8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09567032 2023-05-01 2023-12-31 09567032 2023-12-31 09567032 2023-04-30 09567032 2022-05-01 2023-04-30 09567032 2023-04-30 09567032 2022-04-30 09567032 core:FurnitureFittings 2023-05-01 2023-12-31 09567032 core:MotorVehicles 2023-05-01 2023-12-31 09567032 bus:Director1 2023-05-01 2023-12-31 09567032 core:FurnitureFittings 2023-04-30 09567032 core:FurnitureFittings 2023-12-31 09567032 core:MotorVehicles 2023-12-31 09567032 core:WithinOneYear 2023-12-31 09567032 core:WithinOneYear 2023-04-30 09567032 core:AfterOneYear 2023-12-31 09567032 core:AfterOneYear 2023-04-30 09567032 core:ShareCapital 2023-12-31 09567032 core:ShareCapital 2023-04-30 09567032 core:RetainedEarningsAccumulatedLosses 2023-12-31 09567032 core:RetainedEarningsAccumulatedLosses 2023-04-30 09567032 core:BetweenOneFiveYears 2023-12-31 09567032 core:FurnitureFittings 2023-04-30 09567032 bus:SmallEntities 2023-05-01 2023-12-31 09567032 bus:AuditExemptWithAccountantsReport 2023-05-01 2023-12-31 09567032 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2023-12-31 09567032 bus:PrivateLimitedCompanyLtd 2023-05-01 2023-12-31 09567032 bus:FullAccounts 2023-05-01 2023-12-31 09567032 core:OfficeEquipment 2023-05-01 2023-12-31 09567032 core:OfficeEquipment 2023-04-30 09567032 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 09567032
Twilo Creative Limited
Filleted Unaudited Financial Statements
For the period ended
31 December 2023
Twilo Creative Limited
Balance Sheet
31 December 2023
31 Dec 23
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
5
72,287
18,827
Current assets
Debtors
6
77,828
45,500
Cash at bank and in hand
130,185
209,423
---------
---------
208,013
254,923
Creditors: amounts falling due within one year
7
47,836
39,139
---------
---------
Net current assets
160,177
215,784
---------
---------
Total assets less current liabilities
232,464
234,611
Creditors: amounts falling due after more than one year
8
28,679
20,833
Provisions
Taxation including deferred tax
13,274
3,577
---------
---------
Net assets
190,511
210,201
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
190,510
210,200
---------
---------
Shareholders funds
190,511
210,201
---------
---------
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 profit and loss account has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Twilo Creative Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
W Ellison
Director
Company registration number: 09567032
Twilo Creative Limited
Notes to the Financial Statements
Period from 1 May 2023 to 31 December 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 Crossgates House, Crossgates, Leeds, West Yorkshire, LS15 8ET, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity .
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the sales value net of attributable VAT of work done in the period under contracts to supply goods and services to third parties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 8 (2023: 7 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
3,108
37,781
40,889
Additions
2,370
41,140
17,356
60,866
-------
--------
--------
---------
At 31 December 2023
5,478
41,140
55,137
101,755
-------
--------
--------
---------
Depreciation
At 1 May 2023
1,749
20,313
22,062
Charge for the period
290
2,571
4,545
7,406
-------
--------
--------
---------
At 31 December 2023
2,039
2,571
24,858
29,468
-------
--------
--------
---------
Carrying amount
At 31 December 2023
3,439
38,569
30,279
72,287
-------
--------
--------
---------
At 30 April 2023
1,359
17,468
18,827
-------
--------
--------
---------
6. Debtors
31 Dec 23
30 Apr 23
£
£
Trade debtors
65,738
45,268
Other debtors
12,090
232
--------
--------
77,828
45,500
--------
--------
7. Creditors: amounts falling due within one year
31 Dec 23
30 Apr 23
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
7,865
900
Corporation tax
5,234
Social security and other taxes
18,773
20,057
Other creditors
11,198
2,948
--------
--------
47,836
39,139
--------
--------
Included in "Other creditors" is an amount of £8,287 (April 2023: £Nil) due under hire purchase contracts which is secured on the assets being acquired.
Also included in "Other creditors" is a balance of £81 (April 2023: £188) due to the director. The balance is unsecured, interest free and repayable on demand.
8. Creditors: amounts falling due after more than one year
31 Dec 23
30 Apr 23
£
£
Bank loans and overdrafts
14,167
20,833
Other creditors
14,512
--------
--------
28,679
20,833
--------
--------
Included in "Other creditors" is an amount of £14,512 ( April 2023: £Nil) due under hire purchase contracts which is secured on the assets being acquired.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
30 Apr 23
£
£
Not later than 1 year
4,250
Later than 1 year and not later than 5 years
41,184
--------
-------
41,184
4,250
--------
-------
10. Director's advances, credits and guarantees
There are no transactions with the director that require disclosure under section 413 of the Companies Act 2006 .