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REGISTERED NUMBER: SC459966 (Scotland)












Financial Statements

for the Year Ended 30 September 2023

for

The Top Drawer (EK) Ltd

The Top Drawer (EK) Ltd (Registered number: SC459966)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


The Top Drawer (EK) Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mrs C M McGonigle
Mr J P McGonigle





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC459966 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

The Top Drawer (EK) Ltd (Registered number: SC459966)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 208,697 136,333

CURRENT ASSETS
Inventories 440,237 331,016
Debtors 5 2,601 -
Cash at bank 156 64,977
442,994 395,993
CREDITORS
Amounts falling due within one year 6 342,362 283,793
NET CURRENT ASSETS 100,632 112,200
TOTAL ASSETS LESS CURRENT
LIABILITIES

309,329

248,533

CREDITORS
Amounts falling due after more than one year 7 (135,277 ) (99,583 )

PROVISIONS FOR LIABILITIES (52,174 ) (34,083 )
NET ASSETS 121,878 114,867

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Retained earnings 51,878 44,867
SHAREHOLDERS' FUNDS 121,878 114,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Top Drawer (EK) Ltd (Registered number: SC459966)

Statement of Financial Position - continued
30 September 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 9 January 2024 and were signed on its behalf by:




Mr J P McGonigle - Director



Mrs C M McGonigle - Director


The Top Drawer (EK) Ltd (Registered number: SC459966)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

The Top Drawer (EK) Ltd is a private company, limited by shares , registered in Scotland. 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the retailing of home interior furniture and other products, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Grants are accounted for under the accruals model. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

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

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 statement of financial position date.


The Top Drawer (EK) Ltd (Registered number: SC459966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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 statement of financial position 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 16 ) .

The Top Drawer (EK) Ltd (Registered number: SC459966)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 179,126 44,534 16,125 239,785
Additions 12,708 91,310 1,357 105,375
At 30 September 2023 191,834 135,844 17,482 345,160
DEPRECIATION
At 1 October 2022 69,903 27,684 5,865 103,452
Charge for year 18,290 9,010 5,711 33,011
At 30 September 2023 88,193 36,694 11,576 136,463
NET BOOK VALUE
At 30 September 2023 103,641 99,150 5,906 208,697
At 30 September 2022 109,223 16,850 10,260 136,333

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,601 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 55,390 35,000
Hire purchase contracts 22,164 7,273
Trade creditors 198,934 136,443
Taxation and social security 39,362 90,030
Other creditors 26,512 15,047
342,362 283,793

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans 55,417 90,417
Hire purchase contracts 79,178 9,018
Other creditors 682 148
135,277 99,583