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Registration number: 07682187

Twist & Shout Advertising and Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Twist & Shout Advertising and Communications Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Twist & Shout Advertising and Communications Limited

(Registration number: 07682187)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

71,677

26,899

Current assets

 

Debtors

6

357,836

268,892

Cash at bank and in hand

 

150,925

143,655

 

508,761

412,547

Creditors: Amounts falling due within one year

7

(338,158)

(239,916)

Net current assets

 

170,603

172,631

Total assets less current liabilities

 

242,280

199,530

Creditors: Amounts falling due after more than one year

7

(172,507)

(76,667)

Provisions for liabilities

(16,928)

(6,725)

Net assets

 

52,845

116,138

Capital and reserves

 

Called up share capital

850

850

Capital redemption reserve

150

150

Profit and loss account

51,845

115,138

Shareholders' funds

 

52,845

116,138

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

 

Twist & Shout Advertising and Communications Limited

(Registration number: 07682187)
Statement of Financial Position as at 30 June 2024 (continued)


Mr R Belbin
Director

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tallford House
38 Walliscote Road
Weston-super-Mare
Somerset
BS23 1LP

Principal activity

The principal activity of the company is advertising and communications.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Straight line over 4 years

Computer equipment

Straight line over 3 years

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

20% Reduce balance

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Patent, trademarks and licences

Straight line over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

50,000

10,834

60,834

At 30 June 2024

50,000

10,834

60,834

Amortisation

At 1 July 2023

50,000

10,834

60,834

At 30 June 2024

50,000

10,834

60,834

Carrying amount

At 30 June 2024

-

-

-

5

Tangible assets

Fixtures and fittings
£

Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,276

53,082

-

56,358

Additions

-

6,633

64,685

71,318

At 30 June 2024

3,276

59,715

64,685

127,676

Depreciation

At 1 July 2023

3,078

26,381

-

29,459

Charge for the year

190

15,569

10,781

26,540

At 30 June 2024

3,268

41,950

10,781

55,999

Carrying amount

At 30 June 2024

8

17,765

53,904

71,677

At 30 June 2023

198

26,701

-

26,899

6

Debtors

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Debtors (continued)

Note

2024
£

2023
£

Trade debtors

 

38,543

110,444

Amounts owed by related parties

10

-

11,160

Other debtors

 

307,185

129,694

Prepayments

 

12,108

17,594

 

357,836

268,892

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

86,922

40,000

Trade creditors

 

29,973

69,211

Taxation and social security

 

95,831

91,087

Accruals and deferred income

 

125,432

39,618

 

338,158

239,916

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

172,507

76,667

8

Reserves

Profit and loss account: This reserve records retained earnings and accumulated losses.

Capital redemption reserve: This reserve records the nominal value of shares repurchased by the company.

 

Twist & Shout Advertising and Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,996

11,980

Later than one year and not later than five years

-

1,996

1,996

13,976

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to directors
£

Repayments by directors
£

At 30 June 2024
£

Directors

122,493

244,538

(282,706)

84,326

         
       

 

2023

At 1 July 2022
£

Advances to directors
£

Repayments by directors
£

At 30 June 2023
£

Directors

49,023

306,243

(232,773)

122,493