REGISTERED NUMBER: 05069606 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
TWISTEDPAIR LIMITED |
REGISTERED NUMBER: 05069606 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
TWISTEDPAIR LIMITED |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
TWISTEDPAIR LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditor |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
Principal Activities |
During the financial year, Twistedpair has continued to operate successfully in focusing on project delivery in UK and Europe for our partners. Our core business activities include delivery of corporate Structured Cabling and Audio Visual projects and Maintenance. |
REVIEW OF BUSINESS |
Financial Performance |
Despite challenging market conditions, the group has delivered a solid financial performance, with revenue increasing by 5% to £18.3m. Profit before tax for the year was £0.9m, reflecting an increase of £0.7m compared to the prior year. This performance was driven by continued growth, winning larger projects and the hard work and dedication of the staff throughout the year. |
Our balance sheet remains strong with net assets of £1.3m, which demonstrates the ability to invest in future growth opportunities and maintain financial stability. The board has approved a dividend of £500 per share for the year. |
Business Review and Future Developments |
The past year has seen significant developments, including the implementation of project delivery teams. We have continued to invest in our people and our systems, including new EPR software to enhance our competitiveness and explore new opportunities for growth. The outlook for the coming year is positive, and the company is well-positioned to benefit from the continued growth in the communications technology and the reliance on video conferencing. |
Looking ahead, we remain focused on building our client base in UK, Europe and the Middle East. The opportunity for growth is huge, each of our disciplines in each of the territories we are currently working in has substantial potential. |
Our continued strengthening of our reputation in the market and the access to the larger projects that has come with our increase in size means that we are in a perfect position to capitalise on this. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company faces several risks, including economic pressures, trading across borders and maintaining the appropriate staffing levels, which we continue to monitor closely. We have implemented appropriate risk management policies and procedures to mitigate these risks, ensuring the company is resilient in the face of potential challenges. |
CORPORATE GOVERNANCE |
The Board remains committed to high standards of corporate governance and compliance with regulatory obligations. We continue to strengthen our governance framework, ensuring that group operations are aligned with best practices. |
EMPLOYEE CONTRIBUTIONS |
We would like to take this opportunity to thank our employees for their hard work and dedication throughout the year. Their commitment and talent have been instrumental in the group's success, and we are proud of the inclusive and dynamic workplace culture we have cultivated. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
CONCLUSION |
In conclusion, Twistedpair has made significant progress in 2023, and we are confident in the group's ability to continue delivering value to our shareholders. We remain focused on executing our strategic vision and addressing the challenges and opportunities ahead. |
ON BEHALF OF THE BOARD: |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st January 2024. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
'A' ordinary £1 | - | £500 |
'B' ordinary £1 | - | £500 |
'C' ordinary £1 | - | £500 |
'D' ordinary £1 | - | £500 |
The total distribution of dividends for the year ended 31st January 2024 will be £ 200,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
AUDITORS |
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TWISTEDPAIR LIMITED |
Qualified Opinion |
We have audited the financial statements of TwistedPair Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the group and of the parent company's affairs as at 31st January 2024 and of the group profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirement of the Companies Act 2006. |
Basis for qualified opinion |
We were not appointed as auditor of the company until after 31st January 2023 and thus did not observe the counting of the physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st January 2023, which are included in the balance sheet at £225,487, by using other audit procedures. We were also not able to observe the counting of physical stock at 31st January 2024 in Amsterdam or Dublin and were unable to satisfy ourselves by alternative means concerning these stock quantities, which are included in the balance sheet at £162,872, by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts was necessary. In addition, were any adjustment to either the opening or closing stock balance to be required, the strategic report would also need to be amended. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TWISTEDPAIR LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £162,872 held at 31st January 2024. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and directors' report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. |
Arising solely from the limitation on the scope of our work relating to stock, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; |
and |
- we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TWISTEDPAIR LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the directors and our previous knowledge of the group. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements. |
As part of our planning process we assessed susceptibility of the group's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Twistepair Limited are revenue recognition, management override of controls and going concern. The directors confirmed no actual, suspected or alleged cases of fraud. |
Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing revenue recognition and the WIP calculation, trade debtor valuation and an assessment of the management charge calculation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters which we are required to address |
The group was previously audit exempt and therefore the comparatives are unaudited. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditor |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 18,322,754 | 17,436,050 |
Cost of sales | 15,014,488 | 15,263,175 |
GROSS PROFIT | 3,308,266 | 2,172,875 |
Administrative expenses | 2,212,725 | 1,863,085 |
OPERATING PROFIT | 5 | 1,095,541 | 309,790 |
Interest receivable and similar income | 1,099 | - |
1,096,640 | 309,790 |
Interest payable and similar expenses | 6 | 61,269 | 28,569 |
PROFIT BEFORE TAXATION | 1,035,371 | 281,221 |
Tax on profit | 7 | 119,682 | 105,560 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 915,689 | 175,661 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 915,689 | 175,661 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
915,689 |
Prior year adjustment | (77,009 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
98,652 |
Total comprehensive income attributable to: |
Owners of the parent | 915,689 | 98,652 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONSOLIDATED BALANCE SHEET |
31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 86,113 | 98,325 |
Investments | 12 | - | - |
86,113 | 98,325 |
CURRENT ASSETS |
Stocks | 13 | 1,981,166 | 603,229 |
Debtors | 14 | 4,150,984 | 4,650,174 |
Cash at bank and in hand | 77,027 | 445,350 |
6,209,177 | 5,698,753 |
CREDITORS |
Amounts falling due within one year | 15 | 4,569,758 | 4,600,403 |
NET CURRENT ASSETS | 1,639,419 | 1,098,350 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,725,532 |
1,196,675 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(413,333 |
) |
(603,333 |
) |
PROVISIONS FOR LIABILITIES | 20 | (13,086 | ) | (10,218 | ) |
NET ASSETS | 1,299,113 | 583,124 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 400 | 100 |
Retained earnings | 22 | 1,298,713 | 583,024 |
SHAREHOLDERS' FUNDS | 1,299,113 | 583,124 |
The financial statements were approved by the Board of Directors and authorised for issue on 27th January 2025 and were signed on its behalf by: |
O A S Hall - Director |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
COMPANY BALANCE SHEET |
31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's profit/(loss) for the financial year | 622,721 | (603,943 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st February 2022 | 100 | 684,372 | 684,472 |
Prior year adjustment | - | (77,009 | ) | (77,009 | ) |
As restated | 100 | 607,363 | 607,463 |
Changes in equity |
Dividends | - | (200,000 | ) | (200,000 | ) |
Total comprehensive income | - | 175,661 | 175,661 |
Balance at 31st January 2023 | 100 | 583,024 | 583,124 |
Changes in equity |
Issue of share capital | 300 | - | 300 |
Dividends | - | (200,000 | ) | (200,000 | ) |
Total comprehensive income | - | 915,689 | 915,689 |
Balance at 31st January 2024 | 400 | 1,298,713 | 1,299,113 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st February 2022 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st January 2023 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st January 2024 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (595,840 | ) | 1,448,120 |
Interest paid | (61,269 | ) | (28,569 | ) |
Tax paid | (198,594 | ) | (489,981 | ) |
Net cash from operating activities | (855,703 | ) | 929,570 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (25,522 | ) | (76,891 | ) |
Interest received | 1,099 | - |
Net cash from investing activities | (24,423 | ) | (76,891 | ) |
Cash flows from financing activities |
Loan repayments in year | (190,000 | ) | (136,667 | ) |
Amount introduced by directors | 815,216 | 200,000 |
Amount withdrawn by directors | (210,580 | ) | (364,416 | ) |
Share issue | 300 | - |
Equity dividends paid | (200,000 | ) | (200,000 | ) |
Net cash from financing activities | 214,936 | (501,083 | ) |
(Decrease)/increase in cash and cash equivalents | (665,190 | ) | 351,596 |
Cash and cash equivalents at beginning of year |
2 |
382,651 |
31,055 |
Cash and cash equivalents at end of year | 2 | (282,539 | ) | 382,651 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,035,371 | 281,221 |
Depreciation charges | 37,734 | 31,851 |
Finance costs | 61,269 | 28,569 |
Finance income | (1,099 | ) | - |
1,133,275 | 341,641 |
(Increase)/decrease in stocks | (1,377,937 | ) | 108,462 |
Increase in trade and other debtors | (111,039 | ) | (1,400,884 | ) |
(Decrease)/increase in trade and other creditors | (240,139 | ) | 2,398,901 |
Cash generated from operations | (595,840 | ) | 1,448,120 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 77,027 | 445,350 |
Bank overdrafts | (359,566 | ) | (62,699 | ) |
(282,539 | ) | 382,651 |
Year ended 31st January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 445,350 | 31,055 |
Bank overdrafts | (62,699 | ) | - |
382,651 | 31,055 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 445,350 | (368,323 | ) | 77,027 |
Bank overdrafts | (62,699 | ) | (296,867 | ) | (359,566 | ) |
382,651 | (665,190 | ) | (282,539 | ) |
Debt |
Debts falling due within 1 year | (190,000 | ) | - | (190,000 | ) |
Debts falling due after 1 year | (603,333 | ) | 190,000 | (413,333 | ) |
(793,333 | ) | 190,000 | (603,333 | ) |
Total | (410,682 | ) | (475,190 | ) | (885,872 | ) |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
1. | STATUTORY INFORMATION |
TwistedPair Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of Twistedpair Limited and all its subsidiary undertakings drawn up to 31 January each year. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows: |
WIP recognition: |
Management base the valuation of work in progress and accruals on estimates of costs, assessing labour requirements and margins on each job. The stage of completion is based on the actual costs spent at the year end compared to the expected budgeted costs. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company |
and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration |
received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following |
criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither continuing managerial involvement to the degree usually associated |
with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; |
and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks and work in progress |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial assets |
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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Audio Visual | 11,149,675 | 13,064,299 |
Structured Cabling | 6,058,322 | 3,162,812 |
Service/Telecom | 1,047,223 | 1,207,225 |
Miscellaneous | 55,211 | 492 |
Commission | 3,018 | 1,222 |
Insurance Claim | 9,305 | - |
18,322,754 | 17,436,050 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 7,273,698 | 6,786,083 |
Europe | 8,573,466 | 9,290,712 |
United States of America | 377,998 | 126,189 |
Asia | 1,937,960 | 1,104,947 |
Australia | 159,632 | 128,119 |
18,322,754 | 17,436,050 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,729,509 | 3,025,103 |
Social security costs | 425,274 | 352,863 |
Other pension costs | 144,597 | 115,065 |
4,299,380 | 3,493,031 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 15 | 14 |
Administration | 21 | 19 |
Sales | 11 | 11 |
Engineers | 30 | 26 |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - 3 ) . |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 210,628 | 104,680 |
Directors' pension contributions to money purchase schemes | 61,327 | 55,592 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director for the year ended 31st January 2024 is as follows: |
2024 |
£ |
Emoluments etc | 153,353 |
Pension contributions to money purchase schemes | 1,321 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 1,442 | 1,420 |
Other operating leases | 69,996 | 72,309 |
Depreciation - owned assets | 37,734 | 31,851 |
Foreign exchange differences | (4,470 | ) | (25,342 | ) |
Auditors remuneration | 36,124 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 7,270 | 3,014 |
Bank loan interest | 53,999 | 22,793 |
Corporation tax interest | - | 2,762 |
61,269 | 28,569 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 116,814 | 99,965 |
Deferred tax | 2,868 | 5,595 |
Tax on profit | 119,682 | 105,560 |
UK corporation tax was charged at 19 %) in 2023. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,035,371 | 281,221 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
258,843 |
53,432 |
Effects of: |
Expenses not deductible for tax purposes | 13,642 | 5,334 |
Capital allowances in excess of depreciation | - | (3,646 | ) |
Depreciation in excess of capital allowances | 2,552 | - |
Utilisation of tax losses | (44,274 | ) | 104,133 |
Adjustments to tax charge in respect of previous periods | - | 5,596 |
Adjustments in respect of foreign tax rate | (116,769 | ) | (56,023 | ) |
Foreign exchange variances on consolidation | 6,046 | (3,266 | ) |
Change in rate of deferred tax | (358 | ) | - |
Total tax charge | 119,682 | 105,560 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
The parent company's profit before tax for the financial year was £625,589. In the previous year the company made a loss of £598,348. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
'A' ordinary shares of £1 each |
Interim | 50,000 | 100,000 |
'B' ordinary shares of £1 each |
Interim | 50,000 | 100,000 |
'C' ordinary shares of £1 each |
Interim | 50,000 | - |
'D' ordinary shares of £1 each |
Interim | 50,000 | - |
200,000 | 200,000 |
10. | PRIOR YEAR ADJUSTMENT |
During the previous year, errors were noted in the brought forward position of the Directors loan accounts. An adjustment has therefore been made to reduce the amount owed to the company by the Directors of £94,310, and additional company expenses of an equivalent value have been included in the profit and loss account for the year ended 31 January 2022. |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st February 2023 | 48,193 | 49,007 | 9,701 | 107,260 | 214,161 |
Additions | - | 8,901 | - | 16,621 | 25,522 |
At 31st January 2024 | 48,193 | 57,908 | 9,701 | 123,881 | 239,683 |
DEPRECIATION |
At 1st February 2023 | 18,967 | 17,172 | 9,047 | 70,650 | 115,836 |
Charge for year | 9,639 | 7,099 | 164 | 20,832 | 37,734 |
At 31st January 2024 | 28,606 | 24,271 | 9,211 | 91,482 | 153,570 |
NET BOOK VALUE |
At 31st January 2024 | 19,587 | 33,637 | 490 | 32,399 | 86,113 |
At 31st January 2023 | 29,226 | 31,835 | 654 | 36,610 | 98,325 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st February 2023 |
Additions |
At 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1st February 2023 |
and 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Unit 25, Tallaght Business Centre, Whitesdown Road, Tallaght, Dublin 24 |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 317,403 | 225,487 |
Work-in-progress | 1,663,763 | 377,742 |
1,981,166 | 603,229 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 2,688,362 | 3,152,718 |
Amounts owed by group undertakings | - | - |
Other debtors | 26,235 | 77,797 |
Directors' loan accounts | 247,770 | 852,406 | 247,770 | 852,406 |
Tax | 262,287 | 267,880 |
VAT | 318,807 | 238,729 |
Prepayments | 321,390 | 60,644 |
3,864,851 | 4,650,174 |
Amounts falling due after more than one | year: |
Other debtors | 286,133 | - |
Aggregate amounts | 4,150,984 | 4,650,174 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 549,566 | 252,699 |
Trade creditors | 2,635,800 | 1,031,864 |
Amounts owed to group undertakings | - | - |
Tax | 15,337 | 102,710 |
Social security and other taxes | 214,795 | 100,755 |
Other creditors | 27,449 | 9,766 |
Accruals and deferred income | 1,126,811 | 3,102,609 |
4,569,758 | 4,600,403 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 413,333 | 603,333 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 359,566 | 62,699 |
Bank loans | 190,000 | 190,000 |
549,566 | 252,699 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 190,000 | 190,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 223,333 | 413,333 |
There are 2 CBILS loans outstanding at the year end. One has an interest rate of 2.34% plus base rate per annum and the other has an interest rate of 2.09% plus base rate per annum. Both have a 60 month term. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 74,058 | 110,834 |
Between one and five years | 74,052 | 126,590 |
148,110 | 237,424 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdrafts | 359,566 | 62,699 |
Bank loans | 603,333 | 793,333 |
962,899 | 856,032 |
The bank loan is secured by a fixed and floating charge over the group's assets. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 13,086 | 10,218 | 13,086 | 10,218 |
Group |
Deferred |
tax |
£ |
Balance at 1st February 2023 | 10,218 |
Provided during year | 2,868 |
Balance at 31st January 2024 | 13,086 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1st February 2023 |
Provided during year |
Balance at 31st January 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'A' ordinary | £1 | 100 | 25 |
(2023 - 25 ) |
'B' ordinary | £1 | 100 | 25 |
(2023 - 25 ) |
'C' ordinary | £1 | 100 | 25 |
'D' ordinary | £1 | 100 | 25 |
400 | 100 |
The following shares were issued during the year for cash at par : |
75 'A' ordinary shares of £1 |
75 'B' ordinary shares of £1 |
75 'C' ordinary shares of £1 |
75 'D' ordinary shares of £1 |
During the year the company reclassified its share capital. All share classes rank pari passu. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st February 2023 | 583,024 |
Profit for the year | 915,689 |
Dividends | (200,000 | ) |
At 31st January 2024 | 1,298,713 |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
22. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1st February 2023 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31st January 2024 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st January 2024 and 31st January 2023: |
2024 | 2023 |
£ | £ |
A M Glyde |
Balance outstanding at start of year | 454,072 | 363,320 |
Amounts advanced | 86,353 | 190,752 |
Amounts repaid | (504,386 | ) | (100,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 36,039 | 454,072 |
T F Woodfine |
Balance outstanding at start of year | 398,335 | 324,671 |
Amounts advanced | 124,225 | 173,664 |
Amounts repaid | (310,829 | ) | (100,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 211,731 | 398,335 |
No interest is charged on the above loans to Directors. |
24. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company was owed £286,133 from a company under the control of 2 of the directors. The loan is included within other debtors and is interest free for an initial 6 months before commencing at 2% per annum, over 14 years. The entire loan balance including interest, is repayable in full at the end of the term. |
25. | ULTIMATE CONTROLLING PARTY |
The group is not under the control of any individual or entity by virtue of an interest in the issued share capital of Twistedpair Limited. |
TWISTEDPAIR LIMITED (REGISTERED NUMBER: 05069606) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
26. | DEFERRED TAX |
A deferred tax asset of £99,509 (2023: £147,009) has not been provided for as it is not considered likely that sufficient taxable profits to recover the asset will be generated in the foreseeable future. |