Company No: 5041402 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	N D Mayhew
	C Righetti
	L R Wilde

REGISTERED OFFICE	2b Bath Street
	Bath Street
	Frome
	BA11 1DG
	United Kingdom

COMPANY NUMBER

5041402 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming Bath Limited
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	31,342		4,153
Investments	4	143,091		131,462
		174,433		135,615
Current assets
Debtors	5	487,256		396,187
Cash at bank and in hand		235,947		128,232
		723,203		524,419
Creditors
Amounts falling due within one year	6	( 402,461)		( 249,765)
Net current assets		320,742		274,654
Total assets less current liabilities		495,175		410,269
Provisions for liabilities		( 10,090)		0
Net assets		485,085		410,269
Capital and reserves
Called-up share capital	7	120		120
Capital redemption reserve		3		3
Profit and loss account		484,962		410,146
Total shareholder's funds		485,085		410,269

For the financial year ending 30 June 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 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 TwentyFifty Limited (registered number: 5041402) were approved and authorised for issue by the Board of Directors on 21 December 2021. They were signed on its behalf by:

L R Wilde Director		C Righetti Director
N D Mayhew 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.

General information and basis of accounting

TwentyFifty 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 2b Bath Street, Bath Street, Frome, BA11 1DG, 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.

The functional currency of TwentyFifty Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

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.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

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.

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 current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

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 on a straight-line basis over its expected useful life, as follows:

Office Equipment - 3 years straight line
Leasehold Improvements - 3 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.

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.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) 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.

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 Statement of Financial Position 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		9

3. Tangible assets

	Leasehold improve- ments		Office equipment		Total
	£		£		£
Cost
At 01 July 2020	0		12,410		12,410
Additions	9,750		24,774		34,524
At 30 June 2021	9,750		37,184		46,934
Accumulated depreciation
At 01 July 2020	0		8,257		8,257
Charge for the financial year	1,892		5,443		7,335
At 30 June 2021	1,892		13,700		15,592
Net book value
At 30 June 2021	7,858		23,484		31,342
At 30 June 2020	0		4,153		4,153

4. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 July 2020	131,462
Additions	11,629
At 30 June 2021	143,091
Carrying value at 30 June 2021	143,091
Carrying value at 30 June 2020	131,462

5. Debtors

	2021		2020
	£		£
Trade debtors	227,773		174,257
Amounts owed by Group undertakings	172,662		170,231
Prepayments and accrued income	86,207		51,699
Other debtors	614		0
	487,256		396,187

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	0		22,081
Trade creditors	123,351		82,409
Amounts owed to Group undertakings	121,831		32,926
Amounts owed to directors	26,658		45,459
Other creditors	13,518		7,096
Accruals and deferred income	34,909		4,383
Corporation tax	24,631		47,628
Other taxation and social security	57,563		7,783
	402,461		249,765

Bank loans are secured by way of a fixed and floating charge

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
120 Ordinary shares of £ 1.00 each	120		120

8. Financial commitments

Commitments

Capital commitments are as follows:

	2021		2020
	£		£
Contracted for but not provided for:
	35,333		0

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

	2021		2020
	£		£
- within one year	8,000		0
- between one and five years	27,333		0
	35,333		0

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	11,022		6,569

9. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Balance owed to the directors	26,658		45,459

This amount is interest free and due for repayment on demand.

The company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within a group.