Silverfin false false 31/12/2023 01/01/2023 31/12/2023 K N Diamond 31/10/2021 J P Horner 31/10/2021 H Jowitt 31/10/2021 P Rendell 31/10/2021 J H Tootal 31/10/2021 01 March 2024 The principle activity of Models 1 Top Co Limited ("the Company") is that of the parent company. 13475673 2023-12-31 13475673 bus:Director1 2023-12-31 13475673 bus:Director2 2023-12-31 13475673 bus:Director3 2023-12-31 13475673 bus:Director4 2023-12-31 13475673 bus:Director5 2023-12-31 13475673 2022-12-31 13475673 core:CurrentFinancialInstruments 2023-12-31 13475673 core:CurrentFinancialInstruments 2022-12-31 13475673 core:Non-currentFinancialInstruments 2023-12-31 13475673 core:Non-currentFinancialInstruments 2022-12-31 13475673 core:ShareCapital 2023-12-31 13475673 core:ShareCapital 2022-12-31 13475673 core:SharePremium 2023-12-31 13475673 core:SharePremium 2022-12-31 13475673 core:OtherCapitalReserve 2023-12-31 13475673 core:OtherCapitalReserve 2022-12-31 13475673 core:RetainedEarningsAccumulatedLosses 2023-12-31 13475673 core:RetainedEarningsAccumulatedLosses 2022-12-31 13475673 core:CostValuation 2022-12-31 13475673 core:CostValuation 2023-12-31 13475673 bus:OrdinaryShareClass1 2023-12-31 13475673 bus:PreferenceShareClass1 2023-12-31 13475673 2023-01-01 2023-12-31 13475673 bus:FilletedAccounts 2023-01-01 2023-12-31 13475673 bus:SmallEntities 2023-01-01 2023-12-31 13475673 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13475673 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13475673 bus:Director1 2023-01-01 2023-12-31 13475673 bus:Director2 2023-01-01 2023-12-31 13475673 bus:Director3 2023-01-01 2023-12-31 13475673 bus:Director4 2023-01-01 2023-12-31 13475673 bus:Director5 2023-01-01 2023-12-31 13475673 2022-01-01 2022-12-31 13475673 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13475673 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13475673 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13475673 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 13475673 bus:PreferenceShareClass1 2023-01-01 2023-12-31 13475673 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13475673 (England and Wales)

MODELS 1 TOPCO LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MODELS 1 TOPCO LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MODELS 1 TOPCO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MODELS 1 TOPCO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 2,728,531 2,728,531
2,728,531 2,728,531
Current assets
Cash at bank and in hand 331 7,663
331 7,663
Creditors: amounts falling due within one year 4 ( 607,865) ( 565,550)
Net current liabilities (607,534) (557,887)
Total assets less current liabilities 2,120,997 2,170,644
Creditors: amounts falling due after more than one year 5 ( 270,966) ( 455,966)
Net assets 1,850,031 1,714,678
Capital and reserves
Called-up share capital 6 1,233 1,233
Share premium account 286,017 286,017
Other reserves 1,424,601 1,424,601
Profit and loss account 138,180 2,827
Total shareholders' funds 1,850,031 1,714,678

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Models 1 TopCo Ltd (registered number: 13475673) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Rendell
Director

01 March 2024

MODELS 1 TOPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MODELS 1 TOPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Models 1 TopCo Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane , London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like loans from other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 2,728,531
At 31 December 2023 2,728,531
Carrying value at 31 December 2023 2,728,531
Carrying value at 31 December 2022 2,728,531

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 293,456 0
Other creditors 314,409 565,550
607,865 565,550

There are no amounts included above in respect of which any security has been given by the small entity.

Included within other creditors comprises amounts due to shareholders. Interest accrues at 2% over base rate with no fixed repayment terms.

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 270,966 455,966

There are no amounts included above in respect of which any security has been given by the small entity.

Included within other creditors comprises amounts due to shareholders. Interest accrues at 2% over base rate with no fixed repayment terms.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.10 each 1,000 1,000
2,334 Preference shares of £ 0.10 each 233 233
1,233 1,233

7. Ultimate controlling party

There is no individual ultimate controlling party.