REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
TWIST SOLUTIONS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
TWIST SOLUTIONS LTD |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TWIST SOLUTIONS LTD |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
TWIST SOLUTIONS LTD is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Share based payments have been made to employee's of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to model. |
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 |
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulating losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
Government grants |
Government grant income represents grant income received from the government under the Innovate UK Scheme. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. |
In the case of performance-related grants, income is recognised only when the performance-redeterminations are met |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Research and development |
Revenue expenditure on research and development is written off in the period in which it is incurred. The company qualifies to make claims under the SME R&D tax relief scheme. Tax credits arising from successful claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis. The company has incurred losses for the period however the directors believe the company has sufficient cash resources to meet its future obligations, if and when they fall due. It is on this basis that the directors are of the opinion that they should adopt the going concern basis in preparing the annual financial statements. |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Share-based payments |
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 April 2023 |
Additions |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
TWIST SOLUTIONS LTD (REGISTERED NUMBER: 13253794) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
As at 31 March 2024, the company has recorded an amount of £200,000 within Other Creditors, which relates to the advanced subscription agreement (ASA).This liability is due to be settled in the following financial year through the issuance of 10,272 shares at a price of £19.47 per share. |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Other creditors |
Included within other creditors falling due after more than one year is an amount of £543,646 owed to a number of individuals that have entered into a convertible loan agreements with the company. The loans are at an interest rate of 8% and are repayable after 24 months. |
At the maturity date the loan is convertible into the most senior class of shares in the company at that date. |
8. | Share-based payment transactions |
The company operates an EMI qualifying share option scheme and during the period the company granted 0 EMI qualifying share options to employees of the company (2023: 43,001). At the statement of financial position date, the company had granted a total of 68,701 share options (2023: 68,701) at an average weighted exercise price of £0.0001 per share (2023: £0.0001). At the statement of financial position date, 0 options had lapsed (2023: 0), 0 options were exercised (2023: 0), 31,292 options had vested and remained exercisable (2023: 9,638), and 37,409 options had yet to vest (2023: 59,063). |
An amount of £57,855 has been charged to the income statement in respect of the EMI qualifying share options (2023: £14,117). |
The share options generally vest over a 4-year period with a 1-year cliff and are exercisable over the shares of the company. |