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Company No: 05291750 (England and Wales)

TWF INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

TWF INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

TWF INTERNATIONAL LIMITED

BALANCE SHEET

As at 31 October 2024
TWF INTERNATIONAL LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 13,343 0
Tangible assets 4 791,110 806,874
Investments 5 200 200
804,653 807,074
Current assets
Stocks 2,767,663 3,304,749
Debtors 6 190,657 220,766
Cash at bank and in hand 8,851 11,426
2,967,171 3,536,941
Creditors: amounts falling due within one year 7 ( 1,682,996) ( 2,014,775)
Net current assets 1,284,175 1,522,166
Total assets less current liabilities 2,088,828 2,329,240
Creditors: amounts falling due after more than one year 8 ( 452,362) ( 558,269)
Provision for liabilities ( 11,631) ( 11,152)
Net assets 1,624,835 1,759,819
Capital and reserves
Called-up share capital 9 55,555 55,555
Share premium account 19,445 19,445
Profit and loss account 1,549,835 1,684,819
Total shareholders' funds 1,624,835 1,759,819

For the financial year ending 31 October 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 financial statements of TWF International Limited (registered number: 05291750) were approved and authorised for issue by the Director on 01 May 2025. They were signed on its behalf by:

Mrs D L Cooper
Director
TWF INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
TWF INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TWF International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Moorswater Industrial Estate, Moorswater, Liskeard, PL14 4LN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Statement of Income and Retained Earnings and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets are recognised immediately in the Statement of Comprehensive Income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial valuations.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Other property, plant and equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 13

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 November 2023 32,800 0 32,800
Additions 0 14,826 14,826
At 31 October 2024 32,800 14,826 47,626
Accumulated amortisation
At 01 November 2023 32,800 0 32,800
Charge for the financial year 0 1,483 1,483
At 31 October 2024 32,800 1,483 34,283
Net book value
At 31 October 2024 0 13,343 13,343
At 31 October 2023 0 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 November 2023 865,502 32,775 35,895 122,196 1,056,368
Additions 3,535 0 152 0 3,687
At 31 October 2024 869,037 32,775 36,047 122,196 1,060,055
Accumulated depreciation
At 01 November 2023 104,400 22,656 28,771 93,667 249,494
Charge for the financial year 9,870 2,530 1,343 5,708 19,451
At 31 October 2024 114,270 25,186 30,114 99,375 268,945
Net book value
At 31 October 2024 754,767 7,589 5,933 22,821 791,110
At 31 October 2023 761,102 10,119 7,124 28,529 806,874

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 November 2023 200
At 31 October 2024 200
Carrying value at 31 October 2024 200
Carrying value at 31 October 2023 200

6. Debtors

2024 2023
£ £
Trade debtors 117,643 152,298
Amounts owed by Group undertakings 46,631 46,631
Other debtors 26,383 21,837
190,657 220,766

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 1,497,631 1,742,074
Trade creditors 30,506 20,260
Taxation and social security 100,264 234,565
Obligations under finance leases and hire purchase contracts (secured) 0 4,384
Other creditors 54,595 13,492
1,682,996 2,014,775

Bank borrowings and the factoring account are secured against the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 452,362 558,269

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 288,096 312,358

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
36,112 Ordinary shares of £ 1.00 each 36,112 36,112
13,888 Ordinary A shares of £ 1.00 each 13,888 13,888
5,555 Ordinary B shares of £ 1.00 each 5,555 5,555
55,555 55,555