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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
Page
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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
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Twintec Projects Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
26,986 
45,973 
Current assets
Inventories
343,667 
163,819 
Debtors
6,063,604 
4,384,042 
Cash at bank and in hand
52,273 
68,084 
6,459,544 
4,615,945 
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 
Capital and reserves
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
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Twintec Projects Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
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.
2
Accounting policies
Basis of preparation
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:
Going concern
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
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.
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Twintec Projects Limited Notes to the Accounts for the year ended 31 December 2024
Intangible fixed assets
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:
Plant & machinery
25%
Computer equipment
25%
Inventories
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.
Foreign exchange
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.
Pension costs
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.
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Twintec Projects Limited Notes to the Accounts for the year ended 31 December 2024
Auditor's information
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 
£ 
Cost
At 1 January 2024
458,089 
At 31 December 2024
458,089 
Amortisation
At 1 January 2024
458,089 
At 31 December 2024
458,089 
Net book value
At 31 December 2024
- 
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 
Depreciation
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 
Net book value
At 31 December 2024
20,174 
6,812 
26,986 
At 31 December 2023
39,766 
6,207 
45,973 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
83,331 
35,383 
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 
6,063,604 
4,384,042 
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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 
Other creditors
- 
11,558 
Accruals
122,497 
122,334 
5,682,994 
4,348,360 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
14,170 
14,218 
8
Share capital
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 
1,589,606 
1,589,606 
9
Pension commitments
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 
154,940 
76,870 
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).
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Twintec Projects Limited Notes to the Accounts for the year ended 31 December 2024
12
Controlling party
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).
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