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REGISTERED NUMBER: 00409254 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

CHARLES TWITE & CO LTD

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHARLES TWITE & CO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr S Brierley
Miss R L Smith





SECRETARY: Miss R L Smith





REGISTERED OFFICE: Magna Road
South Wigston
Leicester
LE18 4ZD





REGISTERED NUMBER: 00409254 (England and Wales)

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 472,761 485,976
472,761 485,976

CURRENT ASSETS
Stocks 481,056 476,273
Debtors 6 190,460 196,264
Cash at bank and in hand 562,313 446,231
1,233,829 1,118,768
CREDITORS
Amounts falling due within one year 7 181,221 103,621
NET CURRENT ASSETS 1,052,608 1,015,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,525,369

1,501,123

CREDITORS
Amounts falling due after more than one
year

8

17,945

30,611
NET ASSETS 1,507,424 1,470,512

CAPITAL AND RESERVES
Called up share capital 5,374 5,374
Revaluation reserve 9 383,765 388,875
Capital redemption reserve 9 14,826 14,826
Other reserves 9 12,651 12,651
Retained earnings 9 1,090,808 1,048,786
SHAREHOLDERS' FUNDS 1,507,424 1,470,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

BALANCE SHEET - continued
30 APRIL 2024


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 6 August 2024 and were signed on its behalf by:





Mr S Brierley - Director


CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Charles Twite & Co Ltd 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.

Turnover
Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts.

The company supplies products to customers from its warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on delivery of the goods.

Goodwill
Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 3 years as in the opinion of the directors this represents the period over which the goodwill is effective. Goodwill is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost excluding land
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 30% on reducing balance

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.


CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transition that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Going concern
The director has taken the relevant steps in order to minimise the impact of COVID-19 and to ensure that the company remains a going concern. The company has continued to trade post year end despite the COVID-19 pandemic.

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 20,000
AMORTISATION
At 1 May 2023
and 30 April 2024 20,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 420,000 149,884 68,167 638,051
Additions - 16,598 - 16,598
At 30 April 2024 420,000 166,482 68,167 654,649
DEPRECIATION
At 1 May 2023 26,121 114,023 11,931 152,075
Charge for year 5,351 7,591 16,871 29,813
At 30 April 2024 31,472 121,614 28,802 181,888
NET BOOK VALUE
At 30 April 2024 388,528 44,868 39,365 472,761
At 30 April 2023 393,879 35,861 56,236 485,976

Included in cost or valuation of land and buildings is freehold land of £ 133,776 (2023 - £ 133,776 ) which is not depreciated.

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
Valuation in 2019 420,000 166,482 68,167 654,649

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 18,672 18,672
Aggregate depreciation 12,448 12,448

Freehold land and buildings were valued on a fair value basis on 29 January 2019 by P G Tew FRICS of Peter Tew and Company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 160,905 158,231
Prepayments 29,555 38,033
190,460 196,264

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 12,667 12,667
Trade creditors 86,113 24,425
Taxation 2,422 479
Paye/Ni payable 4,650 4,781
VAT 52,867 44,537
Other creditors 12,634 9,074
Accrued expenses 9,868 7,658
181,221 103,621

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 17,945 30,611

CHARLES TWITE & CO LTD (REGISTERED NUMBER: 00409254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. RESERVES
Capital
Retained Revaluation redemption Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 May 2023 1,048,786 388,875 14,826 12,651 1,465,138
Profit for the year 39,206 39,206
Dividends (2,294 ) (2,294 )
Transfer to P & L account 5,110 (5,110 ) - - -
At 30 April 2024 1,090,808 383,765 14,826 12,651 1,502,050

10. PENSION COMMITMENTS

The company operates a pension scheme. The assets of the scheme are held separately from those of the company within independently administered funds. The charge for the year was £4,610 (2023: £4,592).

11. RELATED PARTY DISCLOSURES

During the year, dividends on preference shares £54 (2023: £54) were paid to directors of the company.