Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe principal activity of the Company during the year was the supply of elastometric products to the vehicle industry.truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05201327 2023-01-01 2023-12-31 05201327 2022-01-01 2022-12-31 05201327 2023-12-31 05201327 2022-12-31 05201327 c:Director1 2023-01-01 2023-12-31 05201327 d:PlantMachinery 2023-01-01 2023-12-31 05201327 d:PlantMachinery 2023-12-31 05201327 d:PlantMachinery 2022-12-31 05201327 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05201327 d:FurnitureFittings 2023-01-01 2023-12-31 05201327 d:FurnitureFittings 2023-12-31 05201327 d:FurnitureFittings 2022-12-31 05201327 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05201327 d:OfficeEquipment 2023-01-01 2023-12-31 05201327 d:OfficeEquipment 2023-12-31 05201327 d:OfficeEquipment 2022-12-31 05201327 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05201327 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05201327 d:OtherPropertyPlantEquipment 2023-12-31 05201327 d:OtherPropertyPlantEquipment 2022-12-31 05201327 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05201327 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05201327 d:CurrentFinancialInstruments 2023-12-31 05201327 d:CurrentFinancialInstruments 2022-12-31 05201327 d:CurrentFinancialInstruments 3 2023-12-31 05201327 d:CurrentFinancialInstruments 3 2022-12-31 05201327 d:Non-currentFinancialInstruments 2023-12-31 05201327 d:Non-currentFinancialInstruments 2022-12-31 05201327 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05201327 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05201327 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05201327 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05201327 d:ShareCapital 2023-12-31 05201327 d:ShareCapital 2022-12-31 05201327 d:SharePremium 2023-12-31 05201327 d:SharePremium 2022-12-31 05201327 d:RetainedEarningsAccumulatedLosses 2023-12-31 05201327 d:RetainedEarningsAccumulatedLosses 2022-12-31 05201327 c:FRS102 2023-01-01 2023-12-31 05201327 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05201327 c:FullAccounts 2023-01-01 2023-12-31 05201327 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05201327 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 05201327 d:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 05201327 d:EntityControlledByKeyManagementPersonnel2 2022-01-01 2022-12-31 05201327 d:EntityControlledByKeyManagementPersonnel2 2023-12-31 05201327 d:EntityControlledByKeyManagementPersonnel2 2022-12-31 05201327 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 05201327 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 05201327 2 2023-01-01 2023-12-31 05201327 f:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05201327










TWYNHAM COMPONENTS LTD (PREVIOUSLY KNOWN AS MITCHELL RUBBER EUROPE LIMITED)








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TWYNHAM COMPONENTS LIMITED
REGISTERED NUMBER: 05201327

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 4 
173,455
38,578

  
173,455
38,578

Current assets
  

Stocks
  
2,223,088
3,748,987

Debtors: amounts falling due within one year
 5 
2,014,923
3,036,961

Cash at bank and in hand
  
75,369
78,594

  
4,313,380
6,864,542

Creditors: amounts falling due within one year
 6 
(3,017,116)
(5,210,328)

Net current assets
  
 
 
1,296,264
 
 
1,654,214

Total assets less current liabilities
  
1,469,719
1,692,792

Creditors: amounts falling due after more than one year
 7 
(354,492)
(460,866)

Provisions for liabilities
  

Deferred tax
  
(41,902)
(4,570)

  
 
 
(41,902)
 
 
(4,570)

Net assets
  
1,073,325
1,227,356


Capital and reserves
  

Called up share capital 
  
71
71

Share premium account
  
28,380
28,380

Profit and loss account
  
1,044,874
1,198,905

  
1,073,325
1,227,356


Page 1

 
TWYNHAM COMPONENTS LIMITED
REGISTERED NUMBER: 05201327
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr J M Twynham
Director

Date: 15 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Twynham Components Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 05201327. The registered office is Unit 1-3, Cronin Courtyard, Weldon South Industrial Estate, Corby, Northamptonshire, NN18 8AG.
Principal activities
The principal activity of the Company during the year was the supply of elastomeric products to the vehicle industry.
Change of company name
On 23 March 2023, the Company changed its name to Twynham Components Ltd.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33% straight line per annum
Fixtures and fittings
-
25% straight line per annum
Equipment
-
33% straight line per annum
Tooling
-
20% straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of f inancial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration
Page 4

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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 lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 6

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2021 - 16).

Page 8

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Equipment
Tooling
Total

$
$
$
$
$



Cost or valuation


At 1 January 2023
143,160
135,903
137,010
57,030
473,103


Additions
-
6,495
157,427
-
163,922


Disposals
(137,101)
(23,040)
(83,234)
(25,839)
(269,214)



At 31 December 2023

6,059
119,358
211,203
31,191
367,811



Depreciation


At 1 January 2023
142,044
119,731
134,384
38,366
434,525


Charge for the year
582
5,210
14,714
8,539
29,045


Disposals
(137,101)
(23,040)
(83,234)
(25,839)
(269,214)



At 31 December 2023

5,525
101,901
65,864
21,066
194,356



Net book value



At 31 December 2023
534
17,457
145,339
10,125
173,455



At 31 December 2022
1,116
16,172
2,626
18,664
38,578


5.


Debtors

2023
2022
$
$


Trade debtors
1,750,103
2,638,016

Directors current account
146,205
330,932

Prepayments and accrued income
21,017
16,398

S455 tax recoverable
92,545
51,615

Other debtors
5,053
-

2,014,923
3,036,961


Page 9

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Bank loans
13,541
13,500

Trade creditors
1,540,929
3,092,669

Amounts owed to group undertakings
-
65,090

Corporation tax
118,329
63,986

Other taxation and social security
73,033
92,325

Other creditors
971,108
1,599,051

Accruals and deferred income
300,176
283,707

3,017,116
5,210,328


The following liabilities were secured:

2023
2022
$
$



Factoring creditor
961,901
1,599,051

961,901
1,599,051

Details of security provided:

The secured liabilities are secured on the company's assets.


7.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Bank loans
22,959
35,333

Other loans
331,533
425,533

354,492
460,866



8.Other financial commitments

At the year end the Company had operating lease commitments of $28,934 (2022 - $150,203).

Page 10

 
TWYNHAM COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Transactions with directors

At 31 December 2022 a director owed $330,932 to the Company. During the year payments of $132,142 were made to the director and repayments of $316,869 were received from the director leaving a balance of $146,205 owing to the Company at the year end.
No interest was charged on any overdrawn balances.


10.


Related party transactions

Mitchell Rubber Products Inc is controlled by Mr T Ballou who was the ultimate controlling party of Twynham Components Limited up until 16 January 2023, when the Company ceased to be part of the Group. 
There is also a loan balance of $331,533 (2022 - $425,333) owed to Mr T Ballou.  Interest is charged at 8% on this loan.  The Company paid interest of $36,000 (2021 - $36,000) on this loan during the year.

 
Page 11