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REGISTERED NUMBER: 01516938 (England and Wales)









Financial Statements

for the Year Ended 31 March 2023

for

Top Gem Limited

Top Gem Limited (Registered number: 01516938)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Top Gem Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: R Davis





REGISTERED OFFICE: Parker Cavendish
28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 01516938 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Top Gem Limited (Registered number: 01516938)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - -
Investment property 5 740,000 650,000
740,000 650,000

CURRENT ASSETS
Debtors 6 19,991 21,134
Cash at bank 3,291 12,405
23,282 33,539
CREDITORS
Amounts falling due within one year 7 23,851 30,267
NET CURRENT (LIABILITIES)/ASSETS (569 ) 3,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

739,431

653,272

PROVISIONS FOR LIABILITIES 77,963 60,863
NET ASSETS 661,468 592,409

CAPITAL AND RESERVES
Called up share capital 27 27
Capital redemption reserve 8 60,126 60,126
Retained earnings 8 601,315 532,256
SHAREHOLDERS' FUNDS 661,468 592,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Top Gem Limited (Registered number: 01516938)

Statement of Financial Position - continued
31 March 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 November 2023 and were signed by:





R Davis - Director


Top Gem Limited (Registered number: 01516938)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Top Gem 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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% Straight line
Fixtures and fittings - 25% Straight line

Investment property
Investment property is revalued annually and the aggregate surplus or deficit arising from changes in
market value is transferred to retained earnings. Depreciation is not provided in respect of the
investment property. This is a departure from the Companies Act which requires all properties to be
depreciated. The properties are not held for consumption but for investment and the directors consider
that to depreciate them would not give a true and fair view.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

Top Gem Limited (Registered number: 01516938)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 2,023 3,516 5,539
DEPRECIATION
At 1 April 2022
and 31 March 2023 2,023 3,516 5,539
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 - - -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 650,000
Revaluations 90,000
At 31 March 2023 740,000
NET BOOK VALUE
At 31 March 2023 740,000
At 31 March 2022 650,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2011 40,000
Valuation in 2017 550,000
Valuation in 2018 100,000
Valuation in 2019 (80,000 )
Valuation in 2020 (100,000 )
Valuation in 2021 (40,000 )
Valuation in 2022 70,000
Valuation in 2023 90,000
Cost 110,000
740,000

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

2023 2022
£    £   
Cost 110,000 110,000

The investment property was valued on an open market basis on 31 March 2023 by Hindwoods Chartered Surveyors .

Top Gem Limited (Registered number: 01516938)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 19,991 19,991
Prepayments - 1,143
19,991 21,134

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 743 5,462
Other creditors - 1,300
Directors' current accounts 14,389 16,393
Accrued expenses 8,719 7,112
23,851 30,267

8. RESERVES

The retained earnings of £604,231 (2022: £532,256) comprise of distributable reserves of £52,194 (2022: £53,119) and non-distributable reserves of £552,037 (2022: £479,137) which relate to property revaluations less related deferred tax provision.