REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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T.W. ELECTRONICS (NEWBURY) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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T.W. ELECTRONICS (NEWBURY) LIMITED |
T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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T.W. ELECTRONICS (NEWBURY) LIMITED |
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COMPANY INFORMATION |
For The Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
1 Carnegie Road |
Newbury |
Berkshire |
RG14 5DJ |
T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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BALANCE SHEET |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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BALANCE SHEET - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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T.W. Electronics (Newbury) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01496877 and its registered office is Beacon House, Winchester Road, Newbury, Berkshire, RG20 9JZ. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Risk to operations |
In common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had an impact on our business. The impact is not considered to have been significant and the company has still managed to remain profitable. |
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Following the year end, there have been no substantial developments that would affect the company's ability to trade profitably. The Company has therefor determined that there are no post balance sheet events and accordingly, the financial position as at, and results of the operations for, the year ended 31 September 2020 have not been adjusted to reflect their impact. |
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Turnover |
Turnover represents net invoiced sales of the design and distribution of electronic components, including commissions received, excluding value added tax. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Where the company is entitled to receive government funds under the Coronavirus Job Retention Scheme (CJRS) the amounts receivable are recognised at the point at which the company is entitled to claim. The revenue receipt is accounted for on the accrual basis and matched in the financial statements with the related costs for which the grant is intended to compensate. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Research and development |
Expenditure on research and development is charged to the profit and loss account in the year in which it was incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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Disposals |
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( |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
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COST |
At 1 October 2019 |
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Additions |
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Disposals | ( |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2020 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Associated company |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Prior to 31 October 2018 T W Electronic Limited controlled 35%. |
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The functional currency of the associated company is Euros (€). As a result, the values disclosed have been translated as at 31 December 2019, the associates balance sheet date. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax asset |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Finance leases (see note 9) |
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Trade creditors |
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Social security and other taxes |
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VAT | 38,550 | 16,780 |
Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Finance leases (see note 9) |
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T.W. ELECTRONICS (NEWBURY) LIMITED (REGISTERED NUMBER: 01496877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2020 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Finance leases |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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11. | PENSION COMMITMENTS |
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The company runs a defined contribution pension scheme, the contributions to which are held in a separately administered fund. During the year the company made contributions of £83,938 (2019 - £64,19) to the fund. At the year end the company had outstanding contributions totalling £7,557 (2019 - £5,883). |
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12. | RELATED PARTY DISCLOSURES |
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During the year ended 30 September 2020 the company paid rent in the sum of £64,200 (2019 - £64,200) to B A Teece, a director of the company, and Mrs H Teece, a former director of the company, in respect of property owned by them and used by the company. No balance was outstanding at the end of the current or previous year. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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