REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Twinvest Limited |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Twinvest Limited |
Twinvest Limited (Registered number: 04016798) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Twinvest Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Twinvest Limited (Registered number: 04016798) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Company has been that of trading and consultancy within the music industry. |
REVIEW OF BUSINESS |
The results for the year and the financial position at the year end, were considered satisfactory by the director. |
DIRECTOR |
RESULTS |
The Company's profit for the year amounted to GBP 2,887. |
POST BALANCE SHEET EVENTS |
No post balance sheet events have occurred since 31 December 2023 which requires reporting or disclosing in the accounts. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
BY ORDER OF THE BOARD: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Twinvest Limited (Registered number: 04016798) |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Twinvest Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Twinvest Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Twinvest Limited and state those matters that we have agreed to state to the director of Twinvest Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twinvest Limited and its director for our work or for this report. |
It is your duty to ensure that Twinvest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Twinvest Limited. You consider that Twinvest Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Twinvest Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Twinvest Limited (Registered number: 04016798) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest receivable and similar income |
2,887 | (1,107 | ) |
Interest payable and similar expenses |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 3 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Twinvest Limited (Registered number: 04016798) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Revaluation reserve | 7 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Twinvest Limited (Registered number: 04016798) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
Twinvest Limited (Registered number: 04016798) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The more significant of these accepted policies are referred to in the notes below. |
Turnover |
Turnover represents the amount receivable for work done, and excludes Value Added Tax. |
Foreign currencies |
Transactions in foreign currencies are recorded using the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account. |
Investments |
Investments in other companies where the Company holds 50% or more are stated at the Company's share of the value of the underlying net assets less provisions. The positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. The negative revaluation is included in the profit and loss account. |
Investments in other companies where the Company holds less than 50% of the shares are stated at cost. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
Consolidation |
The company and its subsidiaries comprised as a small group. The company has therefore chosen not to prepare group accounts in accordance with the provisions provided in section 398 of the Companies Act 2006. |
2. | EMPLOYEES AND DIRECTORS |
There were no other employees than the director. |
3. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Twinvest Limited (Registered number: 04016798) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 January 2023 |
Revaluations | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2013 | 129,193 |
Valuation in 2014 | 15,243 |
Valuation in 2015 | (37,847 | ) |
Valuation in 2016 | 37,945 |
Valuation in 2017 | 148,600 |
Valuation in 2018 | 14,950 |
Valuation in 2019 | (19,575 | ) |
Valuation in 2020 | 169,662 |
Valuation in 2021 | (8,578 | ) |
Valuation in 2022 | (17,635 | ) |
Valuation in 2023 | (224,205 | ) |
Cost | 25,617 |
233,370 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: in Denmark |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
The Company has invested GBP 13,271. |
Twinvest Limited (Registered number: 04016798) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Registered office: in the Isle of Man |
Nature of business: |
% |
Class of shares: | holding |
The company has invested GBP 12,346. The shares have been written down to GBP 1. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Current account associated |
company | 6,926 | 9,813 |
Other creditors |
Accruals and deferred income |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
7. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 444,588 |
Profit for the year |
Revaluation for the year | - | (224,205 | ) | (224,205 | ) |
At 31 December 2023 | 223,270 |
8. | RELATED PARTY DISCLOSURES |
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. |