Registered number
04021421
Topsy-Turvy World (Brent Cross) Limited
Unaudited Filleted Accounts
30 June 2023
Topsy-Turvy World (Brent Cross) Limited
Registered number: 04021421
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,871 24,612
Current assets
Stocks 12,654 3,979
Debtors 4 52,576 21,090
Cash at bank and in hand 103,518 104,671
168,748 129,740
Creditors: amounts falling due within one year 5 (275,222) (450,299)
Net current liabilities (106,474) (320,559)
Net liabilities (72,603) (295,947)
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account (92,603) (315,947)
Shareholder's funds (72,603) (295,947)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved and authorised on behalf of the board on
Jonathan Laznik
Director
Signed on behalf of the board on 7 March 2024
Topsy-Turvy World (Brent Cross) Limited
Notes to the financial statements
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
Topsy-Turvy World (Brent Cross) Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office is given in the company information on page 1 of these financial statements. The company's principle place of business is same as the registered address.
The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded.
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A (this is the company's first time adoption and there is no transition adjustment to report) , The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The significant accounting policies applied in the preparation of these financial statements are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 20
3 Tangible fixed assets
Land and buildings Equipment, fixtures & fittings Total
£ £ £
Cost
At 1 July 2022 77,728 1,234,656 1,312,384
Additions - 26,841 26,841
At 30 June 2023 77,728 1,261,497 1,339,225
Depreciation
At 1 July 2022 77,728 1,210,044 1,287,772
Charge for the year - 17,582 17,582
At 30 June 2023 77,728 1,227,626 1,305,354
Net book value
At 30 June 2023 - 33,871 33,871
At 30 June 2022 - 24,612 24,612
4 Debtors 2023 2022
£ £
Trade debtors 4,299 842
Other debtors 48,277 20,248
52,576 21,090
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 106,495 20,673
Amounts owed to group undertakings and undertakings in which the company has a participating interest 130,558 318,000
Taxation and social security costs 2,094 -
Other creditors 36,075 111,626
275,222 450,299
6 Controlling party
The ultimate controlling party is Jonathan Laznik.
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