REGISTERED NUMBER: 06262168 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024

FOR

TWIN WHOLESALE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J A Theochari

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

06262168 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

139,343

354,288

CURRENT ASSETS

Stocks

185,397

258,667

Debtors

5

196,921

803,126

Cash at bank

9,133

24,613

391,451

1,086,406

CREDITORS

Amounts falling due within one year

6

790,554

904,738

NET CURRENT (LIABILITIES)/ASSETS

(399,103

)

181,668

TOTAL ASSETS LESS CURRENT LIABILITIES

(259,760

)

535,956

CREDITORS

Amounts falling due after more than one year

7

(186,013

)

(369,290

)

PROVISIONS FOR LIABILITIES

11

(20,960

)

(22,471

)

NET (LIABILITIES)/ASSETS

(466,733

)

144,195

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

(486,733

)

124,195

SHAREHOLDERS' FUNDS

(466,733

)

144,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 9 September 2025 and were signed by:

J A Theochari - Director

1.	STATUTORY INFORMATION

Twin Wholesale 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax.

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 despatch 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 costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Freehold Property - 5% on reducing balance

Plant and machinery - 20% on reducing balance

Fixtures and fittings - 20% on reducing balance

Motor vehicle - 25% on reducing balance

Computer Equipment - 20% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Inventories

Inventories 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 inventory sold is recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 statement of financial position 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.

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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Change in comparatives

The accounts have been prepared for a period of 18 months whereas the comparatives are for a period of 13 months.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 17 (2023 - 13 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2023

402,891

46,587

24,111

Additions

-

-

-

Disposals

(402,891

)

(3,000

)

-

At 31 December 2024

-

43,587

24,111

DEPRECIATION

At 1 July 2023

137,383

38,050

21,750

Charge for period

13,275

2,561

708

Depreciation - Disposal

(150,658

)

(2,615

)

-

At 31 December 2024

-

37,996

22,458

NET BOOK VALUE

At 31 December 2024

-

5,591

1,653

At 30 June 2023

265,508

8,537

2,361

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2023

154,289

84,649

712,527

Additions

86,500

-

86,500

Disposals

(21,871

)

-

(427,762

)

At 31 December 2024

218,918

84,649

371,265

DEPRECIATION

At 1 July 2023

99,772

61,284

358,239

Charge for period

20,444

7,009

43,997

Depreciation - Disposal

(17,041

)

-

(170,314

)

At 31 December 2024

103,175

68,293

231,922

NET BOOK VALUE

At 31 December 2024

115,743

16,356

139,343

At 30 June 2023

54,517

23,365

354,288

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

2024

2023

Vehicle

£

£

Cost

At 1 July 2023

50,563

50,563

Additions

86,500

-

Disposals

(21,871

)

-

Depreciation

At 1 July 2023

(32,697

)

(26,061

)

Charge for the period

(3,802

)

(6,636

)

Depreciation - Disposals

14,143

-

Net book value

92,836

17,866

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

62,422

744,131

Amounts owed by group undertakings

75,000

27,000

Other debtors

59,499

31,995

196,921

803,126

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

150,000

150,000

Hire purchase contracts (see note 9)

19,403

14,213

Trade creditors

125,577

313,093

Amounts owed to group undertakings

191,131

354,104

Taxation and social security

253,762

34,345

Other creditors

50,681

38,983

790,554

904,738

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 8)

100,000

325,000

Hire purchase contracts (see note 9)

86,013

44,290

186,013

369,290

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

150,000

150,000

2024

2023

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

100,000

325,000

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

19,403

14,213

Between one and five years

86,013

44,290

105,416

58,503

Minimum lease payments under hire purchase leases fall due as follows:

2024

2023

Within one year

86,013

44,290

Between one and five years

105,416

58,504

Non-cancellable operating

leases

2024

2023

£

£

Within one year

19,403

-

Between one and five years

86,013

-

105,416

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

250,000

475,000

Hire purchase contracts

105,416

-

355,416

475,000

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

The hire purchase contracts include a fixed and floating charge over the company which contain a negative pledge, further the director has also provided a personal guarantee towards the contract liability.

The company has also provided a cross-company guarantee to a company under common control.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

20,960

22,471

Deferred

tax

£

Balance at 1 July 2023

22,471

Provided during period

(1,511

)

Balance at 31 December 2024

20,960

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors less than one year is an amount of £36,886 (2023: £Nil) due from a connected company having common directorships and shareholding. This amount is provided interest free and recoverable on demand.

Included in other creditors less than one year is an amount of £Nil (2023: £25,000) due to a connected company having common directorships and shareholding. This amount is provided interest free and repayable on demand.