Company No: 07317609 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	19,953		31,910
		19,953		31,910
Current assets
Stocks	4	261,979		115,264
Debtors	5	187,278		229,612
Cash at bank and in hand		83,178		35,131
		532,435		380,007
Creditors
Amounts falling due within one year	6	( 393,982)		( 376,727)
Net current assets		138,453		3,280
Total assets less current liabilities		158,406		35,190
Creditors
Amounts falling due after more than one year	7	( 89,128)		( 11,193)
Net assets		69,278		23,997
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		68,278		22,997
Total shareholders' funds		69,278		23,997

For the financial year ending 31 August 2021 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 financial year in accordance with section 476;
• The directors acknowledge 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 Profit and Loss Account has not been delivered.

The financial statements of TWR Commercial Bodybuilders Limited (registered number: 07317609) were approved and authorised for issue by the Director on 04 March 2022. They were signed on its behalf by:

Tracey M Frost 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

TWR Commercial Bodybuilders 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 Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	8 years straight line
Plant and machinery	2 - 4 years straight line
Vehicles	3 years straight line
Fixtures and fittings	3 - 4 years straight line

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) 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 Statement of Financial Position 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	19		22

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 September 2020	27,856		267,059		32,760		7,691		335,366
Additions	0		1,525		0		0		1,525
At 31 August 2021	27,856		268,584		32,760		7,691		336,891
Accumulated depreciation
At 01 September 2020	12,400		264,906		19,453		6,697		303,456
Charge for the financial year	3,482		2,620		6,923		457		13,482
At 31 August 2021	15,882		267,526		26,376		7,154		316,938
Net book value
At 31 August 2021	11,974		1,058		6,384		537		19,953
At 31 August 2020	15,456		2,153		13,307		994		31,910

4. Stocks

	2021		2020
	£		£
Raw materials	173,504		60,259
Work in progress	88,475		55,005
	261,979		115,264

5. Debtors

	2021		2020
	£		£
Trade debtors	178,908		217,621
Prepayments	8,370		11,991
	187,278		229,612

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	18,333		65,731
Trade creditors	158,533		86,755
Other creditors	2,846		1,952
Other loans	104,670		104,670
Accruals	22,240		30,602
Corporation tax	3,159		0
Other taxation and social security	80,469		83,286
Obligations under finance leases and hire purchase contracts (secured)	3,732		3,731
	393,982		376,727

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

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

	2021		2020
	£		£
Bank loans	81,667		0
Obligations under finance leases and hire purchase contracts (secured)	7,461		11,193
	89,128		11,193

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2021		2020
	£		£
- within one year	141,612		139,445
- between one and five years	420,752		550,451
	562,364		689,896

Pensions

The Company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £12,635 (2020: £11,326). Contributions totalling £2,846 (2020: £1,952) were outstanding at the year end.

10. Related party transactions

At the year end, the Company owed £41,640 (2020: £41,640) to a Shareholder Director. There are no repayment terms on this loan, so it has been treated as repayable on demand, with no interest charged. The balance is included within other creditors.

At the year end, the Company owed £63,030 (2020: £63,030) to a Company controlled by the parents of one of the Shareholder Directors. There are no repayment terms on this loan, so it has been treated as repayable on demand, with no interest charged. The balance is included within other creditors.