Company No: 05291750 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	11,861		13,343
Tangible assets	5	778,863		791,110
Investments	6	200		200
		790,924		804,653
Current assets
Stocks		2,130,697		2,767,663
Debtors	7	147,300		190,657
Cash at bank and in hand		5,507		8,851
		2,283,504		2,967,171
Creditors: amounts falling due within one year	8	( 1,328,152)		( 1,691,623)
Net current assets		955,352		1,275,548
Total assets less current liabilities		1,746,276		2,080,201
Creditors: amounts falling due after more than one year	9	( 370,435)		( 452,362)
Provision for liabilities		( 11,232)		( 11,631)
Net assets		1,364,609		1,616,208
Capital and reserves
Called-up share capital	10	55,555		55,555
Share premium account		19,445		19,445
Profit and loss account		1,289,609		1,541,208
Total shareholders' funds		1,364,609		1,616,208

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of TWF International Limited (registered number: 05291750) were approved and authorised for issue by the Director on 21 July 2026. They were signed on its behalf by:

Mrs D L Cooper Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TWF International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Moorswater Industrial Estate, Moorswater, Liskeard, PL14 4LN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Prior year adjustment

Prior year values have been restated to adjust for dividends issued to shareholders which had been incorrectly included in the originally submitted accounts.

More detail behind the restatement can be found in note 2 to the Financial Statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Other intangible assets	10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance
Other property, plant and equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Figures have been restated in the prior period due to a correction to voted dividends. As a result, an adjustment has been made to decrease dividends paid in the prior period, and the corresponding creditor.

		As previously reported		Adjustment		As restated
Year ended 31 October 2024		£		£		£
Creditors: amounts falling due within one year		(1,682,996)		(8,627)		(1,691,623)
Profit and loss account		1,549,835		(8,627)		1,541,208

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		12

4. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 November 2024	32,800		14,826		47,626
At 31 October 2025	32,800		14,826		47,626
Accumulated amortisation
At 01 November 2024	32,800		1,483		34,283
Charge for the financial year	0		1,482		1,482
At 31 October 2025	32,800		2,965		35,765
Net book value
At 31 October 2025	0		11,861		11,861
At 31 October 2024	0		13,343		13,343

5. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 November 2024	869,037		32,775		36,047		122,196		1,060,055
Additions	0		0		3,584		2,875		6,459
At 31 October 2025	869,037		32,775		39,631		125,071		1,066,514
Accumulated depreciation
At 01 November 2024	114,270		25,186		30,114		99,375		268,945
Charge for the financial year	9,870		1,897		1,793		5,146		18,706
At 31 October 2025	124,140		27,083		31,907		104,521		287,651
Net book value
At 31 October 2025	744,897		5,692		7,724		20,550		778,863
At 31 October 2024	754,767		7,589		5,933		22,821		791,110

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 November 2024	200
At 31 October 2025	200
Carrying value at 31 October 2025	200
Carrying value at 31 October 2024	200

7. Debtors

	2025		2024
	£		£
Trade debtors	75,786		117,643
Amounts owed by Group undertakings	46,631		46,631
Other debtors	24,883		26,383
	147,300		190,657

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured)	1,130,630		1,497,631
Trade creditors	25,515		30,506
Other taxation and social security	128,191		100,264
Other creditors	43,816		63,222
	1,328,152		1,691,623

Bank borrowings and the factoring account are secured against the assets of the company.

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

	2025		2024
	£		£
Bank loans (secured)	370,435		452,362

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	277,095		288,096

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
36,112 Ordinary shares of £ 1.00 each	36,112		36,112
13,888 Ordinary A shares of £ 1.00 each	13,888		13,888
5,555 Ordinary B shares of £ 1.00 each	5,555		5,555
	55,555		55,555