Threeway Pressings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03112335 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

THREEWAY PRESSINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R W Perry

P M Stanley

REGISTERED OFFICE:

3 Malthouse Road

Tipton

West Midlands

DY4 9AE

REGISTERED NUMBER:

03112335 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

168,302

172,966

Investments

6

-

20,877

168,302

193,843

CURRENT ASSETS

Stocks

144,476

215,356

Debtors

7

1,288,855

959,344

1,433,331

1,174,700

CREDITORS

Amounts falling due within one year

8

1,218,019

978,561

NET CURRENT ASSETS

215,312

196,139

TOTAL ASSETS LESS CURRENT LIABILITIES

383,614

389,982

CREDITORS

Amounts falling due after more than one year

9

-

6,748

NET ASSETS

383,614

383,234

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

383,514

383,134

SHAREHOLDERS' FUNDS

383,614

383,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 29 July 2020 and were signed on its behalf by:

R W Perry - Director

1.	STATUTORY INFORMATION

Threeway Pressings 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.

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair

value of the identifiable assets and liabilities. It is amortised to the Profit and loss account

over its estimated economic life.

Amortisation is provided at the following rates:

Goodwill - 10 years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance

for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate

proportion of fixed and variable overheads.

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 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet 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.

Grants

Government grants relating to tangible fixed assets are treated as deferred income and

released to the Profit and loss account over the expected useful lives of the assets

concerned. Other grants are credited to the Profit and loss account as the related

expenditure is incurred.

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line

basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised

on a straight line basis over the period until the date the rent is expected to be adjusted to

the prevailing market rate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2018 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2018

and 31 October 2019

5,000

AMORTISATION

At 1 November 2018

and 31 October 2019

5,000

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 November 2018

178,366

675,394

853,760

Additions

-

50,750

50,750

Disposals

-

(50,750

)

(50,750

)

At 31 October 2019

178,366

675,394

853,760

DEPRECIATION

At 1 November 2018

41,543

639,251

680,794

Charge for year

382

4,282

4,664

At 31 October 2019

41,925

643,533

685,458

NET BOOK VALUE

At 31 October 2019

136,441

31,861

168,302

At 31 October 2018

136,823

36,143

172,966

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 November 2018

20,877

Disposals

(20,877

)

At 31 October 2019

-

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

20,877

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

674,183

624,338

Amounts owed by related undertakings

562,706

235,372

Other debtors

39,999

77,976

Deferred tax asset

11,967

21,658

1,288,855

959,344

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

48,132

72,347

Hire purchase contracts (see note 10)

-

4,889

Trade creditors

373,695

341,112

Amounts owed to group undertakings

165,644

59

Amounts owed to participating interests

-

42,774

Social security and other taxes

40,744

36,308

Other creditors

589,804

481,072

1,218,019

978,561

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

-

6,748

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

4,889

Non-cancellable

operating leases

2019

2018

£

£

Within one year

39,100

-

Between one and five years

133,592

-

172,692

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

28,144

53,319

Bank loans

19,988

19,028

Factoring

558,549

448,717

606,681

521,064

12.	DEFERRED TAX

£

Balance at 1 November 2018

(21,658

)

Deferred tax on losses

10,184

Movement on timing differences

(493

)

Balance at 31 October 2019

(11,967

)

13.	CONTINGENT LIABILITIES

Threeway Pressings Limited and its fellow subsidiaries of TWP Manufacturing Limited are

cross guaranteeing the 10 year bank loan In TWP Manufacturing Limited 2019: £340,976

(2018: Nil).

14.	ULTIMATE CONTROLLING PARTY