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REGISTERED NUMBER: 13938953 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

TOPSAIL HOLDINGS LTD

TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOPSAIL HOLDINGS LTD

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: R C Stevens
C A McGowan
N A Hawkes
R De Cristofano





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 13938953 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 288,509 320,566
Investments 5 17,000 17,000
305,509 337,566

CURRENT ASSETS
Debtors 6 170 170

CREDITORS
Amounts falling due within one year 7 (230,306 ) (163,489 )
NET CURRENT LIABILITIES (230,136 ) (163,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,373

174,247

CREDITORS
Amounts falling due after more than one
year

8

(92,073

)

(157,077

)
NET (LIABILITIES)/ASSETS (16,700 ) 17,170

CAPITAL AND RESERVES
Called up share capital 9 17,170 17,170
Retained earnings (33,870 ) -
SHAREHOLDERS' FUNDS (16,700 ) 17,170

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)

BALANCE SHEET - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





C A McGowan - Director


TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Topsail Holdings Ltd 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 Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial instruments
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all financial liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 320,566
AMORTISATION
Charge for year 32,057
At 31 August 2023 32,057
NET BOOK VALUE
At 31 August 2023 288,509
At 31 August 2022 320,566

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 17,000
NET BOOK VALUE
At 31 August 2023 17,000
At 31 August 2022 17,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 170 170

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Amounts owed to group undertakings 164,526 98,489
Other creditors 65,780 65,000
230,306 163,489

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Other creditors 92,073 157,077

TOPSAIL HOLDINGS LTD (REGISTERED NUMBER: 13938953)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
5,151 Ordinary A £1 5,151 5,151
5,151 Ordinary B £1 5,151 5,151
3,434 Ordinary C £1 3,434 3,434
3,434 Ordinary D £1 3,434 3,434
17,170 17,170

10. RELATED PARTY DISCLOSURES

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.