Registered number
02401689
TWS Direct Limited
Filleted Accounts
30 September 2024
TWS Direct Limited
Registered number: 02401689
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 38,259 44,276
Current assets
Stocks 195,127 268,590
Debtors 4 197,781 318,619
Cash at bank and in hand 1,082 3,646
393,990 590,855
Creditors: amounts falling due within one year 5 (342,004) (467,505)
Net current assets 51,986 123,350
Total assets less current liabilities 90,245 167,626
Creditors: amounts falling due after more than one year 6 (804) (58,617)
Net assets 89,441 109,009
Capital and reserves
Called up share capital 101 101
Profit and loss account 89,340 108,908
Shareholders' funds 89,441 109,009
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J Fletcher
Director
Approved by the board on 27 June 2025
TWS Direct Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Fixtures, Fittings & computer equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2023 45,273 34,450 79,723
At 30 September 2024 45,273 34,450 79,723
Depreciation
At 1 October 2023 30,397 5,050 35,447
Charge for the year 3,492 2,525 6,017
At 30 September 2024 33,889 7,575 41,464
Net book value
At 30 September 2024 11,384 26,875 38,259
At 30 September 2023 14,876 29,400 44,276
4 Debtors 2024 2023
£ £
Trade debtors 192,661 313,499
Other debtors 5,120 5,120
197,781 318,619
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,034 14,814
Trade creditors 318,619 470,969
Taxation and social security costs 42,090 19,796
Other creditors (35,739) (38,074)
342,004 467,505
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 804 51,997
Obligations under finance lease and hire purchase contracts - 6,620
804 58,617
7 Related party transactions
As at 30/09/24 the directors current account was overdrawn. The balance will be cleared within 9 months of the year end.
8 Controlling party
The company is controlled by the director, P J Fletcher, who owns 79% of the called up share capital.
9 Other information
TWS Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15b M54 Space Centre
Halesfield 8
Telford
TF7 4QN
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