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COMPANY REGISTRATION NUMBER: 09339273
Twins Estates (London) Limited
Filleted Unaudited Financial Statements
31 December 2023
Twins Estates (London) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
20,123,479
20,116,108
Current assets
Debtors
6
396,290
643,048
Cash at bank and in hand
526,546
246,592
---------
---------
922,836
889,640
Creditors: amounts falling due within one year
7
16,140,430
16,403,146
-------------
-------------
Net current liabilities
15,217,594
15,513,506
-------------
-------------
Total assets less current liabilities
4,905,885
4,602,602
Creditors: amounts falling due after more than one year
8
5,045,713
5,045,713
Provisions
14,700
------------
------------
Net liabilities
( 154,528)
( 443,111)
------------
------------
Capital and reserves
Called up share capital
9
1,100
1,100
Profit and loss account
( 155,628)
( 444,211)
---------
---------
Shareholders deficit
( 154,528)
( 443,111)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Twins Estates (London) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
Mr D Gallagher
Director
Company registration number: 09339273
Twins Estates (London) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Greentops Potters Bar Nursery, The Ridgeway, Potters Bar, EN6 5QS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises property rentals and associated services rendered, net of discounts. Revenue in respect of the provision of rentals and services is recognised in accordance with the period to which the service relates.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
20,083,346
4,043
45,739
20,133,128
Additions
44,079
42,904
86,983
Revaluations
( 62,500)
( 62,500)
Other movements
( 38)
( 711)
( 749)
-------------
-------
--------
-------------
At 31 December 2023
20,064,925
4,005
87,932
20,156,862
-------------
-------
--------
-------------
Depreciation
At 1 January 2023
992
16,028
17,020
Charge for the year
978
15,721
16,699
Other movements
( 17)
( 319)
( 336)
-------------
-------
--------
-------------
At 31 December 2023
1,953
31,430
33,383
-------------
-------
--------
-------------
Carrying amount
At 31 December 2023
20,064,925
2,052
56,502
20,123,479
-------------
-------
--------
-------------
At 31 December 2022
20,083,346
3,051
29,711
20,116,108
-------------
-------
--------
-------------
The UK and Irish properties were valued by independent professional valuers in February 2021 and November 2021.
6. Debtors
2023
2022
£
£
Trade debtors
72,580
8,512
Other debtors
323,710
634,536
---------
---------
396,290
643,048
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,598
9,803
Accruals and deferred income
56,715
80,593
Corporation tax
74,432
11,711
Social security and other taxes
943
2,759
Director loan accounts
1,855,101
6,093,594
Other creditors
14,137,641
10,204,686
-------------
-------------
16,140,430
16,403,146
-------------
-------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,045,713
5,045,713
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,100
1,100
1,100
1,100
-------
-------
-------
-------