Company registration number 02242893 (England and Wales)
TOPPER INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TOPPER INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TOPPER INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
168,367
67,440
Current assets
Stocks
897,353
791,747
Debtors
5
463,914
441,962
Cash at bank and in hand
504
44,249
1,361,771
1,277,958
Creditors: amounts falling due within one year
6
(577,367)
(285,453)
Net current assets
784,404
992,505
Total assets less current liabilities
952,771
1,059,945
Provisions for liabilities
(30,546)
(2,200)
Net assets
922,225
1,057,745
Capital and reserves
Called up share capital
2,550,000
2,550,000
Profit and loss reserves
(1,627,775)
(1,492,255)
Total equity
922,225
1,057,745

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Mr M J Fry
Director
Company Registration No. 02242893
TOPPER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Topper International Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is Kingsnorth Technology Park, Wotton Road, Ashford, Kent, TN23 6LN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis. C-Scope International Holdings Limited is the parent of a group including Topper International Limited. The directors of C-Scope International Holdings Limited have confirmed the continuation of the group's financial support for the foreseeable future. For this reason, a going concern basis for the preparation of these financial statements is considered appropriate.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised at the point of sale.

1.4
Intangible fixed assets other than goodwill

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Development Costs
20% straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Moulds, tools and plant
20% straight line basis
Fixtures, fittings & equipment
20% - 33% straight line basis
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

TOPPER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, bank overdrafts and loans from fellow group companies, are recognised at transaction price.

1.8
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grants under the Coronavirus Job Retention Scheme are recognised on a systematic basis over the periods in which the related costs are incurred.

 

1.11

Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

TOPPER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
18
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 31 March 2023
83,842
Amortisation and impairment
At 1 April 2022 and 31 March 2023
83,842
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
695,191
Additions
113,532
At 31 March 2023
808,723
Depreciation and impairment
At 1 April 2022
627,751
Depreciation charged in the year
12,605
At 31 March 2023
640,356
Carrying amount
At 31 March 2023
168,367
At 31 March 2022
67,440
TOPPER INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
347,463
249,745
Corporation tax recoverable
5,850
-
0
Amounts owed by group undertakings
30,949
137,408
Other debtors
79,652
54,809
463,914
441,962

Amounts owed by group undertakings are non-interest bearing and have no fixed terms for repayment.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
206,978
-
0
Trade creditors
331,139
208,840
Corporation tax
-
0
15,300
Taxation and social security
9,305
8,723
Other creditors
29,945
52,590
577,367
285,453

The bank overdraft is repayable on demand and is secured by way of a mortgage debenture and a fixed and floating charge over the assets of the company.

7
Financial commitments, guarantees and contingent liabilities

The bank borrowings of the group are guaranteed by a composite group guarantee. At 31 March 2023, the total indebtedness of the group to the bank amounted to £414,840 (2022 - £396,107) which is secured by a mortgage debenture, the terms of which includes a fixed and floating charge over the company's assets.

8
Directors' transactions

During the year, repayments totalling £nil (2022 - £333) were made in relation to advances made in a previous financial year.

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