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REGISTERED NUMBER: 04169204 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

TOP 555 LIMITED

TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOP 555 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: T D Freimuth
C A Freimuth





SECRETARY: C E Freimuth





REGISTERED OFFICE: Burley Road
Oakham
Rutland
LE15 7AA





REGISTERED NUMBER: 04169204 (England and Wales)





ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH

TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 102,005 120,279

CURRENT ASSETS
Stocks 4,645,462 4,107,791
Debtors 5 239,669 150,287
Cash at bank 10,891 3,129,082
4,896,022 7,387,160
CREDITORS
Amounts falling due within one year 6 4,247,780 6,842,383
NET CURRENT ASSETS 648,242 544,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

750,247

665,056

CREDITORS
Amounts falling due after more than one
year

7

(26,955

)

(103,908

)

PROVISIONS FOR LIABILITIES (16,141 ) (19,117 )
NET ASSETS 707,151 542,031

CAPITAL AND RESERVES
Called up share capital 182 182
Capital redemption reserve 518 518
Retained earnings 706,451 541,331
707,151 542,031

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 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.

TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

BALANCE SHEET - continued
28TH FEBRUARY 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 Board of Directors and authorised for issue on 22nd November 2023 and were signed on its behalf by:




C A Freimuth - Director



T D Freimuth - Director


TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

Top 555 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 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 7 years with residual
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance, 15% on reducing balance and 5% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company is party to only basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

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 balance sheet date.


TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 75,720 32,392 100,233 132,955 341,300
Additions - - 3,119 8,000 11,119
At 28th February 2023 75,720 32,392 103,352 140,955 352,419
DEPRECIATION
At 1st March 2022 50,467 26,032 88,471 56,051 221,021
Charge for year 6,385 762 3,485 18,761 29,393
At 28th February 2023 56,852 26,794 91,956 74,812 250,414
NET BOOK VALUE
At 28th February 2023 18,868 5,598 11,396 66,143 102,005
At 28th February 2022 25,253 6,360 11,762 76,904 120,279

TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,578 26,344
Other debtors 223,091 123,943
239,669 150,287

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 26,245 26,245
Trade creditors 178,783 2,078,368
Taxation and social security 153,371 290,950
Other creditors 3,839,381 4,396,820
4,247,780 6,842,383

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 16,667 66,667
Hire purchase contracts 10,288 37,241
26,955 103,908

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 66,667 116,667
Vehicle stocking finance 3,501,763 3,647,620
3,568,430 3,764,287

Obligations under hire purchase contracts are secured against the assets to which they relate.

Obligations under the Lombard stocking loan, which is included within vehicle stocking finance, are partly secured against the vehicles to which they relate.

Bank loans are secured under the UK government Coronavirus Business Interruption loan schemes providing a full guarantee on the outstanding amount.

TOP 555 LIMITED (REGISTERED NUMBER: 04169204)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


9. RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were all concluded under normal market conditions.