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Company No: 07317609 (England and Wales)

TWR COMMERCIAL BODYBUILDERS LIMITED

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

TWR COMMERCIAL BODYBUILDERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

TWR COMMERCIAL BODYBUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
TWR COMMERCIAL BODYBUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 24,882 10,850
24,882 10,850
Current assets
Stocks 4 279,821 298,068
Debtors 5 292,371 354,108
Cash at bank and in hand 6 166,264 31,886
738,456 684,062
Creditors: amounts falling due within one year 7 ( 499,163) ( 516,565)
Net current assets 239,293 167,497
Total assets less current liabilities 264,175 178,347
Creditors: amounts falling due after more than one year 8 ( 25,000) ( 45,000)
Provision for liabilities 9 ( 4,695) ( 249)
Net assets 234,480 133,098
Capital and reserves
Called-up share capital 10 1,000 1,000
Profit and loss account 233,480 132,098
Total shareholders' funds 234,480 133,098

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

Directors' responsibilities:

The financial statements of TWR Commercial Bodybuilders Limited (registered number: 07317609) were approved and authorised for issue by the Board of Directors on 14 May 2025. They were signed on its behalf by:

Tracey Maria Frost
Director
TWR COMMERCIAL BODYBUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
TWR COMMERCIAL BODYBUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

TWR Commercial Bodybuilders 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 Unit 10 South View Estate, Willand, Cullompton, EX15 2QW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 8 years straight line
Plant and machinery 1 - 4 years straight line
Vehicles 3 years straight line
Fixtures and fittings 1 - 3 years straight line

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) 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 Statement of Financial Position 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 24

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 27,856 289,083 32,760 10,132 359,831
Additions 0 11,781 13,000 1,495 26,276
Disposals 0 0 ( 19,450) 0 ( 19,450)
At 31 August 2024 27,856 300,864 26,310 11,627 366,657
Accumulated depreciation
At 01 September 2023 22,846 285,296 32,760 8,079 348,981
Charge for the financial year 3,482 5,850 361 2,551 12,244
Disposals 0 0 ( 19,450) 0 ( 19,450)
At 31 August 2024 26,328 291,146 13,671 10,630 341,775
Net book value
At 31 August 2024 1,528 9,718 12,639 997 24,882
At 31 August 2023 5,010 3,787 0 2,053 10,850

4. Stocks

2024 2023
£ £
Raw materials 167,602 214,455
Work in progress 112,219 83,613
279,821 298,068

5. Debtors

2024 2023
£ £
Trade debtors 278,089 324,423
Prepayments 14,282 29,685
292,371 354,108

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 166,264 31,886
Less: Bank overdrafts 0 ( 45,022)
166,264 (13,136)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 20,000 65,022
Trade creditors 224,126 240,075
Amounts owed to directors 41,640 41,640
Other loans (secured) 63,030 63,030
Accruals 25,831 21,676
Taxation and social security 121,775 77,342
Obligations under finance leases and hire purchase contracts 0 3,731
Other creditors 2,761 4,049
499,163 516,565

Amounts of £63,030 included in Other Loans are secured by way of Willand industrial estate, a fixed charge on all future freehold and/or leasehold plant machinery, vehicles, furniture and office equipment, all estates stocks shares goodwill and uncalled capital floating charge on all assets.

Amounts included in Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

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

2024 2023
£ £
Bank loans 25,000 45,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 249) ( 1,100)
(Charged)/credited to the Statement of Income and Retained Earnings ( 4,446) 851
At the end of financial year ( 4,695) ( 249)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 4,991) ( 579)
Other timing differences 296 330
( 4,695) ( 249)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 135,224 142,024
between one and five years 0 135,224
135,224 277,249

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 13,391 4,049

12. Related party transactions

At the year end, the Company owed £41,640 (2023: £41,640) to a Shareholder Director. There are no repayment terms on this loan, so it has been treated as repayable on demand, with no interest charged. The balance is included within other creditors.

At the year end, the Company owed £63,030 (2023: £63,030) to a Company that was controlled by the parents of one of the Shareholder Directors. There are no repayment terms on this loan, so it has been treated as repayable on demand, with no interest charged. The balance is included within other creditors.