TWOPLUSTWO COMMERCIAL SERVICES LIMITED

TWOPLUSTWO COMMERCIAL SERVICES LIMITED - Company Information

2021-11-012022-10-312022-10-31false06318842TWOPLUSTWO COMMERCIAL SERVICES 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Registered Number
06318842
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2022

TWOPLUSTWO COMMERCIAL SERVICES LIMITED

Company Information
for the year from 1 November 2021 to 31 October 2022


Directors	Robert Hugh Blair
	Samantha Jane Langlands
	Ross William Mullane
	Stewart Arthur Murrell
	Joseph Matthew Woods


Registered Address	Suite 5, Corbridge Business Centre
	Tinklers Bank
	Corbridge
	NE45 5SB


Registered Number	06318842 (England and Wales)

TWOPLUSTWO COMMERCIAL SERVICES LIMITED

Statement of Financial Position
31 October 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	6		4,231		60,007
			4,231		60,007
Current assets
Debtors	10	874,168		814,423
Cash at bank and on hand		43,960		96,823
		918,128		911,246
Creditors amounts falling due within one year	11	(528,347)		(484,788)
Net current assets (liabilities)			389,781		426,458
Total assets less current liabilities			394,012		486,465
Creditors amounts falling due after one year	12		(240,000)		(377,170)
Provisions for liabilities	13		(1,322)		(1,322)
Net assets			152,690		107,973
Capital and reserves
Called up share capital			254		254
Profit and loss account			152,436		107,719
Shareholders' funds			152,690		107,973

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 10 July 2023, and are signed on its behalf by:

Samantha Jane Langlands
Director
Registered Company No. 06318842

TWOPLUSTWO COMMERCIAL SERVICES LIMITED

Notes to the Financial Statements
for the year ended 31 October 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Smallest group in which results are consolidated
	The ultimate parent undertaking and controlling party was WMB (Holdings) Limited, a company incorporated in England and Wales.

3.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

4.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Property, plant and equipment policy

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Vehicles	20
	Office Equipment	20

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants and other government assistance policy
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants and other government assistance policy

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

	Leases policy
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Employee benefits policy
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits policy

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Valuation of financial instruments policy
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

5.	Employee information


		2022		2021
	Average number of employees during the year	31		29

6.	Property, plant and equipment

	Vehicles	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 21	59,690	9,182	68,872
Disposals	(59,690)	-	(59,690)
At 31 October 22	-	9,182	9,182
Depreciation and impairment
At 01 November 21	4,975	3,890	8,865
Charge for year	7,294	1,061	8,355
On disposals	(12,269)	-	(12,269)
At 31 October 22	-	4,951	4,951
Net book value
At 31 October 22	-	4,231	4,231
At 31 October 21	54,715	5,292	60,007

7.	Description of financial commitments other than capital commitments
	At 31 October 2022 the Company had future minimum lease payments due under non-cancellable operating leases amounting to £30,460 (2021 - £36,000).

8.	Off balance sheet pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £64,622 (2021 - £53,220).

9.	Description of nature of transactions and balances with related parties
	At the balance sheet date the company was owed £9,546 by WMB (Holdings) Ltd, the parent company, and £61,047.24 by Twoplustwo Supercars Ltd, a subsidiary of WMB (Holdings) Ltd. No interest has been charged on the loans, which are unsecured and repayable on demand.

10.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	696,957	705,297
Amounts owed by group undertakings	70,593	62,593
Other debtors	5,003	2,684
Prepayments and accrued income	101,615	43,849
Total	874,168	814,423


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

11.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	57,113	46,443
Bank borrowings and overdrafts	90,000	90,000
Taxation and social security	371,537	305,872
Finance lease and HP contracts	-	7,237
Other creditors	2,929	18,715
Accrued liabilities and deferred income	6,768	16,521
Total	528,347	484,788


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

12.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	240,000	330,000
Other creditors	-	47,170
Total	240,000	377,170

13.	Provisions for liabilities
	The provision for deferred tax arises from the fair value adjustment on tangible assets.

	2022	2021
	£	£
Net deferred tax liability (asset)	1,322	1,322
Total	1,322	1,322