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 2020

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

196,399

168,302

196,399

168,302

CURRENT ASSETS

Stocks

163,085

144,476

Debtors

6

1,420,934

1,288,855

Cash at bank

69,044

-

1,653,063

1,433,331

CREDITORS

Amounts falling due within one year

7

1,408,746

1,218,019

NET CURRENT ASSETS

244,317

215,312

TOTAL ASSETS LESS CURRENT LIABILITIES

440,716

383,614

CREDITORS

Amounts falling due after more than one year

8

45,000

-

NET ASSETS

395,716

383,614

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

395,616

383,514

SHAREHOLDERS' FUNDS

395,716

383,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 20 July 2021 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.

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

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 46 (2019 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

5,000

AMORTISATION

At 1 November 2019

and 31 October 2020

5,000

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 November 2019

178,366

675,394

853,760

Additions

-

33,311

33,311

Disposals

-

(18,250

)

(18,250

)

At 31 October 2020

178,366

690,455

868,821

DEPRECIATION

At 1 November 2019

41,925

643,533

685,458

Charge for year

382

3,693

4,075

Eliminated on disposal

-

(17,111

)

(17,111

)

At 31 October 2020

42,307

630,115

672,422

NET BOOK VALUE

At 31 October 2020

136,059

60,340

196,399

At 31 October 2019

136,441

31,861

168,302

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

679,981

674,183

Amounts owed by related undertakings

659,641

562,706

Other debtors

32,045

39,999

R & D Tax Debtor

31,258

-

Deferred tax asset

Accelerated capital allowances

18,009

11,967

1,420,934

1,288,855

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

18,941

48,132

Hire purchase contracts (see note 9)

33,311

-

Trade creditors

446,288

373,695

Amounts owed to group undertakings

336,190

165,644

Social security and other taxes

125,902

40,744

Factoring

448,114

589,804

1,408,746

1,218,019

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

45,000

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2020

2019

£

£

Net obligations repayable:

Within one year

33,311

-

Non-cancellable

operating leases

2020

2019

£

£

Within one year

39,100

39,100

Between one and five years

87,492

133,592

126,592

172,692

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

28,144

Bank loans

63,941

19,988

Factoring

416,646

558,549

480,587

606,681

11.	DEFERRED TAX

£

Balance at 1 November 2019

(11,967

)

Deferred tax on losses

(12,144

)

Movement on timing differences

6,102

Balance at 31 October 2020

(18,009

)

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 2020: £340,976 (2019: £340,976).

13.	ULTIMATE CONTROLLING PARTY