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REGISTERED NUMBER: 03290942 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

J & G TWIST (RETAIL) LIMITED

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Statement of Directors' Responsibilities 8

Independent Chartered Accountants' Review Report 9


J & G TWIST (RETAIL) LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: G Twist
J G Twist





SECRETARY: J G Twist





REGISTERED OFFICE: Leopold Street
Lamberhead Industrial Estate
Pemberton
Wigan
Lancashire
WN5 8DH





REGISTERED NUMBER: 03290942 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 128,918 153,081
128,918 153,081

CURRENT ASSETS
Stocks 545,508 546,273
Debtors 6 99,353 106,541
Cash at bank and in hand 283,099 291,298
927,960 944,112
CREDITORS
Amounts falling due within one year 7 265,201 296,071
NET CURRENT ASSETS 662,759 648,041
TOTAL ASSETS LESS CURRENT
LIABILITIES

791,677

801,122

CREDITORS
Amounts falling due after more than one
year

8

(6,371

)

(11,804

)

PROVISIONS FOR LIABILITIES 10 (30,778 ) (36,500 )
NET ASSETS 754,528 752,818

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 753,528 751,818
SHAREHOLDERS' FUNDS 754,528 752,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





J G Twist - Director


J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

J & G Twist (Retail) 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied, stated net of Value Added Tax.

The company recognises revenue when the significant risks and rewards of ownership have transferred to the buyer.

Intangible fixed assets
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is to be amortised to the profit and loss account over its useful economic life of ten years and has been fully written down.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated useful lives on the following basis:-

Leasehold improvementsTo be written off over the terms of
the leases

Plant & machinery15-33.33% reducing balance basis
Fixtures & fittings15% reducing balance basis
Motor vehicles25% reducing balance basis

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transactions price. Financial assets that have no stated interest rate and recoverable within one year shall be measured at the undiscounted amount due.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.


J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2023 - 71 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 317,000
AMORTISATION
At 1 April 2023
and 31 March 2024 317,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 270,008 420,410 707,500 27,550 1,425,468
DEPRECIATION
At 1 April 2023 270,008 370,561 610,079 21,739 1,272,387
Charge for year - 8,047 14,663 1,453 24,163
At 31 March 2024 270,008 378,608 624,742 23,192 1,296,550
NET BOOK VALUE
At 31 March 2024 - 41,802 82,758 4,358 128,918
At 31 March 2023 - 49,849 97,421 5,811 153,081

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,011 1,272
Amounts owed by group undertakings 80,160 80,965
Prepayments and accrued income 17,182 24,304
99,353 106,541

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 7,161 12,662
Trade creditors 121,199 101,340
Corporation tax 5,171 12,797
Social security and other taxes 70,968 58,881
Other creditors 2,940 -
Accrued expenses 57,762 110,391
265,201 296,071

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 6,371 11,804

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 13,532 24,466

The hire purchase contracts are secured on the fixed assets concerned.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 30,778 36,500

Deferred
tax
£   
Balance at 1 April 2023 36,500
Provided during year (5,722 )
Balance at 31 March 2024 30,778

11. CONTINGENT LIABILITIES

An intercompany guarantee exists with Natwest Bank Plc between George Twist (Wholesale) Limited and the company.

12. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total lease commitments at the year end of £884,733 (2023 - £1,128,555)

13. 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.

Rents for the property situated at Station Road, Bamber Bridge, Preston are paid to the director's self administered pension fund. For the year to 31 March 2024 this amounted to £60,000 (2023: £60,000).

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

15. ULTIMATE PARENT COMPANY

The ultimate parent company is George Twist (Wholesale) Limited. Accounts for George Twist (Wholesale) Limited can be obtained from its registered office, Leopard Street, Lamberhead Industrial Estate, Pemberton, Wigan, Lancashire, WNW 8DH.

J & G TWIST (RETAIL) LIMITED (REGISTERED NUMBER: 03290942)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the Year Ended 31 March 2024


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.


ON BEHALF OF THE BOARD:





J G Twist - Director

20 November 2024

INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF
J & G TWIST (RETAIL) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of J & G Twist (Retail) Limited for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page eleven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.

Use of our report
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report, or for the conclusions we have formed.




Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB


INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF
J & G TWIST (RETAIL) LIMITED


20 November 2024