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Company No: 13891052 (England and Wales)

TWMISCO LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

TWMISCO LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

TWMISCO LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
TWMISCO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Peter Truscott
Leyla Truscott
REGISTERED OFFICE Unit 7-8 King Charles Business Park
Heathfield
Newton Abbot
TQ12 6UT
England
United Kingdom
COMPANY NUMBER 13891052 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
TWMISCO LIMITED

BALANCE SHEET

As at 30 April 2024
TWMISCO LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Intangible assets 3 70,275 74,111
Tangible assets 4 28,806 36,464
99,081 110,575
Current assets
Stocks 153,562 125,551
Debtors 5 384,962 401,993
Cash at bank and in hand 214,106 221,530
752,630 749,074
Creditors: amounts falling due within one year 6 ( 625,898) ( 767,941)
Net current assets/(liabilities) 126,732 (18,867)
Total assets less current liabilities 225,813 91,708
Net assets 225,813 91,708
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account 225,803 91,698
Total shareholders' funds 225,813 91,708

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TWMISCO Limited (registered number: 13891052) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Leyla Truscott
Director
TWMISCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
TWMISCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

TWMISCO Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office and principal place of business is:
Unit 7-8 King Charles Business Park
Heathfield
Newton Abbot
TQ12 6UT

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 7 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

Year ended
30.04.2024
Period from
03.02.2022 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 76,717 76,717
At 30 April 2024 76,717 76,717
Accumulated amortisation
At 01 May 2023 2,606 2,606
Charge for the financial year 3,836 3,836
At 30 April 2024 6,442 6,442
Net book value
At 30 April 2024 70,275 70,275
At 30 April 2023 74,111 74,111

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 414 24,893 1,454 18,087 44,848
Additions 0 1,549 0 0 1,549
At 30 April 2024 414 26,442 1,454 18,087 46,397
Accumulated depreciation
At 01 May 2023 83 4,971 45 3,285 8,384
Charge for the financial year 83 5,288 219 3,617 9,207
At 30 April 2024 166 10,259 264 6,902 17,591
Net book value
At 30 April 2024 248 16,183 1,190 11,185 28,806
At 30 April 2023 331 19,922 1,409 14,802 36,464

5. Debtors

30.04.2024 30.04.2023
£ £
Trade debtors 317,787 338,259
Prepayments 30,498 23,939
VAT recoverable 28,864 31,982
Other debtors 7,813 7,813
384,962 401,993

6. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 348,314 360,303
Amounts owed to directors 218,974 375,476
Accruals 4,425 4,380
Taxation and social security 52,883 26,705
Other creditors 1,302 1,077
625,898 767,941

7. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.01 each 10 10

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.04.2024 30.04.2023
£ £
within one year 31,250 31,250
between one and five years 109,375 125,000
after five years 0 15,625
140,625 171,875