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REGISTERED NUMBER: 13253794 (England and Wales)














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: W F Godfrey
S Hmich
S J Saboune





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 13253794 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 7,662 14,142

Current assets
Debtors 5 118,611 207,092
Cash at bank 305,464 139,762
424,075 346,854
Creditors
Amounts falling due within one year 6 277,208 7,442
Net current assets 146,867 339,412
Total assets less current liabilities 154,529 353,554

Creditors
Amounts falling due after more than one
year

7

543,646

-
Net (liabilities)/assets (389,117 ) 353,554

Capital and reserves
Called up share capital 114 114
Share premium 1,564,845 1,564,845
Other reserves 71,972 14,117
Retained earnings (2,026,048 ) (1,225,522 )
(389,117 ) 353,554

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

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

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:




W F Godfrey - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 5 (2023 - 5 ) .

4. Tangible fixed assets
Computer
equipment
£   
Cost
At 1 April 2023 26,253
Additions 2,423
Reclassification/transfer (2,922 )
At 31 March 2024 25,754
Depreciation
At 1 April 2023 12,111
Charge for year 8,903
Reclassification/transfer (2,922 )
At 31 March 2024 18,092
Net book value
At 31 March 2024 7,662
At 31 March 2023 14,142

5. Debtors
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 4,000 -
Other debtors 114,611 148,992
118,611 148,992

Amounts falling due after more than one year:
Other debtors - 58,100

Aggregate amounts 118,611 207,092

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 49,259 3,218
Taxation and social security 10,454 -
Other creditors 217,495 4,224
277,208 7,442

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 543,646 -

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.