George Twist (Wholesale) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01165479 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GEORGE TWIST (WHOLESALE) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G Twist

J G Twist

SECRETARY:

G Twist

REGISTERED OFFICE:

Leopold Street

Lamberhead Industrial Estate

Pemberton

Wigan

Lancashire

WN5 8DH

REGISTERED NUMBER:

01165479 (England and Wales)

ACCOUNTANTS:

Fairhurst Accountants Ltd

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

785,659

810,990

Investments

5

25,700

811,359

836,690

CURRENT ASSETS

Stocks

363,208

485,338

Debtors

6

109,968

139,599

Cash at bank and in hand

17,002

11,240

490,178

636,177

CREDITORS

Amounts falling due within one year

7

357,292

484,472

NET CURRENT ASSETS

132,886

151,705

TOTAL ASSETS LESS CURRENT
LIABILITIES

944,245

988,395

CREDITORS

Amounts falling due after more than one
year

8

(9,778

)

(29,551

)

PROVISIONS FOR LIABILITIES

10

(21,300

)

(25,749

)

NET ASSETS

913,167

933,095

CAPITAL AND RESERVES

Called up share capital

10,000

Revaluation reserve

11

151,348

152,877

Retained earnings

11

751,819

770,218

SHAREHOLDERS' FUNDS

913,167

933,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 11 December 2025 and were signed on its behalf by:

J G Twist - Director

1.	STATUTORY INFORMATION

George Twist (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.

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.

Preparation of consolidated financial statements

The financial statements contain information about George Twist (Wholesale) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

The company recognises revenue when the significant risks and rewards of ownership have transferred to the buyer. This is usually when the customer takes delivery of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and impairment. The company has taken advantage of the transitional relief to recognise the freehold property valuation at the date of transition as the deemed cost.

Depreciation is provided at rates calculated to write off the cost of less their estimated residual value, over their expected useful lives on the following basis:

Freehold property

- 1% reducing balance basis

Plant & machinery

- 15-33.33% reducing balance basis

Fixtures and
fittings

- 10-15% reducing balance basis

Motor vehicles

- 25% reducing balance basis

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transactions price. Financial assets that have no stated interest rate and recoverable within one year shall be measured at the undiscounted amount due.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and payable within one year shall be measured at the undiscounted amount due

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 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 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.

Deferred tax on fair value changes in respect of the company's revaluation reserve are not required to be accounted for due to the availability of indexation relief.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance lease are recognised initially at their fair value at the inception of the lease, or if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentive are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Fixed asset investments

Fixed asset investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in subsidiary undertakings are recognised at cost.

Short term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2024

and 31 March 2025

860,690

906,270

1,766,960

DEPRECIATION

At 1 April 2024

155,046

800,924

955,970

Charge for year

7,056

18,275

25,331

At 31 March 2025

162,102

819,199

981,301

NET BOOK VALUE

At 31 March 2025

698,588

87,071

785,659

At 31 March 2024

705,644

105,346

810,990

Analysis of freehold land and buildings valued at the date of transition to FRS 102 section 1a using the deemed cost exemption.

2025

2024

£

Historical cost equivalent

531,174

538,230

Revaluation

167,414

Net book value

698,588

705,644

The freehold land and buildings were last revalued in December 2015 by an independent valuer on an open market value basis, and the directors have relied upon this in arriving at a net book value at the Balance Sheet date.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

1,000

24,700

25,700

NET BOOK VALUE

At 31 March 2025

1,000

24,700

25,700

At 31 March 2024

1,000

24,700

25,700

Cost or valuation at 31 March 2025 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2018

-

3,200

Valuation in 2021

-

14,000

Cost

1,000

7,500

8,500

1,000

24,700

25,700

The other investment is in the Northern Independent Supermarkets Association from whom the company receive trade discounts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

69,038

62,356

Other debtors

40,930

77,243

109,968

139,599

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

9,664

9,712

Hire purchase contracts

10,158

10,159

Trade creditors

255,315

302,705

Amounts owed to group undertakings

26,328

80,160

Tax

12,498

18,794

Social security and other taxes

18,740

12,626

Directors' current accounts

5,945

7,158

Other creditors & accruals

18,644

43,158

357,292

484,472

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans

9,778

19,393

Hire purchase contracts

-

10,158

9,778

29,551

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

19,442

29,105

Hire purchase contracts

10,158

20,317

29,600

49,422

The bank loan and overdraft facility are secured by a debenture comprising a first legal charge over the freehold property of the company.

The hire purchase contracts are secured on the fixed assets concerned.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

21,300

25,749

Deferred

tax

£

Balance at 1 April 2024

25,749

Credit to Income Statement during year

(4,449

)

Balance at 31 March 2025

21,300

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 April 2024

770,218

152,877

923,095

Profit for the year

40,282

Dividends

(60,210

)

(60,210

)

Annual reserves transfer

1,529

(1,529

)

-

At 31 March 2025

751,819

151,348

903,167

Included in retained earnings is £3,200 (2024: £3,200) of profits which are not available for distribution as they are unrealised.

The revaluation reserve represents the gain created when recognising the freehold property valuation at the date of transition as the deemed cost.

12.	CONTINGENT LIABILITIES

An intercompany guarantee exists with Natwest Bank Plc between J&G Twist (Retail) Limited and the company.

13.	RELATED PARTY DISCLOSURES

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

During the year dividends of £60,210 (2024: £48,933) were paid to the directors.