Company registration number 13199887 (England and Wales)
TWILLEY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TWILLEY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TWILLEY GROUP LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
844,258
777,112
Current assets
Debtors
4
2,825
5,322
Cash at bank and in hand
2,451
2,431
5,276
7,753
Creditors: amounts falling due within one year
5
(734,242)
(317,406)
Net current liabilities
(728,966)
(309,653)
Total assets less current liabilities
115,292
467,459
Creditors: amounts falling due after more than one year
6
(128,024)
(475,039)
Net liabilities
(12,732)
(7,580)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(12,734)
(7,582)
Total equity
(12,732)
(7,580)
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 29 February 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 29 November 2024 and are signed on its behalf by:
Mr P M Osborne
Director
Company registration number 13199887 (England and Wales)
TWILLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Twilley Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Twilley Street, London, Greater London, SW18 4NU.
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, 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.
1.2
Going concern
The company meets its day to day working capital requirements through loans from its directors. There is no expectation of these loans being repaid until the company is able to generate sufficienttrue cash from its trading activities. On the basis of the continuing financial support of the directors, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of these loans.
1.3
Turnover
Turnover represents amounts receivable for rental income.
1.4
Investment property
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. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible 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
2
2
TWILLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
3
Investment property
2024
£
Fair value
At 1 March 2023
777,112
Additions
67,146
At 29 February 2024
844,258
The fair values of the investment properties have been arrived at on the basis of a valuation carried out by the
director.
The valuation was made on an open market value basis by reference to market evidence of transaction prices
for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,825
5,322
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,200
Other creditors
734,242
316,206
734,242
317,406
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
128,024
475,039
These loans are secured against the company's investment properties and personal guarantees from the directors.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
128,024
475,039