2023-05-062024-05-052024-05-05false01554463T.W.A. & A.S. CUNDY 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T.W.A. & A.S. CUNDY LIMITED

Registered Number
01554463
(England and Wales)

Unaudited Financial Statements for the Year ended
5 May 2024

T.W.A. & A.S. CUNDY LIMITED
Company Information
for the year from 6 May 2023 to 5 May 2024

Director

CUNDY, Thomas John

Company Secretary

CUNDY, Thomas John

Registered Address

Top Farm
Papplewick
Nottingham
NG15 8FE

Registered Number

01554463 (England and Wales)
T.W.A. & A.S. CUNDY LIMITED
Balance Sheet as at
5 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets39,1769,176
Tangible assets4949,868770,672
959,044779,848
Current assets
Stocks5127,115242,180
Debtors6158,67792,833
Cash at bank and on hand33,52673,755
319,318408,768
Creditors amounts falling due within one year7(334,780)(138,487)
Net current assets (liabilities)(15,462)270,281
Total assets less current liabilities943,5821,050,129
Creditors amounts falling due after one year8(202,280)(208,825)
Provisions for liabilities9(51,489)(79,607)
Net assets689,813761,697
Capital and reserves
Called up share capital150,000150,000
Profit and loss account539,813611,697
Shareholders' funds689,813761,697
The financial statements were approved and authorised for issue by the Director on 3 February 2025, and are signed on its behalf by:
CUNDY, Thomas John
Director
Registered Company No. 01554463
T.W.A. & A.S. CUNDY LIMITED
Notes to the Financial Statements
for the year ended 5 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery15-
Vehicles25-
Office Equipment25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Intangible assets

Other

Total

££
Cost or valuation
At 06 May 239,1769,176
At 05 May 249,1769,176
Net book value
At 05 May 249,1769,176
At 05 May 239,1769,176
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 06 May 23388,1951,279,941128,8633,6191,800,618
Additions-338,83011,000-349,830
Disposals-(214,053)--(214,053)
At 05 May 24388,1951,404,718139,8633,6191,936,395
Depreciation and impairment
At 06 May 23122,380828,15076,4282,9881,029,946
Charge for year2,064112,60515,859159130,687
On disposals-(174,106)--(174,106)
At 05 May 24124,444766,64992,2873,147986,527
Net book value
At 05 May 24263,751638,06947,576472949,868
At 05 May 23265,815451,79152,435631770,672
5.Stocks

2024

2023

££
Other stocks127,115242,180
Total127,115242,180
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables102,34761,043
Other debtors56,33031,790
Total158,67792,833
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables87,02151,622
Bank borrowings and overdrafts6,5006,500
Taxation and social security-567
Finance lease and HP contracts216,80033,045
Other creditors1,99024,283
Accrued liabilities and deferred income22,46922,470
Total334,780138,487
The finance lease and HP contracts are secured against the assets to which they relate. The bank borrowings are also secured creditors.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts202,280208,825
Total202,280208,825
The bank borrowings are secured creditors.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)51,48979,607
Total51,48979,607
10.Related party transactions
A loan account exists between the company and Mowlands Farm Partnership, a partnership of which the company is a partner. At the year end, the balance owed by Mowlands Farm Partnership was £3,972 (2023 - £Nil). A loan account exists between the company and Thomas John Cundy, a director, on this loan, interest was charged at the HMRC official rate. The loan was fully repaid after the year end. At the balance sheet date, the balance owed by Thomas John Cundy was £24,796 (2023 - £Nil).