Year Ended
Registration number:
TWENTYFIFTY LIMITED
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
TWENTYFIFTY LIMITED
Balance Sheet
30 June 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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TWENTYFIFTY LIMITED
Balance Sheet
30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05041402
TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
2 |
Accounting policies (continued) |
Prior period errors
Prior year intercompany write off
During the previous year an intercompany liability of £200,000 was written off to the profit and loss account as income. As there was no formal deed of waiver signed before the year end, the write off was not legally effective. Consequently the intercompany liability has been reinstated and this has turned the previous year's profit from £177,327 to a loss of £22,673, and the net assets from £480,862 to £280,862.
Key sources of estimation uncertainty
Where there were projects ongoing at the year-end, the amount of revenue to recognise is based on how complete the project is. The directors estimated the % progress through the project by comparing the amount of staff time completed with the estimated staff time remaining on the project. This % progress has then been applied to the contract value to calculate how much revenue to recognise. The difference between the calculated revenue and actual amount invoiced has then been taken to deferred or accrued income accordingly.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue for contracted services is recognised as the work is completed.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Improvements |
3 years straight line |
Office equipment |
3 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
2 |
Accounting policies (continued) |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
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At 30 June 2023 |
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Included within the net book value of land and buildings above is £Nil (2023 - £1,358) in respect of leasehold improvements.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2023 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
5 |
Investments (continued) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Skalitzer Str. 33
Germany |
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Subsidiary undertakings |
TwentyFifty GmbH The principal activity of TwentyFifty GmbH is |
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
207,550 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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TWENTYFIFTY LIMITED
Notes to the Unaudited Financial Statements
Year Ended 30 June 2024
Loans and borrowings |
2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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120 Ordinary shares of £1 each |
120 |
120 |
120 |
120 |
Related party transactions |
Transactions with directors |
2023 |
At 1 July 2022 |
Advances to director |
At 30 June 2023 |
Transactions with a single director |
( |
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2024 |
At 1 July 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
Transactions with a single director |
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( |
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Parent and ultimate parent undertaking |
The company's immediate parent is