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COMPANY REGISTRATION NUMBER: 10189188
House Of Tweed Ltd
Filleted Unaudited Financial Statements
31 December 2023
House Of Tweed Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
House Of Tweed Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of House Of Tweed Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
31 March 2025
House Of Tweed Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
7
8,533
10,642
Current assets
Stocks
8
388,586
322,953
Debtors
9
210,600
239,050
Cash at bank and in hand
1,037,034
513,226
------------
------------
1,636,220
1,075,229
Creditors: amounts falling due within one year
10
631,130
381,246
------------
------------
Net current assets
1,005,090
693,983
------------
---------
Total assets less current liabilities
1,013,623
704,625
Creditors: amounts falling due after more than one year
11
50,000
50,000
------------
---------
Net assets
963,623
654,625
------------
---------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
963,621
654,623
---------
---------
Shareholders funds
963,623
654,625
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
House Of Tweed Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:
Mr S.W. Hadley
Director
Company registration number: 10189188
House Of Tweed Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 112a Elmbridge Road, Gloucester, GL2 0PH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
95,678
66,767
--------
--------
Tax on profit
95,678
66,767
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
404,676
354,620
---------
---------
Profit on ordinary activities by rate of tax
95,180
67,378
Effect of expenses not deductible for tax purposes
498
401
Effect of capital allowances and depreciation
( 1,012)
---------
---------
Tax on profit
95,678
66,767
---------
---------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
4,000
----
-------
7. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
14,062
--------
Depreciation
At 1 January 2023
3,420
Charge for the year
2,109
--------
At 31 December 2023
5,529
--------
Carrying amount
At 31 December 2023
8,533
--------
At 31 December 2022
10,642
--------
8. Stocks
2023
2022
£
£
Raw materials and consumables
388,586
322,953
---------
---------
9. Debtors
2023
2022
£
£
Trade debtors
11,740
7,655
Other debtors
198,860
231,395
---------
---------
210,600
239,050
---------
---------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
824
519
Amounts owed to group undertakings and undertakings in which the company has a participating interest
110,754
110,753
Corporation tax
161,439
105,995
Social security and other taxes
348,410
123,774
Other creditors
9,703
40,205
---------
---------
631,130
381,246
---------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
50,000
50,000
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Directors' advances, credits and guarantees
At 31st Dec 2023, other creditors include the following amounts due to the director:- Mr S. Hadley £703 (2022 - £32,205) The loans are interest free and repayable on demand