Company Registration No. 07946825 (England and Wales)
COMPANYTWO LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
COMPANYTWO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COMPANYTWO LTD
Company Registration No. 07946825
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,596
3,805
Current assets
Debtors
4
33,490
36,739
Cash at bank and in hand
1,282
600
34,772
37,339
Creditors: amounts falling due within one year
5
(312,862)
(286,352)
Net current liabilities
(278,090)
(249,013)
Total assets less current liabilities
(275,494)
(245,208)
Creditors: amounts falling due after more than one year
6
(11,670)
(21,670)
Net liabilities
(287,164)
(266,878)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(287,264)
(266,978)
Total equity
(287,164)
(266,878)
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.
COMPANYTWO LTD
Company Registration No. 07946825
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
J R Stack
Director
COMPANYTWO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Companytwo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Stack and Bonner, 50 Wood Street, Kingston upon Thames, Surrey, KT1 1UW.
1.1
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.
1.2
Going concern
During the year the company has made a loss of £20,286 and has net liabilities of £287,164. Included in other creditors are amounts due to the directors totalling £14,930. The directors have confirmed to support the company.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of real estate services supplied during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised in the period in which the service supplied.
1.4
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.
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:
Equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
COMPANYTWO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
COMPANYTWO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
6,643
Additions
400
At 31 March 2024
7,043
Depreciation and impairment
At 1 April 2023
2,838
Depreciation charged in the year
1,609
At 31 March 2024
4,447
Carrying amount
At 31 March 2024
2,596
At 31 March 2023
3,805
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
33,490
36,739
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
105,903
90,162
Taxation and social security
58,888
41,659
Other creditors
138,071
144,531
312,862
286,352
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,670
21,670
COMPANYTWO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
104,000
130,000
9
Related party transactions
At the balance sheet date the company owed the director A Pollard £14,930 (2023 - £13,110). This loan is interest free and repayable on demand.
At the balance sheet date the company owed £56,284 (2023 - £68,740) to Companyone Limited. The companies are connected as they have mutual directors and controlling parties.
At the balance sheet date the company owed £52,388 (2023 - £53,138) to Andrew Pollard Services Ltd. The companies are connected as they have mutual directors and controlling parties.
At the balance sheet date the company owed £1,693 (2023 - £1,693) to Stack & Bonner (Lettings) Limited. The companies are connected as they have mutual directors and controlling parties.
At the balance sheet date the company was owed £26,990 (2023 - £25,240) by Companythree Limited. The companies are connected as they have mutual directors and controlling parties.