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Financial Statements for the Year Ended 31 December 2019 |
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TWG Tea Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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TWG Tea Limited |
TWG Tea Limited (Registered number: 07138090) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TWG Tea Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
& Statutory Auditors |
1st Floor, Kirkland House |
11-15 Peterborough Road |
Harrow |
HA1 2AX |
TWG Tea Limited (Registered number: 07138090) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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
were signed on its behalf by: |
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TWG Tea Limited (Registered number: 07138090) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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TWG Tea Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents amounts receivable for the sale of goods, net of VAT and trade discounts. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and trade and other creditors. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financial transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at |
transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. |
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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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Going concern |
The directors have a reasonable expectation that the parent company, being the main creditor, will continue to |
provide financial support and adequate resources for the foreseeable future. The directors have therefore |
continued to adopt the going concern basis in preparing these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
TWG Tea Limited (Registered number: 07138090) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | AUDITORS' REMUNERATION |
31.12.19 | 31.12.18 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
900 |
2,400 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed to group undertakings |
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Accrued expenses |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | POST BALANCE SHEET EVENTS |
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In March 2020, the World Health Organisation (WHO) declared Coronavirus (COVID-19), a global pandemic. |
The rapid increase in infection among the general public in the UK forced the UK Government to introduce |
measures to slow down the spread of the virus. These measures introduced in late March have had the effect of |
reducing all activities of most of the businesses in the UK. Forecasting the impact of COVID-19 is in a |
continuing process as the extent of the COVID 19 outbreak is uncertain A definitive assessment on the extent of |
the impact on the company's performance and liquidity is not possible at this point of time. The directors are |
satisfied that the company post the relaxation of these lockdown measures will gradually be back to normal, |
though not 100% but with the support of the group as mentioned in the going concern notes of the financial |
statement. Hence the directors feel the company can prepare the financial statement on going concern basis and |
considering the outbreak of COVID-19 as a non-adjusting event that does not impact the measurement of assets |
and liabilities in the financial statement |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company and ultimate controlling party is V3 Group Limited, a company incorporated in |
Cayman Islands. The immediate parent company is TWG Tea Company Pte Ltd, incorporated in Singapore. |
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At the year end the parent undertaking of the largest group of undertakings for which group financial statements |
are drawn up and of which the company is a member is OSIM International Pte. Ltd, registered in Singapore. |
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Copies of the financial statements of OSIM International Pte. Ltd are available from OSIM Headquarters, 65 Ubi |
Avenue 1, Singapore 408939. |