Company registration number 13165710 (England and Wales)
Twobramblings (Holdings) Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Pages For Filing With Registrar
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
161,035
156,280
Investments
4
100
100
161,135
156,380
Current assets
Debtors
5
27,894
24,970
Cash at bank and in hand
3,945
44,779
31,839
69,749
Creditors: amounts falling due within one year
6
(102,255)
(98,655)
Net current liabilities
(70,416)
(28,906)
Total assets less current liabilities
90,719
127,474
Creditors: amounts falling due after more than one year
7
(138,906)
(141,166)
Net liabilities
(48,187)
(13,692)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(48,287)
(13,792)
Total equity
(48,187)
(13,692)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
Mr D Beaumont
Director
Company Registration No. 13165710
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Twobramblings (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Triune Court, Monks Cross Drive, York, YO32 9GZ.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the balance sheet date, the company had truenet current liabilities of £70,416 (2023 - £28,906), and net liabilities of £48,187 (2023 - £13,692). The directors have confirmed that support will be provided to this company and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents 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.
1.6
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.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 March 2023
156,280
Additions
4,755
At 29 February 2024
161,035
Investment property is measured at cost but the director does not consider the value to be materially different.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
TWOBRAMBLINGS (HOLDINGS) LIMITED
Twobramblings (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
27,894
24,970
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,096
6,096
Other creditors
96,159
92,559
102,255
98,655
Bank loans of £6,096 (2023: £6,096) are secured on company assets.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
138,906
141,166
Bank loans of £138,906 (2023: £141,166) are secured on company assets.
8
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Twobramblings Limited
England and Wales
Ordinary
100.00
The registered office address of the subsidiary is the same as that of Twobramblings (Holdings) Limited.