Company registration number 10302742 (England and Wales)
TWINMAR GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
TWINMAR GROUP LIMITED
COMPANY INFORMATION
Directors
Mr. Marcel Bordon
Mr. David Bordon
Mr. Michael Bordon
Company number
10302742
Registered office
14 Maxted Road
Hemel Hampstead
Hertfordshire
HP2 7DX
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
14 Maxted Road
Hemel Hampstead
Hertfordshire
HP2 7DX
TWINMAR GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 32
TWINMAR GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 29 June 2024.
Review of the business
The development and performance of the group's business during the financial year.
In this reporting period, the group reports profit after tax of £553,209 (2023: £388,790).
The Group’s strategy is to continue its research and development programme, and to accelerate the implementation of its increasingly powerful technology. The Group is focused on realising the business opportunities that flow from its continuing investment in technology, systems, and design, to add value to its business. The Group is investing in its systems, brands, and assets to focus on enhanced technology, new platforms and concepts, and increasing customer engagement, while maintaining its core values of sustainability and renewability.
In this reporting period, the Group has continued to invest in driving profitability through both its online and offline business and sees these as key elements of its core strategy for growth
Principal risks and uncertainties
The Group's operations expose it to a variety of financial risks including price risk, credit risk, liquidity risk and exchange rate risk. There are a number of controls in place to limit the adverse effects of these risks on the financial performance of the Group.
Price Risk
The Group is exposed to general price risk in its operations. Exposure to price risk is managed by means of ring-fenced supply contracts, and a diverse supplier base.
Credit Risk
The Group has limited exposure to this risk.
Liquidity Risk
The Group ensures there are sufficient funds available to operate. Cash flow forecasts are prepared, monitored and adjusted when necessary as part of this process.
Exchange Rate Risk
The Group was not exposed to exchange rate risk during the period.
At the year-end the Group had shareholders' funds of £18.46m (2023: £18.26m).
TWINMAR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 2 -
Section 172(1) statement
The Directors of the company have acted in accordance with their duties codified in law, which include their duty to act in a way which they consider, in good faith, would most likely promote the success of the Company for the benefit of the members as a whole, having regards to all stakeholders and matters set out in s172(1) of the Companies Act 2016, including:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with suppliers, customers and others;
(d) the impact of the company's operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly as between members of the company.
The stakeholders of the business include employees, customers and suppliers to the business. The directors consider that they have acted in good faith to promote the success of the group on behalf of the stakeholders in relation to the matters set out in Section 172 of the Act.
The directors monitor and review strategic objectives against long term growth plans. Regular reviews are held across key business areas covering financial performance, risks and opportunities, Health and Safety, Human Resources and operations. The group's performance and progress are reviewed regularly at department and board meetings. This has a positive effect on the group's decisions and strategies implemented during the year.
Mr. Marcel Bordon
Director
27 March 2025
TWINMAR GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 29 June 2024.
Principal activities
Twinmar Group Limited as a company does not trade and provides management services to the group's subsidiaries. The principal activity of its wholly owned subsidiary Twinmar Tech Ltd is that of technology and third party-logistics service providers and online footwear, athleisure and accessories retailers. The principal activity of its other wholly owned subsidiary Twinmar London Ltd is that of offline retailer of footwear, athleisure and accessories.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid by the company amounting to £309,028. The directors do not recommend payment of a further dividend. A £47,500 dividend was declared by a subsidiary to a non-controlling interest.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr. Marcel Bordon
Mr. David Bordon
Mr. Michael Bordon
Employees
The Group ensures that all employees are treated fairly and granted the same access to continuing employment and training, career development and promotion, regardless of any physical disabilities.
The Group has taken the necessary action during the year to:
a) provide employees with regular information on matters of concern to them as employees;
b) consult employees or their representatives on a regular basis regarding decisions which are likely to affect their interests;
c) encourage employee involvement in the group's performance through appropriate incentive schemes;
d) achieve a common awareness on the part of all employees of the financial and economic factors affecting the performance of the group.
The directors of the Group have taken steps to regularly engage with employees and to have regard to employee interests, including on the principal decisions made during the financial year.
The directors have had regard to the need to foster the company’s business relationships with suppliers, customers and others, including on the principal decisions taken by the company during the financial year.
Auditor
Lopian Gross Barnett and Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
TWINMAR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 4 -
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
73,440
75,600
- Electricity purchased
857,553
872,234
930,993
947,834
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
14.00
14.00
- Fuel consumed for owned transport
-
-
14.00
14.00
Scope 2 - indirect emissions
- Electricity purchased
200.00
203.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the - Freighting goods
60,578.00
45,419.00
Total gross emissions
60,792.00
45,636.00
Intensity ratio
Tonnes CO2e per employee
210
168
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee the recommended ratio for the sector.
Measures taken to improve energy efficiency
We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
TWINMAR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 5 -
On behalf of the board
Mr. Marcel Bordon
Director
27 March 2025
TWINMAR GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 JUNE 2024
- 6 -
The directors are responsible for preparing the Annual Report 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 group and company, 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TWINMAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWINMAR GROUP LIMITED
- 7 -
Opinion
We have audited the financial statements of Twinmar Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 June 2024 and of the group's 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 requirements of the Companies Act 2006.
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 and parent company 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 opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 the directors' report have been prepared in accordance with applicable legal requirements.
TWINMAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWINMAR GROUP LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
TWINMAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWINMAR GROUP LIMITED
- 9 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
27 March 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
TWINMAR GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
22,891,363
21,326,302
Cost of sales
(10,655,441)
(10,413,024)
Gross profit
12,235,922
10,913,278
Distribution costs
(9,577,946)
(8,838,380)
Administrative expenses
(4,034,923)
(3,326,190)
Other operating income
929,432
573,487
Operating loss
4
(447,515)
(677,805)
Interest receivable and similar income
7
1,001,762
1,002,120
Interest payable and similar expenses
8
(20,292)
(56,439)
Profit before taxation
533,955
267,876
Tax on profit
9
19,254
120,914
Profit for the financial year
24
553,209
388,790
Profit for the financial year is all attributable to the owners of the parent company.
TWINMAR GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 JUNE 2024
- 11 -
2024
2023
£
£
Profit for the year
553,209
388,790
Other comprehensive income
Deferred tax on revaluation
(260,950)
Total comprehensive income for the year
553,209
127,840
Total comprehensive income for the year is all attributable to the owners of the parent company.
TWINMAR GROUP LIMITED
GROUP BALANCE SHEET
- 12 -
29 June 2024
24 June 2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
200
400
Other intangible assets
11
628,118
538,369
Total intangible assets
628,318
538,769
Tangible assets
12
10,358,027
10,256,886
10,986,345
10,795,655
Current assets
Stocks
15
4,072,551
4,381,767
Debtors
16
7,980,365
6,850,523
Cash at bank and in hand
1,019,551
2,207,068
13,072,467
13,439,358
Creditors: amounts falling due within one year
17
(3,766,130)
(4,465,430)
Net current assets
9,306,337
8,973,928
Total assets less current liabilities
20,292,682
19,769,583
Creditors: amounts falling due after more than one year
18
(874,626)
(600,978)
Provisions for liabilities
Deferred tax liability
21
957,901
905,131
(957,901)
(905,131)
Net assets
18,460,155
18,263,474
Capital and reserves
Called up share capital
23
84,503
84,503
Revaluation reserve
24
5,726,452
5,726,452
Capital redemption reserve
24
85,983
85,983
Profit and loss reserves
24
12,563,217
12,366,536
Total equity
18,460,155
18,263,474
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr. Marcel Bordon
Director
Company registration number 10302742 (England and Wales)
TWINMAR GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 29 JUNE 2024
29 June 2024
- 13 -
29 June 2024
24 June 2023
Notes
£
£
£
£
Fixed assets
Investments
13
84,512
84,512
Current assets
Debtors
16
7,591,071
6,840,490
Cash at bank and in hand
5,269
5,990
7,596,340
6,846,480
Creditors: amounts falling due within one year
17
(75,773)
(18,204)
Net current assets
7,520,567
6,828,276
Net assets
7,605,079
6,912,788
Capital and reserves
Called up share capital
23
84,503
84,503
Profit and loss reserves
24
7,520,576
6,828,285
Total equity
7,605,079
6,912,788
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,001,319 (2023 - £1,025,432 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr. Marcel Bordon
Director
Company registration number 10302742 (England and Wales)
TWINMAR GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2024
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 26 June 2022
84,503
5,987,402
85,983
12,302,878
18,460,766
Year ended 24 June 2023:
Profit for the year
-
-
-
388,790
388,790
Other comprehensive income:
Tax relating to other comprehensive income
-
(260,950)
-
(260,950)
Total comprehensive income
-
(260,950)
-
388,790
127,840
Dividends
10
-
-
-
(325,132)
(325,132)
Balance at 24 June 2023
84,503
5,726,452
85,983
12,366,536
18,263,474
Year ended 29 June 2024:
Profit and total comprehensive income
-
-
-
553,209
553,209
Dividends
10
-
-
-
(356,528)
(356,528)
Balance at 29 June 2024
84,503
5,726,452
85,983
12,563,217
18,460,155
TWINMAR GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 26 June 2022
84,503
6,102,985
6,187,488
Year ended 24 June 2023:
Profit and total comprehensive income for the year
-
1,025,432
1,025,432
Dividends
10
-
(300,132)
(300,132)
Balance at 24 June 2023
84,503
6,828,285
6,912,788
Year ended 29 June 2024:
Profit and total comprehensive income
-
1,001,319
1,001,319
Dividends
10
-
(309,028)
(309,028)
Balance at 29 June 2024
84,503
7,520,576
7,605,079
TWINMAR GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,185,895)
(1,841,688)
Interest paid
(20,292)
(56,439)
Income taxes refunded
1,637
Net cash outflow from operating activities
(1,206,187)
(1,896,490)
Investing activities
Purchase of intangible assets
(357,536)
(250,333)
Purchase of tangible fixed assets
(475,278)
(343,645)
Proceeds from disposal of tangible fixed assets
13,002
2,498
Repayment of loans
114,452
(28,243)
Interest received
1,318
2,120
Dividends received
1,000,444
1,000,000
Net cash generated from investing activities
296,402
382,397
Financing activities
Repayment of bank loans
(1,936)
(3,972)
Payment/(repayment) of finance leases obligations
80,766
12,481
Dividends paid to equity shareholders
(356,528)
(325,132)
Net cash used in financing activities
(277,698)
(316,623)
Net decrease in cash and cash equivalents
(1,187,483)
(1,830,716)
Cash and cash equivalents at beginning of year
2,207,034
4,037,750
Cash and cash equivalents at end of year
1,019,551
2,207,034
Relating to:
Cash at bank and in hand
1,019,551
2,207,068
Bank overdrafts included in creditors payable within one year
-
(34)
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 17 -
1
Accounting policies
Company information
Twinmar Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 14 Maxted Road, Hemel Hampstead, Hertfordshire, HP2 7DX.
The group consists of Twinmar Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Twinmar Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 29 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. As assets under development had not been put in to use at the end of the period, no amortisation has been provided.
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Freehold land and buildings are measured using the revaluation model and are therefore measured at revalued amounts being its fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. The revaluation is carried out with sufficient regularity so that the carrying amount does not differ materially from the fair value at the reporting date.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum on the buildings element
Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.10
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.11
Impairment of fixed assets
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.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group 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 instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Accounts and transactions which include key estimates include depreciation and tangible assets and deferred tax.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
22,891,363
21,326,302
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
UK
22,891,363
21,326,302
2024
2023
£
£
Other revenue
Interest income
1,318
2,120
Dividends received
1,000,444
1,000,000
Management fees
25,000
-
Other income
765,208
456,418
Rental income
139,224
117,069
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(1,632)
(9,615)
Depreciation of owned tangible fixed assets
347,619
264,452
Loss on disposal of tangible fixed assets
13,516
7,283
Amortisation of intangible assets
267,987
62,783
Cost of stocks recognised as an expense
10,655,441
10,413,024
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group, company and subsidiaries
51,820
34,833
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
289
276
3
3
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
6
Employees
(Continued)
- 23 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,433,243
4,018,360
Social security costs
306,513
302,039
-
-
Pension costs
62,317
57,647
4,802,073
4,378,046
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,318
Other interest income
-
2,120
Total interest revenue
1,318
2,120
Other income from investments
Dividends received from non-group entities
1,000,444
1,000,000
Total income
1,001,762
1,002,120
8
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
9,607
54,640
Interest on finance leases and hire purchase contracts
10,685
1,799
Total finance costs
20,292
56,439
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(1,637)
Deferred tax
Origination and reversal of timing differences
(19,254)
(119,277)
Total tax credit
(19,254)
(120,914)
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
9
Taxation
(Continued)
- 24 -
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
533,955
267,876
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
133,489
54,915
Tax effect of expenses that are not deductible in determining taxable profit
7,423
1,363
Tax effect of utilisation of tax losses not previously recognised
(5,325)
Unutilised tax losses carried forward
103,467
164,221
Adjustments in respect of prior years
(1,637)
Permanent capital allowances in excess of depreciation
(30,076)
(24,315)
Amortisation on assets not qualifying for tax allowances
66,947
14,141
Dividend income
(250,000)
(205,000)
Deferred tax movements
(50,504)
(119,277)
Taxation credit
(19,254)
(120,914)
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of freehold land and buildings
-
260,950
10
Dividends
Interim dividends were paid from the parent company to the shareholders in the total sum of £309,028 (2023: £300,132). Interim dividends were also paid from one of the subsidiaries to non-controlling interest shareholders in the subsidiary totalling £47,500 (2023: £25,000).
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 25 -
11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 25 June 2023
1,000
717,826
718,826
Additions
357,536
357,536
At 29 June 2024
1,000
1,075,362
1,076,362
Amortisation and impairment
At 25 June 2023
600
179,457
180,057
Amortisation charged for the year
200
267,787
267,987
At 29 June 2024
800
447,244
448,044
Carrying amount
At 29 June 2024
200
628,118
628,318
At 24 June 2023
400
538,369
538,769
The company had no intangible fixed assets at 29 June 2024 or 24 June 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 25 June 2023
10,000,000
606,037
367,464
164,417
11,137,918
Additions
80,924
264,974
129,380
475,278
Disposals
(82,327)
(17,501)
(99,828)
At 29 June 2024
10,000,000
686,961
550,111
276,296
11,513,368
Depreciation and impairment
At 25 June 2023
379,360
213,305
178,343
110,024
881,032
Depreciation charged in the year
95,000
67,243
128,817
56,559
347,619
Eliminated in respect of disposals
(59,435)
(13,875)
(73,310)
At 29 June 2024
474,360
280,548
247,725
152,708
1,155,341
Carrying amount
At 29 June 2024
9,525,640
406,413
302,386
123,588
10,358,027
At 24 June 2023
9,620,640
392,732
189,121
54,393
10,256,886
The company had no tangible fixed assets at 29 June 2024 or 24 June 2023.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
12
Tangible fixed assets
(Continued)
- 26 -
Land and buildings with a carrying amount of £10,000,000 were revalued at June 2019 by Lambert Smith Hampton, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors have considered the market for properties of this type at 29 June 2024 and believe the current valuation to be appropriate.
Freehold Land and Buildings includes £5,520,000 (2023: £5,520,000) for Land which is not being depreciated.
2024
2023
£
£
Group
Cost
4,609,105
4,609,105
Accumulated depreciation
(1,546,587)
(1,472,841)
Carrying value
3,062,518
3,136,264
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
84,512
84,512
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 25 June 2023 and 29 June 2024
84,512
Carrying amount
At 29 June 2024
84,512
At 24 June 2023
84,512
14
Subsidiaries
Details of the company's subsidiaries at 29 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Twinmar Tech Limited
England
Ordinary
100.00
-
Twinmar London Limited
England
Ordinary
100.00
-
Falcon Sport (1966) Limited
England
Ordinary
-
100.00
Sole Sister Limited
England
Ordinary
-
100.00
Soled Out Limited
England
Ordinary
-
100.00
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 27 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,072,551
4,381,767
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
500,772
244,829
Amounts owed by group undertakings
-
-
7,436,821
6,695,632
Other debtors
5,341,726
4,320,585
140,871
140,754
Prepayments and accrued income
462,401
681,667
13,379
4,104
6,304,899
5,247,081
7,591,071
6,840,490
Amounts falling due after more than one year:
Deferred tax asset (note 21)
1,675,466
1,603,442
Total debtors
7,980,365
6,850,523
7,591,071
6,840,490
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
6,720
8,367
Obligations under finance leases
20
35,087
16,674
Trade creditors
1,606,805
1,753,416
47,008
5,334
Amounts owed to group undertakings
13,800
2,800
Other taxation and social security
109,515
43,458
-
-
Other creditors
1,065,107
1,411,736
10,000
70
Accruals and deferred income
942,896
1,231,779
4,965
10,000
3,766,130
4,465,430
75,773
18,204
Included in other creditors falling due within one year is £6,720 (2023: £8,367) which is secured by the company.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 28 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
35,705
36,028
Obligations under finance leases
20
97,368
35,015
Other creditors
741,553
529,935
874,626
600,978
-
-
The bank loans and overdrafts are secured by a fixed charge over all assets of the company in favour of the company's bankers.
Included in other creditors due after more than one year is £777,258 (2023: £565,963) which is secured by the company.
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
42,425
44,361
Bank overdrafts
34
42,425
44,395
-
-
Payable within one year
6,720
8,367
Payable after one year
35,705
36,028
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
35,087
16,674
In two to five years
97,368
35,015
132,455
51,689
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 29 -
21
Deferred taxation
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
115,601
62,831
-
-
Tax losses
-
-
1,675,466
1,603,442
Revaluations
842,300
842,300
-
-
957,901
905,131
1,675,466
1,603,442
The company has no deferred tax assets or liabilities.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,317
57,647
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
42,650
42,650
42,650
42,650
Ordinary A shares of £1 each
8,400
8,400
8,400
8,400
Ordinary B shares of £1 each
15,800
15,800
15,800
15,800
Ordinary C shares of £1 each
16,800
16,800
16,800
16,800
Deferred share of £1 each
1
1
1
1
Non-Redeemable Participating Preference shares of 1p each
85,200
85,200
852
852
168,851
168,851
84,503
84,503
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
23
Share capital
(Continued)
- 30 -
The Ordinary shares carry full voting rights and the preferential right to participate in any capital distributions of the company, including on a sale or winding up.
The A, B and C Shares carry no votes but rank pari passu to the Ordinary Shares in all respects except with regard to dividends.
The Non-Redeemable Participating Preference Shares do not carry with them any rights to vote at any general meeting of the Company. The shares carry a right to participate in dividends declared by the Company. On a winding up, the shareholders are entitled to participate in a distribution to the extent of one tenth of any sum payable to the ordinary shareholders.
The Deferred Share carries no right to vote, receive dividends or participate in any capital distributions.
Different dividends may be declared on each class of shares.
24
Reserves
Profit and loss reserves
Capital redemption reserve - this reserve records the nominal value of shares repurchased by the company.
Profit and loss account - this reserve records retained earnings and accumulated losses.
Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets.
25
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
20,000
20,000
-
-
20,000
20,000
-
-
26
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Group
Companies with common directors
278,718
96,980
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
26
Related party transactions
(Continued)
- 31 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Pension scheme with a director as a trustee
1,036,866
1,048,163
Companies with common directors
379,415
1,058,811
Interest is payable at 1% per annum on amounts outstanding to companies with common directors
Interest is payable at 3.5% per annum on amounts outstanding to the pension scheme
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Companies with common directors
5,165,479
4,139,365
Directors
6,754
121,206
Interest is payable at 18% per annum on amounts outstanding from companies with common directors and amounted to £613,492 (2023: £395,489)
Amounts owed by directors was repaid within 9 months of the financial year end date.
27
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
553,209
388,790
Adjustments for:
Taxation credited
(19,254)
(120,914)
Finance costs
20,292
56,439
Investment income
(1,001,762)
(1,002,120)
Loss on disposal of tangible fixed assets
13,516
7,283
Amortisation and impairment of intangible assets
267,987
62,783
Depreciation and impairment of tangible fixed assets
347,619
264,452
Movements in working capital:
Decrease/(increase) in stocks
309,217
(932,750)
Increase in debtors
(1,172,271)
(446,192)
Decrease in creditors
(504,448)
(119,459)
Cash absorbed by operations
(1,185,895)
(1,841,688)
TWINMAR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 32 -
28
Analysis of changes in net funds - group
25 June 2023
Cash flows
29 June 2024
£
£
£
Cash at bank and in hand
2,207,068
(1,187,517)
1,019,551
Bank overdrafts
(34)
34
2,207,034
(1,187,483)
1,019,551
Borrowings excluding overdrafts
(44,361)
1,936
(42,425)
Obligations under finance leases
(51,689)
(80,766)
(132,455)
2,110,984
(1,266,313)
844,671
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