IRIS Accounts Production v25.1.0.734 10536291 director 31.10.24 1.11.23 31.10.24 31.10.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true false true true false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105362912023-10-31105362912024-10-31105362912023-11-012024-10-31105362912022-10-31105362912022-11-012023-10-31105362912023-10-3110536291ns15:EnglandWales2023-11-012024-10-3110536291ns14:PoundSterling2023-11-012024-10-3110536291ns10:Director12023-11-012024-10-3110536291ns10:Consolidated2024-10-3110536291ns10:ConsolidatedGroupCompanyAccounts2023-11-012024-10-3110536291ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3110536291ns10:Consolidatedns10:MediumEntities2023-11-012024-10-3110536291ns10:Consolidatedns10:Audited2023-11-012024-10-3110536291ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3110536291ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3110536291ns10:Consolidated2023-11-012024-10-3110536291ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3110536291ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3110536291ns10:FullAccounts2023-11-012024-10-3110536291ns10:OrdinaryShareClass12023-11-012024-10-3110536291ns10:RegisteredOffice2023-11-012024-10-3110536291ns10:Consolidated2022-11-012023-10-3110536291ns5:ShareCapital2024-10-3110536291ns5:ShareCapital2023-10-3110536291ns5:ShareCapital2022-10-3110536291ns5:RetainedEarningsAccumulatedLosses2022-10-3110536291ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3110536291ns5:RetainedEarningsAccumulatedLosses2023-10-3110536291ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3110536291ns5:RetainedEarningsAccumulatedLosses2024-10-3110536291ns5:CostValuation2023-10-3110536291ns5:CurrentFinancialInstruments2024-10-3110536291ns5:CurrentFinancialInstruments2023-10-3110536291ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3110536291ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3110536291ns10:OrdinaryShareClass12024-10-31
REGISTERED NUMBER: 10536291 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

TWINGEAR HOLDINGS LIMITED

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


TWINGEAR HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTOR: C R F Shield





REGISTERED OFFICE: First Floor
One Colton Square
Leicester
LE1 1QH





REGISTERED NUMBER: 10536291 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

GROUP STRATEGIC REPORT
for the year ended 31 October 2024


The director presents his strategic report of the company and the group for the year ended 31 October 2024.

REVIEW OF BUSINESS
The group has performed reasonably satisfactorily in this period, despite some supply chain issues and reduced customer demand. Since the previous year customer volumes have generally softened in line with the global economy, high global inventories and interest rate increases. These various effects have impacted profitability significantly for reasons outside of our control. Despite this the group has kept a tight control of costs throughout this period and the Directors are pleased to report good levels of operational performance. Moving into 2025 customer volumes are showing a recovery which should allow the group to improve its performance.

The group has made a variety of investments in the year to replace older equipment with newer, more efficient equipment, to reduce costs and energy usage.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties affecting the group are considered to relate to competition from overseas suppliers, global demand for our customer products and energy/raw material costs. The group is well positioned with a capable supply chain, strong workforce and management team and healthy reserves to meet these challenges allowing continuing investment into the future.

FINANCIAL KEY PERFORMANCE INDICATORS
The Group's key performance indicators are as follows:

Sales
The accounts report a 16% decrease (2023: 3% decrease) in the level of sales over the previous financial year.

Gross Margin
Gross margin for the year has decreased from 14% to 12%.

OTHER KEY PERFORMANCE INDICATORS
There are no significant non-financial key performance indicators which are relevant to understanding the position of the business.

ON BEHALF OF THE BOARD:





C R F Shield - Director


23 May 2025

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

REPORT OF THE DIRECTOR
for the year ended 31 October 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture of other parts and accessories for motor vehicles.

DIVIDENDS
Interim dividends were paid amounting to £325,000 (2023: £400,000). The directors recommend that no final dividends will be paid.

DIRECTOR
C R F Shield held office during the whole of the period from 1 November 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C R F Shield - Director


23 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TWINGEAR HOLDINGS LIMITED


Opinion
We have audited the financial statements of Twingear Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TWINGEAR HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry, we have identified the principal risks of non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management for consideration of known or suspected instances of non-compliance with laws and
regulations and fraud.
- Challenging assumptions made by management in their significant accounting estimates, in particular bad debt
provision.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined
descriptions.

There are inherent limitations in the audit procedures described above and the further removed non-compliant with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TWINGEAR HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

23 May 2025

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 4 10,329,100 12,378,861

Cost of sales (9,076,885 ) (10,609,833 )
GROSS PROFIT 1,252,215 1,769,028

Administrative expenses (1,007,631 ) (1,217,613 )
244,584 551,415

Other operating income 5 10,119 9,570
OPERATING PROFIT 7 254,703 560,985

Interest receivable and similar income 38,708 -
293,411 560,985

Interest payable and similar expenses 8 (1,736 ) (2,880 )
PROFIT BEFORE TAXATION 291,675 558,105

Tax on profit 9 (88,959 ) (154,603 )
PROFIT FOR THE FINANCIAL YEAR 202,716 403,502
Profit attributable to:
Owners of the parent 202,716 403,502

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 202,716 403,502


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

202,716

403,502

Total comprehensive income attributable to:
Owners of the parent 202,716 403,502

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONSOLIDATED BALANCE SHEET
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 654,360 856,780
Investments 13 - -
654,360 856,780

CURRENT ASSETS
Stocks 14 593,417 690,184
Debtors 15 1,657,725 1,747,677
Cash at bank 1,768,016 1,830,216
4,019,158 4,268,077
CREDITORS
Amounts falling due within one year 16 (1,489,178 ) (1,786,433 )
NET CURRENT ASSETS 2,529,980 2,481,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,184,340

3,338,424

PROVISIONS FOR LIABILITIES 20 (92,700 ) (124,500 )
NET ASSETS 3,091,640 3,213,924

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 3,090,640 3,212,924
SHAREHOLDERS' FUNDS 3,091,640 3,213,924

The financial statements were approved by the director and authorised for issue on 23 May 2025 and were signed by:





C R F Shield - Director


TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

COMPANY BALANCE SHEET
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 - -
Investments 13 1 1
1 1

CURRENT ASSETS
Debtors 15 999 999
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000

1,000

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
SHAREHOLDERS' FUNDS 1,000 1,000

Company's profit for the financial year 325,000 400,000

The financial statements were approved by the director and authorised for issue on 23 May 2025 and were signed by:





C R F Shield - Director


TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 1,000 3,209,422 3,210,422

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 403,502 403,502
Balance at 31 October 2023 1,000 3,212,924 3,213,924

Changes in equity
Dividends - (325,000 ) (325,000 )
Total comprehensive income - 202,716 202,716
Balance at 31 October 2024 1,000 3,090,640 3,091,640

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 1,000 - 1,000

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 400,000 400,000
Balance at 31 October 2023 1,000 - 1,000

Changes in equity
Dividends - (325,000 ) (325,000 )
Total comprehensive income - 325,000 325,000
Balance at 31 October 2024 1,000 - 1,000

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 394,290 709,026
Interest element of hire purchase payments
paid

(1,736

)

(2,880

)
Tax paid (100,087 ) (253,635 )
Net cash from operating activities 292,467 452,511

Cash flows from investing activities
Purchase of tangible fixed assets (39,968 ) (249,229 )
Sale of tangible fixed assets 13,444 9,200
Interest received 38,708 -
Net cash from investing activities 12,184 (240,029 )

Cash flows from financing activities
Capital repayments in year (41,551 ) (66,653 )
Equity dividends paid (325,000 ) (400,000 )
Net cash from financing activities (366,551 ) (466,653 )

Decrease in cash and cash equivalents (61,900 ) (254,171 )
Cash and cash equivalents at beginning
of year

2

1,829,916

2,084,087

Cash and cash equivalents at end of year 2 1,768,016 1,829,916

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 291,675 558,105
Depreciation charges 227,829 212,388
Loss/(profit) on disposal of fixed assets 1,115 (4,948 )
Finance costs 1,736 2,880
Finance income (38,708 ) -
483,647 768,425
Decrease in stocks 96,767 40,583
Decrease in trade and other debtors 86,545 225,698
Decrease in trade and other creditors (272,669 ) (325,680 )
Cash generated from operations 394,290 709,026

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 1,768,016 1,830,216
Bank overdrafts - (300 )
1,768,016 1,829,916
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 1,830,216 2,084,537
Bank overdrafts (300 ) (450 )
1,829,916 2,084,087


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank 1,830,216 (62,200 ) 1,768,016
Bank overdrafts (300 ) 300 -
1,829,916 (61,900 ) 1,768,016
Debt
Finance leases (41,551 ) 41,551 -
(41,551 ) 41,551 -
Total 1,788,365 (20,349 ) 1,768,016

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2024


1. STATUTORY INFORMATION

Twingear Holdings Limited is a group, limited by shares, registered in England and Wales. Its registered office address is First Floor, One Colton Square, Leicester, England, LE1 1QH and the registered number is 10536291.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Going concern
The group had positive net current assets at the year end of £2.65m. The directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future despite the global pandemic. The directors have prepared financial forecasts, including cashflow forecasts and an assessment of available associated company support. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised when goods are dispatched.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Plant & machinery12.5% straight line
Fixtures & fittings20-25% straight line
Motor vehicles25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the deb using the effective interest method so that the amount charged is at constant rate on the carrying amount. Issue cost are initially recognised as a reduction in the proceeds of the associated capital instruments.

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Hire purchase contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits

Operating leases
Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the term of the lease.


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual lives of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the assets and the tangible fixed asset accounting policy for the useful economic lives for each class of asset.

Stock provisioning
Slow moving stock provisions are based on estimates of the likely recoverable amounts.

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market for the year ended 31 October 2023 is given below:

£   
United Kingdom 11,558,325
Europe 820,536
12,378,861

This analysis is not considered to be applicable to the year ended 31 October 2024.

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 9,840 9,570
Sundry receipts 279 -
10,119 9,570

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,333,550 2,536,047
Social security costs 223,833 239,802
Other pension costs 49,563 49,375
2,606,946 2,825,224

The average number of employees during the year was as follows:
2024 2023

Production 68 77
Administration 10 10
Management 1 1
79 88

2024 2023
£    £   
Director's remuneration 48,000 148,000

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 197,835 182,394
Depreciation - assets on hire purchase contracts 29,994 29,994
Loss/(profit) on disposal of fixed assets 1,115 (4,948 )
Auditors' remuneration 19,475 19,080

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 1,736 2,880

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 120,759 100,087
Adjustment to prior years - 16
Total current tax 120,759 100,103

Deferred tax (31,800 ) 54,500
Tax on profit 88,959 154,603

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 291,675 558,105
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.477 %)

72,919

125,445

Effects of:
Expenses not deductible for tax purposes 15,682 10,177
Capital allowances in excess of depreciation - (35,519 )
Depreciation in excess of capital allowances 32,158 -
Movement in deferred tax (31,800 ) 54,500

Total tax charge 88,959 154,603

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 325,000 400,000

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


12. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023 2,447,609 221,613 14,995 2,684,217
Additions 2,811 29,117 8,040 39,968
Disposals (9,730 ) (16,584 ) (14,995 ) (41,309 )
At 31 October 2024 2,440,690 234,146 8,040 2,682,876
DEPRECIATION
At 1 November 2023 1,616,451 206,898 4,088 1,827,437
Charge for year 215,332 10,604 1,893 227,829
Eliminated on disposal (5,608 ) (15,822 ) (5,320 ) (26,750 )
At 31 October 2024 1,826,175 201,680 661 2,028,516
NET BOOK VALUE
At 31 October 2024 614,515 32,466 7,379 654,360
At 31 October 2023 831,158 14,715 10,907 856,780

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 November 2023
and 31 October 2024 239,950
DEPRECIATION
At 1 November 2023 72,530
Charge for year 29,994
At 31 October 2024 102,524
NET BOOK VALUE
At 31 October 2024 137,426
At 31 October 2023 167,420

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 1
NET BOOK VALUE
At 31 October 2024 1
At 31 October 2023 1

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


13. FIXED ASSET INVESTMENTS - continued


14. STOCKS

Group
2024 2023
£    £   
Raw materials 578,497 603,211
Work-in-progress 14,920 86,973
593,417 690,184

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 985,027 1,075,769 - -
Amounts owed by participating interests 581,146 584,553 - -
Called up share capital not paid 999 999 999 999
Prepayments and accrued income 90,553 86,356 - -
1,657,725 1,747,677 999 999

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 17) - 300
Hire purchase contracts (see note 18) - 41,551
Trade creditors 676,521 874,798
Amounts owed to group undertakings 2,694 2,700
Amounts owed to participating interests 234,508 227,930
Tax 120,759 100,087
Social security and other taxes 77,155 256,772
VAT 1,996 3,130
Other creditors 2,909 1,599
Accruals and deferred income 372,636 277,566
1,489,178 1,786,433

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 300

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 41,551

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 155,000
Between one and five years - 310,000
- 465,000

Finance lease payments represent rentals payable by the company for certain tangible fixed assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdraft - 300
Hire purchase contracts - 41,551
- 41,851

The hire purchase liabilities are secured on the assets concerned.

The bank overdraft is secured by a debenture over all assets of the company dated 10th of November 2009.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 88,000 27,350
Deferred tax 4,700 97,150
92,700 124,500

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 November 2023 124,500
Credit to Income Statement during year (31,800 )
Balance at 31 October 2024 92,700

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

Ordinary non-redeemable shares with the rights to vote, receive dividends and to share assets if the company is sold or wound up.

22. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 3,212,924
Profit for the year 202,716
Dividends (325,000 )
At 31 October 2024 3,090,640

Company
Retained
earnings
£   

Profit for the year 325,000
Dividends (325,000 )
At 31 October 2024 -


23. PENSION COMMITMENTS

The group operates a defined contributions scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £49,563 (2023: £49,375).

TWINGEAR HOLDINGS LIMITED (REGISTERED NUMBER: 10536291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


24. RELATED PARTY DISCLOSURES

During the year the group had transactions with participating interests, all ultimately controlled by C R F Shield, summarised below.

2024 2023

£    £   
Sales to participating interests 44,876 41,575
Purchases from participating interests (3,017,129 ) (3,492,132 )
Amounts due from participating interests 581,146 584,553
Amounts due to participating interests (234,508 ) (227,930 )

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C R F Shield.