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Financial Statements for the Year Ended 31 December 2017 |
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TWG Tea Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2017 |
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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 2017 |
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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 2017 |
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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 Accountants and |
Statutory Auditor |
94 Orchard Gate |
Greenford |
Middlesex |
UB6 0QP |
TWG Tea Limited (Registered number: 07138090) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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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 on
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 2017 |
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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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Tangible fixed assets |
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Fixtures and fittings | - |
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Improvements to concession stand | - |
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Computer equipment | - |
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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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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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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. |
TWG Tea Limited (Registered number: 07138090) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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
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4. | AUDITORS' REMUNERATION |
31.12.17 | 31.12.16 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
3,000 |
3,000 |
All other services | 3,320 | 3,000 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Fixtures | to |
and | concession | Computer |
fittings | stand | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments |
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TWG Tea Limited (Registered number: 07138090) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 363 | - |
Other creditors |
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Accrued expenses |
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8. | 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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9. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to: |
- assist with the preparation of the financial statements; |
- prepare and submit returns to the tax authorities; |
- assist with bookkeeping and payroll services. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company and ultimate controlling party is Vision Three 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. |