Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31true3No description of principal activity2022-06-01false3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05450100 2022-06-01 2023-05-31 05450100 2021-06-01 2022-05-31 05450100 2023-05-31 05450100 2022-05-31 05450100 c:Director2 2022-06-01 2023-05-31 05450100 d:PlantMachinery 2022-06-01 2023-05-31 05450100 d:PlantMachinery 2023-05-31 05450100 d:PlantMachinery 2022-05-31 05450100 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05450100 d:MotorVehicles 2022-06-01 2023-05-31 05450100 d:MotorVehicles 2023-05-31 05450100 d:MotorVehicles 2022-05-31 05450100 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05450100 d:FurnitureFittings 2022-06-01 2023-05-31 05450100 d:FurnitureFittings 2023-05-31 05450100 d:FurnitureFittings 2022-05-31 05450100 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05450100 d:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 05450100 d:OtherPropertyPlantEquipment 2023-05-31 05450100 d:OtherPropertyPlantEquipment 2022-05-31 05450100 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05450100 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05450100 d:Goodwill 2023-05-31 05450100 d:Goodwill 2022-05-31 05450100 d:CurrentFinancialInstruments 2023-05-31 05450100 d:CurrentFinancialInstruments 2022-05-31 05450100 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05450100 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 05450100 d:ShareCapital 2023-05-31 05450100 d:ShareCapital 2022-05-31 05450100 d:RetainedEarningsAccumulatedLosses 2023-05-31 05450100 d:RetainedEarningsAccumulatedLosses 2022-05-31 05450100 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 05450100 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 05450100 c:FRS102 2022-06-01 2023-05-31 05450100 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 05450100 c:FullAccounts 2022-06-01 2023-05-31 05450100 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05450100 2 2022-06-01 2023-05-31 05450100 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 05450100









TOP DECOR LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
TOP DECOR LTD
REGISTERED NUMBER: 05450100

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
23,655
29,068

  
23,655
29,068

Current assets
  

Stocks
 6 
8,000
-

Debtors: amounts falling due within one year
 7 
10,649
46,210

Cash at bank and in hand
 8 
81,771
82,741

  
100,420
128,951

Creditors: amounts falling due within one year
 9 
(116,697)
(130,606)

Net current liabilities
  
 
 
(16,277)
 
 
(1,655)

Total assets less current liabilities
  
7,378
27,413

  

Net assets
  
7,378
27,413


Capital and reserves
  

Called up share capital 
  
102
102

Profit and loss account
  
7,276
27,311

  
7,378
27,413


Page 1

 
TOP DECOR LTD
REGISTERED NUMBER: 05450100
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 February 2024.




................................................
David Sheppard
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Top Decor Ltd is a private company limited by shares, incorporated in England and Wales. The principal activity of the Company throughout the year was that of painters and decorators.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
reducing balance
Garden office
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

Page 5

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
20,000



At 31 May 2023

20,000



Amortisation


At 1 June 2022
20,000



At 31 May 2023

20,000



Net book value



At 31 May 2023
-



At 31 May 2022
-



Page 7

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Garden office
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
407
67,274
12,557
5,517
85,755


Additions
1,772
-
-
-
1,772



At 31 May 2023

2,179
67,274
12,557
5,517
87,527



Depreciation


At 1 June 2022
342
45,291
10,502
552
56,687


Charge for the year on owned assets
459
5,496
678
552
7,185



At 31 May 2023

801
50,787
11,180
1,104
63,872



Net book value



At 31 May 2023
1,378
16,487
1,377
4,413
23,655



At 31 May 2022
65
21,983
2,055
4,965
29,068


6.


Stocks

2023
2022
£
£

Stock and work in progress
8,000
-

8,000
-



7.


Debtors

2023
2022
£
£


Trade debtors
5,279
40,810

Other debtors
4,375
4,322

Prepayments and accrued income
995
1,078

10,649
46,210


Page 8

 
TOP DECOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
81,771
82,741

81,771
82,741



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
10,870

Corporation tax
29,892
31,373

Other taxation and social security
298
3,051

Other creditors
80,222
83,642

Accruals and deferred income
6,285
1,670

116,697
130,606



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
81,771
82,741




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £56,000 (2022 - £35,600). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


12.


Controlling party

The Company is controlled by the directors, Martin Hill and David Sheppard, by virtue of their shareholdings, as described in the Directors' report.

 
Page 9