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REGISTERED NUMBER: 04920063 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

TOPFLITE (NORTH WEST) LIMITED

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOPFLITE (NORTH WEST) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: Mr C L Babb
Mrs J Babb
Mr C J Babb





REGISTERED OFFICE: 54-58 Steeley Lane
Chorley
Lancashire
PR6 0RD





REGISTERED NUMBER: 04920063 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

BALANCE SHEET
31ST OCTOBER 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 339,226 283,839

CURRENT ASSETS
Stocks 5 20,500 20,500
Debtors 6 36,123 20,424
Cash at bank and in hand 117,500 158,149
174,123 199,073
CREDITORS
Amounts falling due within one year 7 (199,455 ) (244,008 )
NET CURRENT LIABILITIES (25,332 ) (44,935 )
TOTAL ASSETS LESS CURRENT LIABILITIES 313,894 238,904

CREDITORS
Amounts falling due after more than
one year

8

(215,138

)

(184,416

)

PROVISIONS FOR LIABILITIES 9 (48,565 ) (25,626 )
NET ASSETS 50,191 28,862

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 50,091 28,762
SHAREHOLDERS' FUNDS 50,191 28,862

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

BALANCE SHEET - continued
31ST OCTOBER 2023


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

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

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 April 2024 and were signed on its behalf by:





Mr C L Babb - Director


TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023


1. STATUTORY INFORMATION

Topflite (North West) 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.

Turnover
Turnover represents the value of goods and services provided in the year, net of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the 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 rate method.

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.


TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 4 (2022 - 4 ) .

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st November 2022 199,974 25,070 13,603
Additions - - -
Disposals - - -
At 31st October 2023 199,974 25,070 13,603
DEPRECIATION
At 1st November 2022 51,007 20,317 13,603
Charge for year 4,000 1,296 -
Eliminated on disposal - - -
At 31st October 2023 55,007 21,613 13,603
NET BOOK VALUE
At 31st October 2023 144,967 3,457 -
At 31st October 2022 148,967 4,753 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st November 2022 215,570 8,046 462,263
Additions 302,648 928 303,576
Disposals (238,330 ) - (238,330 )
At 31st October 2023 279,888 8,974 527,509
DEPRECIATION
At 1st November 2022 86,682 6,815 178,424
Charge for year 44,722 611 50,629
Eliminated on disposal (40,770 ) - (40,770 )
At 31st October 2023 90,634 7,426 188,283
NET BOOK VALUE
At 31st October 2023 189,254 1,548 339,226
At 31st October 2022 128,888 1,231 283,839

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st November 2022 149,170
Additions 257,978
Disposals (193,660 )
At 31st October 2023 213,488
DEPRECIATION
At 1st November 2022 31,588
Charge for year 38,485
Eliminated on disposal (38,909 )
At 31st October 2023 31,164
NET BOOK VALUE
At 31st October 2023 182,324
At 31st October 2022 117,582

5. STOCKS
31.10.23 31.10.22
£    £   
Stocks 20,500 20,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 36,123 20,424

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 20,062 29,101
Hire purchase contracts 29,509 20,652
Trade creditors 80,796 96,555
Taxation and social security 63,204 39,230
Other creditors 5,884 58,470
199,455 244,008

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 63,520 82,878
Hire purchase contracts 151,618 101,538
215,138 184,416

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 29,937 34,809

9. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 48,565 25,626

Deferred
tax
£   
Balance at 1st November 2022 25,626
Provided during year 22,939
Balance at 31st October 2023 48,565

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
75 Ordinary A £1 75 90
25 Ordinary B £1 25 10
100 100

During the period 15 Ordinary "A" shares were reclassified as 15 Ordinary "B" Shares.

TOPFLITE (NORTH WEST) LIMITED (REGISTERED NUMBER: 04920063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


11. RESERVES
Retained
earnings
£   

At 1st November 2022 28,762
Profit for the year 156,329
Dividends (135,000 )
At 31st October 2023 50,091

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The maximum balance the Directors Loan Account was overdrawn by, during the year, was £93,150. Interest has been charged at the HMRC approved interest rate on the outstanding balance. Closing balance of £23,427 is repayable on demand.