| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| Independent Twine Manufacturing Company |
| Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| Independent Twine Manufacturing Company |
| Limited |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Independent Twine Manufacturing Company |
| Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 3 Grove Road |
| Wrexham |
| LL11 1DY |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debts subject to financing |
| arrangements. |
| Debts factored without recourse | 374,256 | 136,139 |
| 5 | 374,256 | 136,139 |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Independent Twine Manufacturing Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest £1. These financial statements are for the individual entity only. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| 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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The global pandemic of the Covid-19 virus has impacted a lot of businesses around the world. |
| In considering the company's ability to continue as a going concern, the directors of Independent Twine Manufacturing Company Limited have continued to produce products to sell at a substantial level but also evaluated the impact of Covid-19 and taken steps to ensure that the company manages the overheads and expenses appropriately. |
| As a result, they are confident that the business is sustainable and viable as a going concern. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The Freehold Land and Buildings at West Bank Road, Llay Industrial Estate, Llay, Wrexham were valued by Bowen Son and Watson (professional valuers) in June 2021 at an open market value at £1,707,500. The Directors consider the value of the buildings to be equal to or higher than that shown in the balance sheet and have therefore not depreciated the buildings. |
| If the assets were to be sold, the tax treatment would be the unwinding of the revaluation reserve and tax would be payable on any gain (less any indexation allowance). |
| Independent Twine Manufacturing Company |
| Limited (Registered number: 01247981) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2003 | 532,594 | - | - | - | 532,594 |
| Valuation in 2005 | 320,000 | - | - | - | 320,000 |
| Valuation in 2016 | 5,000 | - | - | - | 5,000 |
| Valuation in 2017 | 369,029 | - | - | - | 369,029 |
| Valuation in 2021 | 152,171 | - | - | - | 152,171 |
| Cost | 317,406 | 11,300 | 2,654,282 | 46,537 | 3,029,525 |
| 1,696,200 | 11,300 | 2,654,282 | 46,537 | 4,408,319 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other Debtors | 1,150 | - |
| Prepayments |
| Linked presentation: |
| The directors hereby state that the entity is not obliged to support any losses, nor does it intend to do so. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 7. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 October 2023 |
| and 30 September 2024 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The Company is controlled by the directors who hold the majority shareholding. |