Company registration number 06600174 (England and Wales)
TWOMLOWS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWOMLOWS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TWOMLOWS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,917
32,917
Tangible assets
4
1,380
2,790
29,297
35,707
Current assets
Debtors
5
358,505
384,475
Cash at bank and in hand
18,091
33,904
376,596
418,379
Creditors: amounts falling due within one year
6
(272,639)
(281,716)
Net current assets
103,957
136,663
Total assets less current liabilities
133,254
172,370
Creditors: amounts falling due after more than one year
7
(49,195)
(119,566)
Provisions for liabilities
1,658
1,711
Net assets
85,717
54,515
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
85,417
54,215
Total equity
85,717
54,515
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
Mrs M Twomlow
Director
Company Registration No. 06600174
TWOMLOWS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
29
2
Accounting policies
Company information
Twomlows Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Newport Road, Caldicot, Newport, Gwent, United Kingdom, NP26 4BQ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
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 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.
2.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TWOMLOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
20% reducing balance
Motor vehicles
25% reducing balance
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TWOMLOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,000
Amortisation and impairment
At 1 April 2023
17,083
Amortisation charged for the year
5,000
At 31 March 2024
22,083
Carrying amount
At 31 March 2024
27,917
At 31 March 2023
32,917
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
2,567
10,001
12,568
Additions
687
687
At 31 March 2024
3,254
10,001
13,255
Depreciation and impairment
At 1 April 2023
1,236
8,542
9,778
Depreciation charged in the year
639
1,458
2,097
At 31 March 2024
1,875
10,000
11,875
Carrying amount
At 31 March 2024
1,379
1
1,380
At 31 March 2023
1,331
1,459
2,790
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
82,668
108,902
Amounts owed by group undertakings
213,653
212,383
Other debtors
62,184
63,190
358,505
384,475
TWOMLOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
155,603
157,258
Trade creditors
23,695
17,309
Corporation tax
10,444
3,527
Other taxation and social security
57,408
65,424
Other creditors
25,489
38,198
272,639
281,716
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
49,195
119,566
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
300
300
300
300
9
Related party transactions
The company has an existing loan with Twomlows Holdings Limited, the parent company. At the year end a balance of £213,653 (2023: £212,383) was outstanding being included in debtors: amounts falling due within one year.
10
Directors' transactions
The directors operate current loan accounts which are credited with payments made by the directors and any cash introduced and debited with private expenses and cash drawn. The amount outstanding by (2023: due to) the directors at the year end was £nil (2023: £13,676). This amount being included in creditors: amounts falling due within one year.
11
Parent company
The parent company of Twomlows Limited is Twomlows Holdings Limited and its registered office is 20 Newport Road, Caldicot, NP26 4BQ.