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Registered number: 05686890









TWINTEC PROJECTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
TWINTEC PROJECTS LIMITED
 

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 12

 
TWINTEC PROJECTS LIMITED
 
 
COMPANY INFORMATION


Directors
Julien Lazzari 
Olivier Leist 
Michel Loisel 




Registered number
05686890



Registered office
21-22 Market Place

Rugby

Warwickshire

CV21 3DU




Independent auditors
Feltons Chartered Accountants
Chartered Accountants & & Statutory Auditors

1 The Green

London

TW9 1PL




Page 1

 
TWINTEC PROJECTS LIMITED
REGISTERED NUMBER: 05686890

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
818

Tangible assets
 6 
45,973
226,305

  
45,973
227,123

Current assets
  

Stocks
  
163,819
66,654

Debtors: amounts falling due within one year
 7 
4,384,042
3,912,383

Cash at bank and in hand
 8 
68,084
189,515

  
4,615,945
4,168,552

Creditors: amounts falling due within one year
 9 
(4,348,360)
(4,339,691)

Net current assets/(liabilities)
  
 
 
267,585
 
 
(171,139)

Total assets less current liabilities
  
313,558
55,984

Creditors: amounts falling due after more than one year
 10 
(14,218)
(24,239)

  

Net assets
  
299,340
31,745


Capital and reserves
  

Called up share capital 
 11 
1,589,606
1,589,606

Profit and loss account
  
(1,290,266)
(1,557,861)

  
299,340
31,745


Page 2

 
TWINTEC PROJECTS LIMITED
REGISTERED NUMBER: 05686890
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 25 September 2024.




Olivier Leist
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Twintec Projects 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

 
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The holding company has agreed to provide further finance to the company if required in order that the company can meet its liabilities as and when they fall due for a minimum of 12 months from the approval of the accounts.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, they continue to adopt the going concern basis of accounting in preparing the financial statements. 

  
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. 

Page 4

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Goodwill
-
5
years

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term 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.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 6

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and
estimates in order to apply the company's accounting policies. Actual results may differ from these
estimates. The items in the financial statements where these judgments and estimates have been made
include:
Useful economic lives of fixed assets
The useful economic lives used by the company in respect of tangible fixed assets are set out in the
accounting policies. These estimates are based on past experience and expected performance and are
regularly reviewed to ensure they remain appropriate.
Impairment of trade and other receivables
The directors asses at each reporting date whether there is any objective evidence that the financial asset
is impaired. To determine whether there is objective evidence of impairment, the directors consider factors
such as the probability of insolvency or significant difficulties of the debtor and default or significant delay in payments.
Accrued Income
Recognition of revenue is based on judgements made in respect of the ultimate profitability of a contract.
Such judgements are arrived at through the use of estimates in relation to the costs and value of work
performed to date and to be performed in bringing contracts to completion, including satisfaction of
maintenance responsibilities. The company has appropriate procedures to ensure all estimates are
determined on a consistent basis and subject to appropriate review and authorisation. Accrued income
includes amounts due on retentions earned.
 
Page 7

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.Judgments in applying accounting policies (continued)


Estimation of stage of completion of constrution contracts
The level of revenue recognised for each project is directly related to the stage of completion recognised by both the company's own internal quantity surveyors together with the customer's own agent.


4.


Employees

The average monthly number of employees, including directors, during the period was 20 (2022 - 20).


5.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
458,089



At 31 December 2023

458,089



Amortisation


At 1 January 2023
457,271


Charge for the period on owned assets
818



At 31 December 2023

458,089



Net book value



At 31 December 2023
-



At 31 December 2022
818



Page 8

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
430,517
21,891
452,408


Additions
3,670
4,178
7,848


Disposals
(241,089)
-
(241,089)



At 31 December 2023

193,098
26,069
219,167



Depreciation


At 1 January 2023
210,147
15,957
226,104


Charge for the period on owned assets
41,916
3,905
45,821


Disposals
(98,731)
-
(98,731)



At 31 December 2023

153,332
19,862
173,194



Net book value



At 31 December 2023
39,766
6,207
45,973



At 31 December 2022
220,371
5,934
226,305


7.


Debtors

2023
2022
£
£


Trade debtors
2,022,012
2,828,604

Amounts owed by group undertakings
693,717
523,945

Other debtors
35,383
56,295

Prepayments and accrued income
1,632,930
503,539

4,384,042
3,912,383


Page 9

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
68,084
189,515

Less: bank overdrafts
-
(57)

68,084
189,458



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
57

Bank loans
10,000
10,000

Trade creditors
698,008
861,780

Amounts owed to group undertakings
3,366,630
3,104,062

Other taxation and social security
139,830
269,079

Other creditors
11,558
21,406

Accruals and deferred income
122,334
73,307

4,348,360
4,339,691



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,218
24,239


The loan from Barclays is an unsecured Bounce back loan, which is interest bearing after year one and repayable over five years.

Page 10

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



589,606 (2022 - 589,606) Ordinary shares shares of £1.00 each
589,606
589,606
1,000,000 (2022 - 1,000,000) Preference shares shares of £1.00 each
1,000,000
1,000,000

1,589,606

1,589,606



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £22,429 (2022 - £24,263). Contributions totalling £5,621 (2022 - £8,218) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
37,190
29,087

Later than 1 year and not later than 5 years
39,680
9,680

76,870
38,767


14.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 (FRS 102) under section 33.1A not to disclose transactions with wholly owned group companies.
During the year, the company made sales of £151,092 (2022: £Nil) to not wholly owned group companies. During the year, the company made purchases of £314,091 (2022 - £133,650) from these companies and at the balance sheet date owed them a net amount of £48,624 (2022 - £45,684).
During the year, the company charged management fees of £Nil (2022 - £275,000) and made sales of £90,412 (2022 - £95,015) to a group of companies with common key management personnel. During the year, the company made purchases of £440,528 (2022 - £45,841) from these companies. At the balance sheet, the net amount owed to the company by these companies was £1,855,361 (2022 - £1,960,591).

Page 11

 
TWINTEC PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Controlling party

The immediate parent company is Twintec Projects Limited is Twintec S.A., a company incorporated in Belgium. Its registered office is Rue d'Artagnan, 28, B-4600 Visé, Belgium.
The ultimate parent company is Twintec Group Sàrl, a company incorporated in Luxembourg. Group financial statements are maintained at the parent company's registered office which is Avenue John F. Kennedy 35, L-1855, Luxembourg. 

16.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Richard Rhodes (Senior Statutory Auditor) on behalf of Feltons Chartered Accountants.

 
Page 12