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TWENTYFIFTY LIMITED

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 05041402

 

TWENTYFIFTY LIMITED

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

TWENTYFIFTY LIMITED

Balance Sheet

30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

15,705

22,275

Investments

5

143,091

143,091

 

158,796

165,366

Current assets

 

Debtors

6

1,768,868

1,185,895

Cash at bank and in hand

 

203,337

91,332

 

1,972,205

1,277,227

Creditors: Amounts falling due within one year

7

(1,175,175)

(1,053,812)

Net current assets

 

797,030

223,415

Total assets less current liabilities

 

955,826

388,781

Creditors: Amounts falling due after more than one year

7

(64,276)

(102,552)

Provisions for liabilities

(5,203)

(5,367)

Net assets

 

886,347

280,862

Capital and reserves

 

Called up share capital

9

120

120

Capital redemption reserve

3

3

Profit and loss account

886,224

280,739

Shareholders' funds

 

886,347

280,862

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 16 March 2025 and signed on its behalf by:
 

.........................................
L R Wilde
Director

Company Registration Number: 05041402

 

TWENTYFIFTY LIMITED

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2B Bath Street
Frome
BA11 1DG
United Kingdom

These financial statements were authorised for issue by the Board on 16 March 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 35).

 

TWENTYFIFTY LIMITED

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

9,750

59,394

69,144

Additions

-

8,957

8,957

At 30 June 2024

9,750

68,351

78,101

Depreciation

At 1 July 2023

8,392

38,477

46,869

Charge for the year

1,358

14,169

15,527

At 30 June 2024

9,750

52,646

62,396

Carrying amount

At 30 June 2024

-

15,705

15,705

At 30 June 2023

1,358

20,917

22,275

Included within the net book value of land and buildings above is £Nil (2023 - £1,358) in respect of leasehold improvements.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

143,091

143,091

Subsidiaries

£

Cost or valuation

At 1 July 2023

143,091

Carrying amount

At 30 June 2024

143,091

At 30 June 2023

143,091

 

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

     

2024

2023

Subsidiary undertakings

TwentyFifty GmbH

Skalitzer Str. 33
10999 Berlin

Germany

Ordinary

100%

100%

Subsidiary undertakings

TwentyFifty GmbH

The principal activity of TwentyFifty GmbH is business consultancy.

6

Debtors

2024
£

2023
£

Trade debtors

790,180

518,186

Amounts owed by group undertakings

632,572

477,945

Prepayments

35,600

19,094

Other debtors

310,516

170,670

1,768,868

1,185,895

 

TWENTYFIFTY LIMITED

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

8

38,276

102,599

Trade creditors

 

69,420

114,487

Amounts owed to group undertakings

 

312,034

209,446

Corporation tax

 

207,550

-

Taxation and social security

 

97,935

77,812

Other creditors

 

27,881

30,845

Accruals and deferred income

 

422,079

518,623

 

1,175,175

1,053,812

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

64,276

102,552

 

TWENTYFIFTY LIMITED

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

8

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

64,276

102,552

2024
£

2023
£

Current loans and borrowings

Bank borrowings

38,276

102,599

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

120 Ordinary shares of £1 each

120

120

120

120

         

10

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Transactions with a single director

(20,612)

30,306

9,694

       
     

 

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Transactions with a single director

9,694

11,568

(9,696)

11,566

         
       

 

11

Parent and ultimate parent undertaking

The company's immediate parent is TwentyFifty International Ltd, incorporated in England & Wales.