IRIS Accounts Production v24.1.0.578 07138090 Board of Directors 1.1.23 31.12.23 31.12.23 4.9.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071380902022-12-31071380902023-12-31071380902023-01-012023-12-31071380902021-12-31071380902022-01-012022-12-31071380902022-12-3107138090ns15:EnglandWales2023-01-012023-12-3107138090ns14:PoundSterling2023-01-012023-12-3107138090ns10:Director12023-01-012023-12-3107138090ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107138090ns10:SmallEntities2023-01-012023-12-3107138090ns10:Audited2023-01-012023-12-3107138090ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107138090ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107138090ns10:FullAccounts2023-01-012023-12-3107138090ns10:Director22023-01-012023-12-3107138090ns10:Director42023-01-012023-12-3107138090ns10:Director52023-01-012023-12-3107138090ns10:RegisteredOffice2023-01-012023-12-3107138090ns5:CurrentFinancialInstruments2023-12-3107138090ns5:CurrentFinancialInstruments2022-12-3107138090ns5:ShareCapital2023-12-3107138090ns5:ShareCapital2022-12-3107138090ns5:RetainedEarningsAccumulatedLosses2023-12-3107138090ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 07138090 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

TWG Tea Limited

TWG Tea Limited (Registered number: 07138090)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TWG Tea Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T Bouqdib
R Aum-Stievenard
W T Siek
Y J R Sim





REGISTERED OFFICE: 94 Orchard Gate
Greenford
Middlesex
UB6 0QP





REGISTERED NUMBER: 07138090 (England and Wales)





AUDITORS: BLS Burnells LLP
Chartered Certified Accountants
& Statutory Auditors
The Atrium
1 Harefield Road
Uxbridge
UB8 1EX

TWG Tea Limited (Registered number: 07138090)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 5 2,340 1,710

CREDITORS
Amounts falling due within one year 6 48,188 48,540
NET CURRENT LIABILITIES (45,848 ) (46,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(45,848

)

(46,830

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (45,948 ) (46,930 )
SHAREHOLDERS' FUNDS (45,848 ) (46,830 )

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 23 August 2024 and were signed on its behalf by:





T Bouqdib - Director


TWG Tea Limited (Registered number: 07138090)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

TWG Tea 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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.

Going concern
Directors and the management have been discussing about the future of the business and are of the opinion that they would be commencing trade in the company once a favourable market opportunity is identified. At this point of time the directors and the management are targeting to start e-commerce sales in Q4 2024, and hence the accounts are prepared on a going concern basis. The directors have a reasonable expectation that the parent company, being the main creditor, will continue to provide financial support and adequate resources for the foreseeable future.

3. EMPLOYEES

The average number of employees during the year was NIL (2022 - NIL).

TWG Tea Limited (Registered number: 07138090)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

1,950

1,950

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
VAT 2,340 1,710

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 45,038 45,390
Accrued expenses 3,150 3,150
48,188 48,540

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Vishal Bhatt (Senior Statutory Auditor)
for and on behalf of BLS Burnells LLP

8. ULTIMATE CONTROLLING PARTY

The ultimate parent company and ultimate controlling party is V3 Group Limited, a company incorporated in Cayman Islands. The immediate parent company is TWG Tea Company Pte Ltd, incorporated in Singapore.

At the year end the parent undertaking for which group financial statements are drawn up and of which the company is a member is V3 Gourmet Pte. Ltd, registered in Singapore.

Copies of the financial statements of V3 Gourmet Pte. Ltd are available from 390 Havelock Road, King's Centre, #05-01, Singapore 169662.