Company Registration No. 14631603 (England and Wales)
Twenty Two Enterprise Limited
Unaudited financial statements
for the period ended 28 February 2024
Pages for filing with the registrar
Twenty Two Enterprise Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Twenty Two Enterprise Limited
Statement of financial position
As at 28 February 2024
1
2024
Notes
£
£
Fixed assets
Investment property
3
627,386
Current assets
Debtors
4
467
Cash at bank and in hand
7,895
8,362
Creditors: amounts falling due within one year
5
(262,623)
Net current liabilities
(254,261)
Total assets less current liabilities
373,125
Creditors: amounts falling due after more than one year
6
(377,631)
Net liabilities
(4,506)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(4,606)
Total equity
(4,506)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 28 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 member has not required the company to obtain an audit of its financial statements for the period 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 20 December 2024 and are signed on its behalf by:
Vanessa Dewsbury
Director
Company Registration No. 14631603
Twenty Two Enterprise Limited
Notes to the financial statements
For the period ended 28 February 2024
2
1
Accounting policies
Company information

Twenty Two Enterprise Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE. The company was incorporated on 1 February 2023.

1.1
Reporting period

This is the company's first set of financial statements, which covers the period from the date of incorporation to 28 February 2024. The accounting period was lengthened to a 13 month period to align with the business activities of the company.

1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

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.

Twenty Two Enterprise Limited
Notes to the financial statements (continued)
For the period ended 28 February 2024
1
Accounting policies (continued)
3
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 statement of financial position 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, 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.

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.

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.

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 period was:

2024
Number
Total
-
0
Twenty Two Enterprise Limited
Notes to the financial statements (continued)
For the period ended 28 February 2024
4
3
Investment property
2024
£
Fair value
At 1 February 2023
-
0
Additions
627,386
At 28 February 2024
627,386

Investment property comprises of two properties which were purchased in the year. The fair value of the investment properties have been arrived at using the purchase price and directly attributable costs which are equivalent to a market price and therefore the fair value. This fair value was re-assed by the directors at the year end.

 

There are fixed charges over the investment properties.

4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
467
5
Creditors: amounts falling due within one year
2024
£
Bank loans
24,058
Other creditors
238,565
262,623
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
377,631

Other creditors include the outstanding mortgage liabilities used to purchase the investment properties by the company. A director of the company is the named personal guarantor for both mortgages taken out by the company.

 

Two interest-only mortgages were taken out by the company in June 2023 for a period of ten years. Interest is repayable annually at 5.99%.

Twenty Two Enterprise Limited
Notes to the financial statements (continued)
For the period ended 28 February 2024
5
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
100
100

On 1 February 2023, the company issued 100 ordinary shares of £1 for a total of £100.

 

Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

8
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
£
17,783
9
Related party transactions

During the period, a director paid expenses on behalf of the company totalling £230,800. The amount owed to the director at the period end is £230,800. This amount is shown in other creditors. No interest is charged on this balance.

10
Controlling Party

The ultimate controlling party is deemed to be Kiernan Dewsbury - Hall.

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