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COMPANY REGISTRATION NUMBER: 10061648
TWITHC Limited
Unaudited Financial Statements
31 August 2024
TWITHC Limited
Financial Statements
Year Ended 31 August 2024
Contents
Page
Officers and Professional Advisers
1
Directors' Report
2
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Income and Retained Earnings
4
Statement of Financial Position
5
Notes to the Financial Statements
6
TWITHC Limited
Officers and Professional Advisers
The Board of Directors
Mrs J Roberts
Mrs J Wild
Registered Office
27 Downesway
Alderley Edge
Cheshire
SK9 7XB
Accountants
Downham Mayer Clarke Limited
Chartered Accountants
41 Greek Street
Stockport
Cheshire
SK3 8AX
TWITHC Limited
Directors' Report
Year Ended 31 August 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
Mrs J Roberts
Mrs J Wild
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 January 2025 and signed on behalf of the board by:
Mrs J Roberts
Mrs J Wild
Director
Director
Company Secretary
Registered office:
27 Downesway
Alderley Edge
Cheshire
SK9 7XB
TWITHC Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of TWITHC Limited
Year Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TWITHC Limited for the year ended 31 August 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of TWITHC Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of TWITHC Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TWITHC Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that TWITHC Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TWITHC Limited. You consider that TWITHC Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of TWITHC Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downham Mayer Clarke Limited Chartered Accountants
41 Greek Street Stockport Cheshire SK3 8AX
2 January 2025
TWITHC Limited
Statement of Income and Retained Earnings
Year Ended 31 August 2024
2024
2023
Note
£
£
Turnover
60,544
72,995
Cost of sales
41,054
48,282
--------
--------
Gross Profit
19,490
24,713
Administrative expenses
15,566
15,126
--------
--------
Operating Profit
3,924
9,587
Interest payable and similar expenses
5
5
--------
--------
Profit Before Taxation
3,919
9,587
Tax on profit
751
1,824
-------
-------
Profit for the Financial Year and Total Comprehensive Income
3,168
7,763
-------
-------
Dividends paid and payable
( 1,000)
( 2,000)
Retained Earnings at the Start of the Year
5,778
15
-------
-------
Retained Earnings at the End of the Year
7,946
5,778
-------
-------
All the activities of the company are from continuing operations.
TWITHC Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Current Assets
Debtors
7
795
2,097
Cash at bank and in hand
13,603
13,538
--------
--------
14,398
15,635
Creditors: amounts falling due within one year
8
6,450
9,855
--------
--------
Net Current Assets
7,948
5,780
-------
-------
Total Assets Less Current Liabilities
7,948
5,780
-------
-------
Net Assets
7,948
5,780
-------
-------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
7,946
5,778
-------
-------
Shareholders Funds
7,948
5,780
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 January 2025 , and are signed on behalf of the board by:
Mrs J Roberts
Mrs J Wild
Director
Director
Company registration number: 10061648
TWITHC Limited
Notes to the Financial Statements
Year Ended 31 August 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Downesway, Alderley Edge, Cheshire, SK9 7XB.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Interest Payable and Similar Expenses
2024
2023
£
£
Other interest payable and similar charges
5
----
----
6. Tangible Assets
Equipment
Total
£
£
Cost
At 1 September 2023 and 31 August 2024
1,898
1,898
-------
-------
Depreciation
At 1 September 2023 and 31 August 2024
1,898
1,898
-------
-------
Carrying amount
At 31 August 2024
-------
-------
At 31 August 2023
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
795
2,097
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,609
1,725
Corporation tax
751
1,824
Other creditors
3,090
6,306
-------
-------
6,450
9,855
-------
-------
9. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs J Roberts
( 2,749)
1,597
( 1,152)
Mrs J Wild
( 2,801)
1,655
( 1,146)
-------
-------
-------
( 5,550)
3,252
( 2,298)
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs J Roberts
( 1,775)
( 974)
( 2,749)
Mrs J Wild
( 1,715)
( 1,086)
( 2,801)
-------
-------
-------
( 3,490)
( 2,060)
( 5,550)
-------
-------
-------