Threeway Pressings Limited - Accounts to registrar (filleted) - small 18.2
Threeway Pressings Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| FOR |
| THREEWAY PRESSINGS LIMITED |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| THREEWAY PRESSINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Black Country House |
| Rounds Green Road |
| Oldbury |
| West Midlands |
| B69 2DG |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| BALANCE SHEET |
| 31 OCTOBER 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2021 |
| 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. |
| 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 |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| 1. | STATUTORY INFORMATION |
| Threeway Pressings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
| 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 |
| Freehold property | - |
| Plant and machinery | - |
| 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. |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2020 |
| and 31 October 2021 |
| AMORTISATION |
| At 1 November 2020 |
| and 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2020 |
| and 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by related undertakings |
| Other debtors |
| R & D Tax Debtor | 20,284 | 31,258 |
| Deferred tax asset |
| Accelerated capital allowances |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Factoring |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| THREEWAY PRESSINGS LIMITED (REGISTERED NUMBER: 03112335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| Factoring | 607,211 | 416,646 |
| 11. | DEFERRED TAX |
| £ |
| Balance at 1 November 2020 | ( |
) |
| Deferred tax on losses |
| Movement on timing differences | (5,445 | ) |
| Balance at 31 October 2021 | ( |
) |
| 12. | 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 2021: £297,067 (2020: £328,408). |
| 13. | ULTIMATE CONTROLLING PARTY |
| On 21st December 2018 TWP Manufacturing Limited's directors are now the ultimate controlling party. |