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REGISTERED NUMBER: 05858694 (England and Wales)












Topic Property Limited

Unaudited Financial Statements

for the Year Ended 31st December 2021






Topic Property Limited (Registered number: 05858694)






Contents of the Financial Statements
for the Year Ended 31st December 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Topic Property Limited

Company Information
for the Year Ended 31st December 2021







DIRECTORS: R Boileau
R Trotter





SECRETARY: R Trotter





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 05858694 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Topic Property Limited (Registered number: 05858694)

Statement of Financial Position
31st December 2021

2021 2020
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 45 726
Investments 5 6,193 5,055
Investment property 6 1,160,000 870,000
1,166,238 875,781

CURRENT ASSETS
Debtors 7 29,647 77,549
Cash at bank 59,098 99,700
88,745 177,249
CREDITORS
Amounts falling due within one year 8 246,354 284,559
NET CURRENT LIABILITIES (157,609 ) (107,310 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,008,629

768,471

CREDITORS
Amounts falling due after more than one
year

9

(141,044

)

(159,368

)

PROVISIONS FOR LIABILITIES (58,379 ) (16,458 )
NET ASSETS 809,206 592,645

CAPITAL AND RESERVES
Called up share capital 1,014 1,014
Retained earnings 808,192 591,631
SHAREHOLDERS' FUNDS 809,206 592,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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.

Topic Property Limited (Registered number: 05858694)

Statement of Financial Position - continued
31st December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 26th August 2022 and were signed on its behalf by:





R Trotter - Director


Topic Property Limited (Registered number: 05858694)

Notes to the Financial Statements
for the Year Ended 31st December 2021

1. STATUTORY INFORMATION

Topic Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Euro (€).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Topic Property Limited (Registered number: 05858694)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in sterling are translated into Euros at the rates of exchange ruling at the balance sheet
date.
Transactions in sterling are translated into Euros using the spot rate at the time of the transaction.
Exchange differences are taken into account in arriving at the operating result.


Euros per pound31/12/2131/12/20

Average rate1.1592331.128925
Exchange rate at the the balance sheet date1.1911001.106400


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
€   
COST
At 1st January 2021
and 31st December 2021 2,723
DEPRECIATION
At 1st January 2021 1,997
Charge for year 681
At 31st December 2021 2,678
NET BOOK VALUE
At 31st December 2021 45
At 31st December 2020 726

5. FIXED ASSET INVESTMENTS
Other
investments
€   
COST OR VALUATION
At 1st January 2021 5,055
Revaluations 1,138
At 31st December 2021 6,193
NET BOOK VALUE
At 31st December 2021 6,193
At 31st December 2020 5,055

Topic Property Limited (Registered number: 05858694)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31st December 2021 is represented by:

Other
investments
€   
Valuation in 2012 1,414
Valuation in 2013 (1,535 )
Valuation in 2014 884
Valuation in 2015 401
Valuation in 2016 378
Valuation in 2017 117
Valuation in 2018 (590 )
Valuation in 2019 923
Valuation in 2020 (537 )
Valuation in 2021 1,138
Cost 3,600
6,193

If the listed investments had not been revalued they would have been included at the following historical cost:

2021 2020
€    €   
Cost 3,600 3,600

The listed securities were valued on an open market basis on 31st December 2021 by Deutsche Bank .

Note that the revaluation shown in 2012 contains all pre 2012 revaluations.

6. INVESTMENT PROPERTY
Total
€   
FAIR VALUE
At 1st January 2021 870,000
Additions 2,035
Revaluations 287,965
At 31st December 2021 1,160,000
NET BOOK VALUE
At 31st December 2021 1,160,000
At 31st December 2020 870,000

Topic Property Limited (Registered number: 05858694)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

6. INVESTMENT PROPERTY - continued

Fair value at 31st December 2021 is represented by:
€   
Valuation in 2014 20,784
Valuation in 2016 155,000
Valuation in 2018 60,000
Valuation in 2020 (1,305 )
Valuation in 2021 287,965
Cost 637,556
1,160,000

If the investment property had not been revalued it would have been included at the following historical cost:

2021 2020
€    €   
Cost 637,556 635,521

The investment property was valued on an open market basis on 31st December 2021 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
€    €   
Trade debtors 15,930 3,823
Other debtors 13,717 73,726
29,647 77,549

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
€    €   
Bank loans and overdrafts 17,833 30,078
Tax 3,894 1,917
Directors' current accounts 217,176 245,696
Accrued expenses 7,451 6,868
246,354 284,559

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
€    €   
Bank loans - 1-2 years 15,256 17,850
Bank loans - 2-5 years 45,767 45,054
Bank loans - more than 5 years 80,021 96,464
141,044 159,368

Topic Property Limited (Registered number: 05858694)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2021 2020
€    €   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 80,021 96,464

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
€    €   
Bank loans 158,877 189,446

The directors, R Boileau and R Trotter, have between them given personal guarantees totalling €173,270 (2020: €181,571) over the company mortgages.