 2,489,651
_______ _______
2,585,211 2,489,651
Current assets
Debtors 6 - 57
Investments 7 208,324 330,524
_______ _______
208,324 330,581
Creditors: amounts falling due
within one year 8 ( 36,281) ( 22,059)
_______ _______
Net current assets 172,043 308,522
_______ _______
Total assets less current liabilities 2,757,254 2,798,173
Creditors: amounts falling due
after more than one year 9 ( 1,273,561) ( 1,345,645)
Provisions for liabilities ( 235,485) ( 150,215)
_______ _______
Net assets 1,248,208 1,302,313
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 654,428 657,501
Profit and loss account 593,680 644,712
_______ _______
Shareholders funds 1,248,208 1,302,313
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 August 2024 , and are signed on behalf of the board by:
Mr Nobuo Hayashi
Director
Company registration number: 09802941
TwinElms Limited
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Fair value & FOREX reserve Profit and loss account Total
£ £ £ £
At 1 September 2021 100 241,454 575,900 817,454
(Loss)/profit for the year 635,964 635,964
Other comprehensive income for the year:
Foreign currency retranslation ( 194,772) - ( 194,772)
Reclassification from fair value reserve to profit and loss account 610,819 ( 567,152) 43,667
_______ _______ _______ _______
Total comprehensive income for the year - 416,047 68,812 484,859
_______ _______ _______ _______
At 31 August 2022 and 1 September 2022 100 657,501 644,712 1,302,313
(Loss)/profit for the year ( 54,105) ( 54,105)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account ( 3,073) 3,073 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 3,073) ( 51,032) ( 54,105)
_______ _______ _______ _______
At 31 August 2023 100 654,428 593,680 1,248,208
_______ _______ _______ _______
TwinElms Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revalution of certain financial assets and liabilities and investment properties measured at fair value through the profit or loss.The financial statements are prepared in GBP sterling (£), and the company's functional currency is US Dollars ($).The financial statements were presented in US Dollars ($) in previous years, however, the Directors chose to translate the presentational currency to GBP sterling (£) for the year ended 31 August 2023. The prior year comparative figures have also been translated from US Dollars to GBP sterling, using historical exchange rates.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 September 2022 2,624,238 2,624,238
Revaluations ( 39,027) ( 39,027)
_______ _______
At 31 August 2023 2,585,211 2,585,211
_______ _______
Impairment
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 2,585,211 2,585,211
_______ _______
At 31 August 2022 2,624,238 2,624,238
_______ _______
6. Debtors
2023 2022
£ £
Other debtors - 57
_______ _______
7. Investments
2023 2022
£ £
Other investments - Securities 208,324 330,524
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,479 -
Corporation tax 22,241 4,960
Other creditors 11,561 17,099
_______ _______
36,281 22,059
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 1,273,561 1,345,645
_______ _______
10. Related party transactions
At the reporting date, the company owed £1,273,560 (2022: £1,345,645) to Twin Sakau Inc, a company incorporated in The Federated States of Micronesia and under the same common ownership of Nobou Hayashi and members of his family.
11. Controlling party
During the year, the company was under the control of Mr Nobou Hayashi.The company is a wholly owned subsidiary of TwinTree Co Ltd, a company incorporated in Japan. The address of the registered office is 6-30-7 Otsuka, Bunkyo, Tokyo 112-0012 Japan.