Twin Systems Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 2268058

Twin Systems Ltd

Filleted Unaudited Financial Statements

31 December 2024

Twin Systems Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		8,211	6,101

Current assets

Debtors	6	340,057	363,197
Cash at bank and in hand		91,666	–
		---------	---------
		431,723	363,197

Creditors: amounts falling due within one year	7	372,001		301,657
		---------		---------
Net current assets			59,722	61,540
			--------	--------
Total assets less current liabilities			67,933	67,641

Creditors: amounts falling due after more than one year	8	16,400	26,000
		--------	--------
Net assets		51,533	41,641
		--------	--------

Capital and reserves

Called up share capital	200,000	200,000
Profit and loss account	( 148,467)	( 158,359)
	---------	---------
Shareholders funds	51,533	41,641
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Twin Systems Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 18 September 2025 , and are signed on behalf of the board by:

Mr P Songaila

Director

Company registration number: 2268058

Twin Systems Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2, 32-34 Station Close, Potters Bar, Herts, EN61TL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders, together with its bankers, will continue to financially support the company for the forseeable future.

Factoring of debts

The company has entered into a factoring agreement, wherby it receives a proportion of its sales invoices as an advance. The relevant sales invoices are included in trade debtors, but are assigned to the factors. Advances are disclosed in the balance sheet as current liabilities.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	8 years straight line
Fixtures & Fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	2,584	45,118	22,677	406,912	477,291
Additions	–	–	–	4,522	4,522
	-------	--------	--------	---------	---------
At 31 December 2024	2,584	45,118	22,677	411,434	481,813
	-------	--------	--------	---------	---------
Depreciation
At 1 January 2024	2,583	45,118	22,677	400,812	471,190
Charge for the year	–	–	–	2,412	2,412
	-------	--------	--------	---------	---------
At 31 December 2024	2,583	45,118	22,677	403,224	473,602
	-------	--------	--------	---------	---------
Carrying amount
At 31 December 2024	1	–	–	8,210	8,211
	-------	--------	--------	---------	---------
At 31 December 2023	1	–	–	6,100	6,101
	-------	--------	--------	---------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	258,741	186,125
Amounts owed by group undertakings and undertakings in which the company has a participating interest	73,000	73,000
Other debtors	8,316	104,072
	---------	---------
	340,057	363,197
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	–	70,567
	----	--------

'Other Debtors' due in more than one year relates to a Rent deposit.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	–	151,873
Trade creditors	149,653	97,062
Corporation tax	762	14
Social security and other taxes	43,926	24,993
Other creditors	177,660	27,715
	---------	---------
	372,001	301,657
	---------	---------

The bank overdraft is secured by a fixed and floating charge over all of the company's assets.

'Other creditors' include £38,768 debit (2023:£31,442) due from a factoring company, who has a legal charge over certain assets of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	16,400	26,000
	--------	--------

9. Financial instruments

The fair value of financial assets and liabilities approximates to their initial recorded cost.

10. Contingencies

The company has entered into cross-guarantee arrangements in respect to its banking arrangements of the group .

11. Related party transactions

The company has taken advantage of the exemption allowed not to disclose transactions and balances with related undertakings which are at least owned 100% by the group.

12. Controlling party

The company's parent company is Twin Systems Holdings (UK) Limited. Its registered office is Unit 2, 32-24 Station Close, Potters Bar, Herts EN6 1TL.

13. Registration to a private company

The company re-registered to a private company on the 11th March 2018.