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TWOPLUSTWO COMMERCIAL SERVICES LIMITED

Registered Number
06318842
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

TWOPLUSTWO COMMERCIAL SERVICES LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

Ross William Mullane

Registered Address

The Greenhouse Meadowfield Industrial Estate
Ponteland
Newcastle Upon Tyne
NE20 9SD

Registered Number

06318842 (England and Wales)
TWOPLUSTWO COMMERCIAL SERVICES LIMITED
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets342,25652,822
42,25652,822
Current assets
Debtors41,051,032959,918
Cash at bank and on hand249,339184,747
1,300,3711,144,665
Creditors amounts falling due within one year5(880,753)(665,913)
Net current assets (liabilities)419,618478,752
Total assets less current liabilities461,874531,574
Creditors amounts falling due after one year6(95,838)(193,593)
Provisions for liabilities7(10,563)(13,205)
Net assets355,473324,776
Capital and reserves
Called up share capital232254
Other reserves22-
Profit and loss account355,219324,522
Shareholders' funds355,473324,776
The financial statements were approved and authorised for issue by the Director on 18 March 2025, and are signed on its behalf by:
Ross William Mullane
Director
Registered Company No. 06318842
TWOPLUSTWO COMMERCIAL SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles20
Office Equipment20
Finance leases and hire purchase contracts
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year4137
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 November 2358,1639,18267,345
At 31 October 2458,1639,18267,345
Depreciation and impairment
At 01 November 238,7235,80014,523
Charge for year9,88867810,566
At 31 October 2418,6116,47825,089
Net book value
At 31 October 2439,5522,70442,256
At 31 October 2349,4403,38252,822
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables908,117887,309
Amounts owed by group undertakings4,69114,491
Other debtors29,5355,324
Prepayments and accrued income108,68952,794
Total1,051,032959,918
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables271,210132,460
Bank borrowings and overdrafts90,00090,000
Taxation and social security423,727415,707
Finance lease and HP contracts7,7557,755
Other creditors9,6761,709
Accrued liabilities and deferred income78,38518,282
Total880,753665,913
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured by the asset to which they relate.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts60,000150,000
Other creditors35,83843,593
Total95,838193,593
Other creditors includes Finance lease and Hire Purchase contracts amounting to £35,838 (2023 - £43,593) which are secured on the assets concerned.
7.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible assets.

2024

2023

££
Net deferred tax liability (asset)10,56313,205
Total10,56313,205
8.Other commitments
At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases amounting to £500,256 (2023 - £335,271).
9.Directors advances, credits and guarantees
On 1 November 2023 a Director owed the Company £222. During the period this director was advanced a further £100,751 and repaid £79,879. As at 31 October 2024 this Director owed the Company £21,094. No interest was charged on this loan. The loan is unsecured and repayable upon demand.
10.Related party transactions
At the balance sheet date, the company was owed £4,691 by the parent company WMB (Holdings) Limited (2023 - £14,491). No interest has been charged on the loans, which are unsecured and repayable on demand.
11.Parent-subsidiary relationships
The ultimate parent undertaking and controlling party was WMB (Holdings) Limited, a company incorporated in England and Wales.