REGISTERED NUMBER:
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TWOFOLD LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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REGISTERED NUMBER:
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TWOFOLD LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2021 |
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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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Chartered Accountants' Report | 9 |
TWOFOLD LIMITED |
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COMPANY INFORMATION |
for the year ended 30 September 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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BALANCE SHEET |
30 September 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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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 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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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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. |
TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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BALANCE SHEET - continued |
30 September 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Twofold Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services, net of VAT and trade discounts. |
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The company supplies document management hardware, software and consumables. In the case of goods, turnover is recognised at the point of delivery or installation. Some sales are made under finance lease arrangements, where the company acts as a dealer lessor. In this case, turnover is recorded at the fair value of the asset supplied and the related cost is recorded in cost of sales. Interest income arising over the period of the lease is recognised in other operating income, as noted below. |
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The company also derives income from the provision of services, notably support and maintenance contracts, primarily on an annual basis. Income is recognised equally over the period of the contract. |
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Income arising from assets provided under operating leases is recognised within turnover over the period of the relevant leases. |
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Intangible fixed assets |
Acquired goodwill and intellectual property costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off cost over estimated useful life. An impairment review is carried out annually. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life. |
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Freehold building | - 50 years straight line |
Improvements to freehold | - 3 to 5 years straight line |
Plant, machinery and computers | - 3 years straight line |
Fixtures, fittings and equipment | - 6 years straight line |
Motor vehicles | - 4 years straight line |
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Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date. |
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Plant & machinery includes some assets held to generate income under operating leases, where the rate of depreciation may be adjusted to reflect the terms of particular lease arrangements. |
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On disposal the difference between the net proceeds and carrying amount of the item disposed is recognised in the profit and loss account, and included in administration expenses. |
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Government grants |
Government grants relate to grants receivable under the Coronavirus Job Retention Scheme and are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. |
TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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Financial instruments |
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company does not have any non-basic financial instruments. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
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Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
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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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Leasing |
Interest income arising on finance lease sales is recognised as other operating income in the period to which it relates. |
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Foreign currency translation |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the dates of the transaction. All differences are taken to profit and loss account. |
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Provisions |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is more probable than not that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. |
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Compliance with accounting standards |
The financial statements are prepared in accordance with applicable accounting standards, which have been applied consistently (except as otherwise stated) and in accordance with the statement of recommended accounting practice issued by the Finance & Leasing Association. |
TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 October 2020 |
and 30 September 2021 |
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AMORTISATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
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COST |
At 1 October 2020 |
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Additions |
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Disposals |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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Disposals | ( |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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Included within plant and machinery are assets held for use in operating leases with a net book value of £32,386 (2020: £63,031). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Included within Trade debtors is £291,352 (2020: £326,895) relating to amounts due under finance leases. Of this amount £175,782 (2020: £160,739) is due in more than one year. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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TWOFOLD LIMITED (REGISTERED NUMBER: 04043149) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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There is fixed and floating charge in favour of NatWest plc over all property and assets of the company. There is a separate legal charge over the property owned by the company for the purposes of its trade. |
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The company has also guaranteed borrowings of its parent company, Twofold Document Solutions Limited, to the extent of £337,500. |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of the exemption conferred by The Financial Reporting Standard 102 Section 33 'Related party disclosures.' This allows for transactions with members of the group headed by Twofold Document Solutions Limited not to be disclosed on the grounds that 100% of the voting rights in the company are controlled within the group. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Twofold Document Solutions Limited. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
TWOFOLD LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Twofold Limited for the year ended 30 September 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Twofold Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Twofold Limited and state those matters that we have agreed to state to the Board of Directors of Twofold Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twofold Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Twofold Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Twofold Limited. You consider that Twofold Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Twofold Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors which obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
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Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
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