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REGISTERED NUMBER: 10863724 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

TWENTY1 LTD

TWENTY1 LTD (REGISTERED NUMBER: 10863724)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TWENTY1 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr A T Jones
Mr J A Strydom
Mrs E Jones





REGISTERED OFFICE: 21 Victoria Parade
Torquay
Devon
TQ1 2BB





REGISTERED NUMBER: 10863724 (England and Wales)





ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND

TWENTY1 LTD (REGISTERED NUMBER: 10863724)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 245,864 271,179

CURRENT ASSETS
Stocks 5 45,000 33,000
Debtors 6 46,842 47,094
Cash at bank and in hand 256,081 137,652
347,923 217,746
CREDITORS
Amounts falling due within one year 7 427,363 420,337
NET CURRENT LIABILITIES (79,440 ) (202,591 )
TOTAL ASSETS LESS CURRENT LIABILITIES 166,424 68,588

CREDITORS
Amounts falling due after more than one
year

8

(26,961

)

(32,126

)

PROVISIONS FOR LIABILITIES (21,869 ) (22,648 )
NET ASSETS 117,594 13,814

CAPITAL AND RESERVES
Called up share capital 100 2
Retained earnings 117,494 13,812
SHAREHOLDERS' FUNDS 117,594 13,814

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

TWENTY1 LTD (REGISTERED NUMBER: 10863724)

BALANCE SHEET - continued
31 MAY 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 28 November 2024 and were signed on its behalf by:





Mr A T Jones - Director


TWENTY1 LTD (REGISTERED NUMBER: 10863724)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Twenty1 Ltd 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 received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TWENTY1 LTD (REGISTERED NUMBER: 10863724)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 45 ).

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 363,998 66,762 100,393 - 531,153
Additions 3,028 5,922 11,987 450 21,387
At 31 May 2024 367,026 72,684 112,380 450 552,540
DEPRECIATION
At 1 June 2023 180,686 44,969 34,319 - 259,974
Charge for year 27,951 6,929 11,709 113 46,702
At 31 May 2024 208,637 51,898 46,028 113 306,676
NET BOOK VALUE
At 31 May 2024 158,389 20,786 66,352 337 245,864
At 31 May 2023 183,312 21,793 66,074 - 271,179

5. STOCKS
2024 2023
£    £   
Stocks 45,000 33,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 36,099 20,071
Directors' current accounts - 26,120
Tax 903 903
Prepayments 9,840 -
46,842 47,094

TWENTY1 LTD (REGISTERED NUMBER: 10863724)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,814 5,186
Other loans 24,410 11,274
Trade creditors 108,252 152,214
Amounts owed to associates 87,011 160,637
Tax 76,897 8,591
Social security and other taxes 11,995 18,866
VAT 84,155 57,670
Other creditors 1,684 2,369
Directors' current accounts 22,185 -
Accrued expenses 4,960 3,530
427,363 420,337

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 26,961 32,126

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr A T Jones
Balance outstanding at start of year 26,120 (10,936 )
Amounts advanced 32,244 37,056
Amounts repaid (80,549 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (22,185 ) 26,120

Loans are unsecured and repayable on demand. Interest is charged at 2.25% in the year on debit balances.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £72,000 (2023 - £50,000) were paid to the directors .

During the period the company repaid £73,577 to Strydom Commercial Ltd, a company Mr J Strydom, Director, is also a Director of. The amount owing to Strydom Commercial Ltd relating to this loan at the period end is £87,011 (2023: £160,637). The loan is unsecured, interest free and repayable on demand.

11. GOVERNMENT GUARANTEED LOAN

The bank loan of £32,126 is a COVID-19 bounce back loan, guaranteed by the government. The term runs to July 2027.