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REGISTERED NUMBER: 01247981 (England and Wales)















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: S J Waite
R K MacGuire
S Aldred





SECRETARY: S J Waite





REGISTERED OFFICE: West Bank Road
Llay Industrial Estate South
Llay
Wrexham
LL12 OPZ





REGISTERED NUMBER: 01247981 (England and Wales)





ACCOUNTANTS: Guy Walmsley Limited
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 2,310,549 2,174,429

CURRENT ASSETS
Stocks 1,264,645 1,977,615

Debts subject to financing
arrangements.
Debts factored without recourse 374,256 136,139
5 374,256 136,139
Debtors 5 1,172,093 1,419,540
Cash at bank and in hand 1,191,459 220,517
4,002,453 3,753,811
CREDITORS
Amounts falling due within one year 6 757,848 779,271
NET CURRENT ASSETS 3,244,605 2,974,540
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,555,154

5,148,969

PROVISIONS FOR LIABILITIES 146,294 84,574
NET ASSETS 5,408,860 5,064,395

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Revaluation reserve 7 1,009,765 1,009,765
Retained earnings 4,369,095 4,024,630
SHAREHOLDERS' FUNDS 5,408,860 5,064,395

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





S Aldred - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - not provided
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 30 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 1,696,200 11,300 2,489,895 - 4,197,395
Additions - - 164,387 46,537 210,924
At 30 September 2024 1,696,200 11,300 2,654,282 46,537 4,408,319
DEPRECIATION
At 1 October 2023 - - 2,022,966 - 2,022,966
Charge for year - - 63,170 11,634 74,804
At 30 September 2024 - - 2,086,136 11,634 2,097,770
NET BOOK VALUE
At 30 September 2024 1,696,200 11,300 568,146 34,903 2,310,549
At 30 September 2023 1,696,200 11,300 466,929 - 2,174,429

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 1,116,329 1,366,297
Other Debtors 1,150 -
Prepayments 54,614 53,243
1,172,093 1,419,540

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 384,198 399,123
Tax 128,737 150,412
Social security and other taxes 194,295 189,020
Other creditors 1,506 1,505
Accrued expenses 49,112 39,211
757,848 779,271

7. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 1,009,765

8. ULTIMATE CONTROLLING PARTY

The Company is controlled by the directors who hold the majority shareholding.