Company registration number 01115756 (England and Wales)
TWINMAR TECH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TWINMAR TECH LIMITED
CONTENTS
Page
Strategic report
1
Balance sheet
2
Notes to the financial statements
3 - 11
TWINMAR TECH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 29 June 2024.

Fair review of the business

The development and performance of the company’s business during the financial year.

 

In this reporting period, the Company reports adjusted EBITDA of £0.890m (2023: £0.882m). The Company’s strategy is to continue its research and development program, and to accelerate the implementation of its increasingly powerful technology. The Company is focused on realising the business opportunities that flow from the group’s investment in technology and systems, to continue to add value to its business. The company is investing in its systems, brands, and assets to focus on enhanced technology, new platforms, and increasing customer engagement.

 

Principal risks and uncertainties

The Company'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 Company.

 

Price Risk

The company is exposed to general price risk as a result of its operations. Exposure to price risk is managed by means of ring-fenced supply contracts, and a diverse supplier base.

 

Credit Risk

The Company has limited exposure to this risk.

 

Liquidity Risk

The company ensures there are sufficient funds available to operate.

 

Exchange Rate Risk

The company was not exposed to exchange rate risk during the period.

 

At the year-end the company had shareholders' funds of £12.27m (2023: £14.0m).

 

 

 

 

On behalf of the board

Mr. Marcel Bordon
Director
27 March 2025
TWINMAR TECH LIMITED
BALANCE SHEET
AS AT
29 JUNE 2024
29 June 2024
- 2 -
29 June 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,245,618
4,318,369
Tangible assets
5
10,027,731
10,039,393
Investments
6
50,004
50,004
12,323,353
14,407,766
Current assets
Debtors
7
9,537,521
8,752,325
Cash at bank and in hand
893,231
1,404,181
10,430,752
10,156,506
Creditors: amounts falling due within one year
8
(8,730,957)
(9,079,864)
Net current assets
1,699,795
1,076,642
Total assets less current liabilities
14,023,148
15,484,408
Creditors: amounts falling due after more than one year
9
(874,626)
(600,978)
Provisions for liabilities
(875,713)
(854,388)
Net assets
12,272,809
14,029,042
Capital and reserves
Called up share capital
84,502
84,502
Revaluation reserve
10
5,726,452
5,726,452
Capital redemption reserve
16,498
16,498
Profit and loss reserves
11
6,445,357
8,201,590
Total equity
12,272,809
14,029,042

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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:
Mr. Marcel Bordon
Director
Company registration number 01115756 (England and Wales)
TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 3 -
1
Accounting policies
Company information

Twinmar Tech Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Maxted Road, Hemel Hempstead, HP2 7DX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, despite the loss making position in this current year and the previous, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of 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.

Rental income received from tenants is recognised on a straight line basis over the term of the lease.

1.4
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.

1.5
Intangible fixed assets - goodwill

Goodwill 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.

1.6
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.

TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

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 property
Over the period of the lease
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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 credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Fixed asset investments are reviewed annually for any impairment. Any impairment charges which arise are written off to the profit and loss account.

1.8
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.

1.9
Financial instruments

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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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 company’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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.14
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.

1.15
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 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
43
46
TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 7 -
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 25 June 2023
10,800,000
717,826
11,517,826
Additions
-
0
355,036
355,036
At 29 June 2024
10,800,000
1,072,862
11,872,862
Amortisation and impairment
At 25 June 2023
7,020,000
179,457
7,199,457
Amortisation charged for the year
2,160,000
267,787
2,427,787
At 29 June 2024
9,180,000
447,244
9,627,244
Carrying amount
At 29 June 2024
1,620,000
625,618
2,245,618
At 24 June 2023
3,780,000
538,369
4,318,369
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 25 June 2023
10,488,818
213,469
10,702,287
Additions
20,184
144,925
165,109
Disposals
-
0
(44,312)
(44,312)
At 29 June 2024
10,509,002
314,082
10,823,084
Depreciation and impairment
At 25 June 2023
531,823
131,071
662,894
Depreciation charged in the year
101,114
75,657
176,771
Eliminated in respect of disposals
-
0
(44,312)
(44,312)
At 29 June 2024
632,937
162,416
795,353
Carrying amount
At 29 June 2024
9,876,065
151,666
10,027,731
At 24 June 2023
9,956,995
82,398
10,039,393
TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
5
Tangible fixed assets
(Continued)
- 8 -

Freehold land and buildings with a carrying amount of £10,000,000 were revalued in June 2019 by Lambert Smith Hampton, independent and third party valuers who are not connected with the company, by reference of an open market.

 

Under FRS 102 1A, revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. With this in mind, the directors have considered the market for the property, benchmarked against properties of this type, at 29 June 2024 and believe the valuation performed by Lambert Smith Hampton to still be appropriate.

The revaluation surplus is disclosed in note 11.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

 

2024
2023
£
£
Cost
4,609,105
4,609,105
Accumulated depreciation
(1,546,587)
(1,472,841)
Carrying value
3,062,518
3,136,264

Freehold land and buildings and the fixtures and fittings contained within, have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

 

Freehold land and buildings includes £5,250,000 (2023: £5,250,000) for land which is not being depreciated.

.

 

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
50,004
50,004
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
449,727
183,836
Amounts owed by group undertakings
4,066,746
4,387,974
Other debtors
5,021,048
4,180,515
9,537,521
8,752,325
TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,720
8,367
Obligations under finance leases
35,087
16,674
Trade creditors
1,330,346
1,354,572
Amounts owed to group undertakings
6,486,825
6,745,636
Taxation and social security
109,515
43,458
Other creditors
476,011
637,230
Accruals and deferred income
286,453
273,927
8,730,957
9,079,864

The bank loans are secured by a fixed charge over all assets of the company in favour of the company's bankers.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,705
36,028
Obligations under finance leases
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.

10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
5,726,452
5,987,402
Deferred tax on revaluation of tangible assets
-
(260,950)
At the end of the year
5,726,452
5,726,452
11
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.

 

TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 10 -
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Jonathan Brodie FCA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
27 March 2025
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
20,000
20,000
14
Events after the reporting date

There were no events after the reporting period end date which require disclosure at the balance sheet date.

15
Related party transactions

There were no related party transactions that required disclosure under FRS 102 1A.

TWINMAR TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 11 -
16
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
21,319
-
(18,612)
2,707
Director's loan
-
1,888
2,158
-
4,046
23,207
2,158
(18,612)
6,753
17
Parent company and ultimate controlling party

The parent undertaking is Twinmar Group Limited, a company registered in England and Wales.

 

Twinmar Group Limited prepares consolidated accounts which includes the results of the company and its subsidiaries. The group financial statements are available at the parent company's registered office, 14 Maxted Road, Hemel Hampstead, Hertfordshire, HP2 7DX.

 

There is no individual ultimate controlling party by virtue of the fact there are no parties who individually have control over the company and the wider group for which the company is consolidated.

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