Company Registration No. 05686890 (England and Wales)
Twintec Projects Limited
Annual report and audited accounts
for the year ended 31 December 2024
Twintec Projects Limited
Annual report and audited accounts
Contents
Twintec Projects Limited
Company Information
for the year ended 31 December 2024
Directors
Julien Lazzari
Olivier Leist
Michel Loisel
Company Number
05686890 (England and Wales)
Registered Office
Twintec
21-22 Market Place
Rugby
Warwickshire
CV21 3DU
England
Twintec Projects Limited
Statement of financial position
as at 31 December 2024
Tangible assets
26,986
45,973
Inventories
343,667
163,819
Debtors
6,063,604
4,384,042
Cash at bank and in hand
52,273
68,084
Creditors: amounts falling due within one year
(5,682,994)
(4,348,360)
Net current assets
776,550
267,585
Total assets less current liabilities
803,536
313,558
Creditors: amounts falling due after more than one year
(14,170)
(14,218)
Net assets
789,366
299,340
Called up share capital
1,589,606
1,589,606
Profit and loss account
(800,240)
(1,290,266)
Shareholders' funds
789,366
299,340
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by
Olivier Leist
Director
Company Registration No. 05686890
Twintec Projects Limited
Notes to the Accounts
for the year ended 31 December 2024
Twintec Projects Limited is a private company, limited by shares, registered in England and Wales, registration number 05686890. The registered office is Twintec, 21-22 Market Place, Rugby, Warwickshire, CV21 3DU, England.
The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies
Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than
where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The holding company has agreed to provide further finance to the company if required in order that
the company can meet its liabilities as and when they fall due for a minimum of 12 months from the
approval of the accounts.
The directors have a reasonable expectation that the company has adequate resources to continue
in operational existence for the foreseeable future. As a result, they continue to adopt the going
concern basis of accounting in preparing the financial statements.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can
be measured reliably, it is probable that the economic benefits associated with the transaction will
flow to the entity and the costs incurred or to be incurred in respect of the transaction can be
measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the
stage of completion when the stage of completion, costs incurred and costs to complete can be
estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in
relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the
outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses
recognised that it is probable will be recovered.
Twintec Projects Limited
Notes to the Accounts
for the year ended 31 December 2024
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the
Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
At each reporting date the company assesses whether there is any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined which is the higher of its fair
value less costs to sell and its value in use. An impairment loss is recognised where the carrying
amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Goodwill - 5 years
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.
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 disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.
Depreciation is provided on the following basis:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Twintec Projects Limited
Notes to the Accounts
for the year ended 31 December 2024
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.
The audit report was signed on 21 May 2025 by Nadia Khan (Senior Statutory Auditor) on behalf of MNSK Chartered Accountants.
3
Intangible fixed assets
Goodwill
At 31 December 2024
458,089
At 31 December 2024
458,089
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2024
193,098
26,069
219,167
Additions
5,250
4,292
9,542
At 31 December 2024
198,348
30,361
228,709
At 1 January 2024
153,332
19,862
173,194
Charge for the year
24,842
3,687
28,529
At 31 December 2024
178,174
23,549
201,723
At 31 December 2024
20,174
6,812
26,986
At 31 December 2023
39,766
6,207
45,973
Amounts falling due within one year
Trade debtors
5,163,827
2,022,012
Amounts due from group undertakings etc.
491,717
693,717
Accrued income and prepayments
324,729
1,632,930
Twintec Projects Limited
Notes to the Accounts
for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
10,000
Trade creditors
1,303,930
698,008
Amounts owed to group undertakings and other participating interests
4,147,405
3,366,630
Taxes and social security
109,162
139,830
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
589,606 Ordinary shares of £1 each
589,606
589,606
1,000,000 Preference shares of £1 each
1,000,000
1,000,000
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to
£23,152 (2022 - £24,263). Contributions totalling £4,295 (2022 - £8,218) were payable to the fund at the balance sheet date and are included in creditors.
10
Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
64,588
37,190
Later than one year and not later than five years
90,352
39,680
11
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 (FRS 102) under section 33.1A not to disclose transactions with wholly owned group companies.
During the year, the company made sales of £4,035 (2023: £151,092) to not wholly owned group companies. During the year, the company made purchases of £472,317 (2023 - £314,091) from these companies and at the balance sheet date owed them a net amount of £10,645 (2023 - £48,624).
During the year, the company charged management fees of £Nil (2023 - Nil) and made sales of £1,904 (2023 - £90,412) to a group of companies with common key management personnel.
During the year, the company made purchases of £335,586 (2023 - £440,528) from these companies. At the balance sheet, the net amount owed to the company by these companies was £2,000,571 (2023 - £1,855,361).
Twintec Projects Limited
Notes to the Accounts
for the year ended 31 December 2024
The immediate parent company is Twintec Projects Limited is Twintec S.A., a company incorporated in Belgium. Its registered office is Rue d'Artagnan, 28, B-4600 Vise', Belgium.
The ultimate parent company is Twintec Group Sarl, a company incorporated in Luxembourg, Group financial statements are maintained at the parent company's registered office which is Avenue John F. Kennedy 35, L-1855, Luxembourg.
13
Average number of employees
During the year the average number of employees was 20 (2023: 20).