Twisted Group Limited Filleted accounts for Companies House (small and micro)

TWISTED GROUP LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 354,000 354,000 354,000 460,351 1 100 460,252 460,252 460,351 xbrli:pure xbrli:shares iso4217:GBP 11218725 2022-01-01 2022-12-31 11218725 2022-12-31 11218725 2021-12-31 11218725 bus:Director1 2022-01-01 2022-12-31 11218725 core:WithinOneYear 2022-12-31 11218725 core:WithinOneYear 2021-12-31 11218725 core:ShareCapital 2022-12-31 11218725 core:ShareCapital 2021-12-31 11218725 core:RetainedEarningsAccumulatedLosses 2022-12-31 11218725 core:RetainedEarningsAccumulatedLosses 2021-12-31 11218725 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11218725 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 11218725 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 11218725 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-12-31 11218725 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2022-12-31 11218725 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 11218725 core:Non-currentFinancialInstruments 2022-12-31 11218725 core:Non-currentFinancialInstruments 2021-12-31 11218725 bus:SmallEntities 2022-01-01 2022-12-31 11218725 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 11218725 bus:FullAccounts 2022-01-01 2022-12-31 11218725 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 11218725 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31

COMPANY REGISTRATION NUMBER: 11218725

Twisted Group Limited

Filleted Unaudited Financial Statements

31 December 2022

Twisted Group Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Intangible assets	4	354,000	354,000
Investments	5	460,252	460,351
		---------	---------
		814,252	814,351

Current assets

Debtors	6	239,573	770,812

Creditors: amounts falling due within one year	7	576,619	1,082,371
		---------	------------
Net current liabilities		337,046	311,559
		---------	---------
Total assets less current liabilities		477,206	502,792
		---------	---------

Capital and reserves

Called up share capital	451	451
Profit and loss account	476,755	502,341
	---------	---------
Shareholders funds	477,206	502,792
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Twisted Group Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:

Mr C Fawcett

Director

Company registration number: 11218725

Twisted Group Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sussex Court, Thirsk Industrial Park, York Road, Thirsk, North Yorkshire, YO7 3TA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Employee ownership trust

Twisted Employee Ownership Trust has been established with the object of ensuring that shares in the company are held for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 January 2022 and 31 December 2022	354,000
	---------
Amortisation
At 1 January 2022 and 31 December 2022	–
	---------
Carrying amount
At 31 December 2022	354,000
	---------
At 31 December 2021	354,000
	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2022	460,351
Additions	1
Disposals	( 100)
	---------
At 31 December 2022	460,252
	---------
Impairment
At 1 January 2022 and 31 December 2022	–
	---------

Carrying amount
At 31 December 2022	460,252
	---------
At 31 December 2021	460,351
	---------

6. Debtors

	2022	2021
	£	£
Other debtors	239,573	770,812
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	576,517	1,082,270
Other creditors	102	101
	---------	------------
	576,619	1,082,371
	---------	------------

8. Employee ownership trust

On 30th March 2022 Twisted Trustees Limited, being the trustee of Twisted Employee Ownership Trust acquired 100% of the ordinary share capital of Twisted Group Limited .

9. Directors' advances, credits and guarantees

During the year the director received advances of £429,537 and repaid £938,445 to the business

10. Controlling party

The company is controlled by Twisted Trustees Limited being the trustee of Twisted Employee Ownership Trust.