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Company registration number: 09542311







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


TWP IP LIMITED






































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TWP IP LIMITED
 


 
COMPANY INFORMATION


Directors
A Farrant (appointed 18 December 2023)
S Paterson 
A D Persaud 
W Stamp (appointed 18 December 2023)




Registered number
09542311



Registered office
C/O Mackrell
Savoy Hill House

Savoy Hill

London

WC2R 0BU




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


TWP IP LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 5


 


TWP IP LIMITED
REGISTERED NUMBER:09542311



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,335,573
1,608,590

  
1,335,573
1,608,590

  

Creditors: amounts falling due within one year
 5 
-
(3,686,482)

Net current assets/(liabilities)
  
 
 
-
 
 
(3,686,482)

Total assets less current liabilities
  
1,335,573
(2,077,892)

  

Net assets/(liabilities)
  
1,335,573
(2,077,892)


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
  
3,774,800
-

Profit and loss account
  
(2,439,228)
(2,077,893)

  
1,335,573
(2,077,892)


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: 




A D Persaud
Director

Date: 1 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


TWP IP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

TWP IP Limited is a private company limited by shares and is registered and incorporated in England
and Wales. The registered office is C/O Mackrell, Savoy Hill House, Savoy Hill, London, England, WC2R 0BU.
The Company's principal activities and nature of its operations are disclosed in the Directors' Report.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of TWP UK Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House..

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis at a rate of 12.5%.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years
Design
-
10
years
Trademarks
-
10
years

Page 2

 


TWP IP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 -£NIL).

Page 3

 


TWP IP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Patents
Development expenditure
Trademarks
Design
Total

£
£
£
£
£



Cost


At 1 April 2023
8,265
2,874,300
397,882
142,344
3,422,791


Additions
-
88,318
-
-
88,318


Disposals
-
(43,361)
-
-
(43,361)



At 31 March 2024

8,265
2,919,257
397,882
142,344
3,467,748



Amortisation


At 1 April 2023
3,625
1,447,980
256,007
106,589
1,814,201


Charge for the year on owned assets
827
263,121
39,790
14,236
317,974



At 31 March 2024

4,452
1,711,101
295,797
120,825
2,132,175



Net book value



At 31 March 2024
3,813
1,208,156
102,085
21,519
1,335,573



At 31 March 2023
4,640
1,426,320
141,875
35,755
1,608,590




5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
3,686,482

-
3,686,482



6.


Reserves

Capital contribution reserve 

The capital contribution represents amounts contributed by a parent company.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of distributions to owners.

Page 4

 


TWP IP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Controlling party

The immediate parent company is TWP UK Holdings Limited, a company incorporated in the United Kingdom, which owns 100% of the company's issued share capital. 
TWP UK Holdings is the smallest group for which consolidated accounts are prepared. These are available to the public and can be obtained from Companies House. The registered office of TWP UK Holdings Limited is C/O Mackrell, Savoy Hill House, Savoy Hill, London, England, WC2R 0BU. 
Inspirit Lavender Holdco Limited, a company incorporated in the United Kingdom, is the largest group for which consolidated accounts are prepared and these are publicly available from Companies House. 
The ultimate parent undertaking is Inspirit Fund I LP, a company incorporated in the United Kingdom. 
In the opinion of the directors there is no single ultimate controlling party.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 13 August 2024 by James Hadfield FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 5