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Registration number: 05497127

Twist Creative Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

image-name
 

Twist Creative Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Twist Creative Limited

Company Information

Director

Mr Carlo Roberto Schifano

Registered office

2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Twist Creative Limited

(Registration number: 05497127)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,996

3,855

Current assets

 

Debtors

5

71,780

111,444

Cash at bank and in hand

 

4

2,603

 

71,784

114,047

Creditors: Amounts falling due within one year

6

(45,440)

(82,899)

Net current assets

 

26,344

31,148

Total assets less current liabilities

 

29,340

35,003

Creditors: Amounts falling due after more than one year

6

(28,241)

(33,795)

Provisions for liabilities

(569)

(732)

Net assets

 

530

476

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

430

376

Shareholders' funds

 

530

476

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 April 2025
 

 

Twist Creative Limited

(Registration number: 05497127)
Balance Sheet as at 31 July 2024

.........................................
Mr Carlo Roberto Schifano
Director

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 23 April 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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 sales/value added tax, returns, rebates and discounts.

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.

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

20% reducing balance

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

9,233

9,233

Additions

1,143

1,143

At 31 July 2024

10,376

10,376

Depreciation

At 1 August 2023

5,378

5,378

Charge for the year

2,002

2,002

At 31 July 2024

7,380

7,380

Carrying amount

At 31 July 2024

2,996

2,996

At 31 July 2023

3,855

3,855

5

Debtors

Current

2024
£

2023
£

Trade debtors

7,012

9,068

Other debtors

64,768

102,376

 

71,780

111,444

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

17,722

18,307

Trade creditors

 

2,402

3,049

Taxation and social security

 

16,737

58,308

Accruals and deferred income

 

1,800

1,750

Other creditors

 

6,779

1,485

 

45,440

82,899

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

28,241

33,795

 

28,241

33,795

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

28,241

33,795

28,241

33,795

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,555

5,556

Bank overdrafts

12,167

12,751

17,722

18,307

 

Twist Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

77,471

77,471

Repaid

(33,262)

(33,262)

Interest transactions

1,369

1,369

At end of period

45,578

45,578

2023

Key management
£

Total
£

At start of period

95,063

95,063

Advanced

17,130

17,130

Repaid

(36,795)

(36,795)

Interest transactions

2,073

2,073

At end of period

77,471

77,471

Terms of loans to related parties

During the year, the company provided a loan to Mr Carlo Schifano, the director. The loan was unsecured, repayable on demand and interest was charged at the official rate as specified by HM Revenue and Customs.