Twyfords To You Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06961209 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

FOR

TWYFORDS TO YOU LIMITED

FIXED ASSETS

Intangible assets

5

1

1

Tangible assets

6

574,864

560,533

574,865

560,534

CURRENT ASSETS

Stocks

26,335

19,255

Debtors

56,489

20,130

Cash in hand

18,011

13,699

100,835

53,084

CREDITORS

Amounts falling due within one year

306,669

182,713

NET CURRENT LIABILITIES

(205,834

)

(129,629

)

TOTAL ASSETS LESS CURRENT LIABILITIES

369,031

430,905

CREDITORS

Amounts falling due after more than one year

7

(309,566

)

(339,697

)

PROVISIONS FOR LIABILITIES

(31,376

)

(31,352

)

NET ASSETS

28,089

59,856

RESERVES

Called up share capital

100

100

Retained earnings

27,989

59,756

SHAREHOLDERS' FUNDS

28,089

59,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 26 October 2018 and were signed on its behalf by:

A J Godfrey - Director

1.	STATUTORY INFORMATION

Twyfords To You Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 06961209 and the registered office is Castle House, 79

Rigbourne Hill, Beccles, Suffolk, NR34 9JQ.

The presentation currency of the financial statements is sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis which is dependant upon the

continuing support of its creditors and directors. The directors are of the opinion that this support will

continue over the next 12 months and therefore believe that it is appropriate for the financial

statement to be prepared on the going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five 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

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

Improvements to property

-

2% on cost

Plant and machinery

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

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.

Government grants

Grants relating to assets are recognised in income over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

and 31 January 2018

18,000

AMORTISATION

At 1 February 2017

and 31 January 2018

17,999

NET BOOK VALUE

At 31 January 2018

1

At 31 January 2017

1

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

825,883

Additions

123,790

Disposals

(7,221

)

At 31 January 2018

942,452

DEPRECIATION

At 1 February 2017

265,350

Charge for year

107,883

Eliminated on disposal

(5,645

)

At 31 January 2018

367,588

NET BOOK VALUE

At 31 January 2018

574,864

At 31 January 2017

560,533

Included in cost of land and buildings is freehold land of £ 85,000 (2017 - £ 85,000 ) which is not

depreciated.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable by instalments

Bank loans more 5 yr

135,886

154,131

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

68,184

47,384

Between one and five years

138,248

160,192

206,432

207,576

Non-cancellable

operating leases

2018

2017

£

£

Within one year

10,741

11,581

Between one and five years

6,556

17,297

17,297

28,878

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

18,572

18,767

Bank loans

179,518

187,425

Hire purchase contracts

206,432

207,576

404,522

413,768

The bank overdraft is secured by a fixed and floating charge. The bank loan is secured against a

freehold property. Hire purchase liabilities are secured against the relevant fixed asset.