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Registration number: NI668953

Topgun Property Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Topgun Property Group Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Topgun Property Group Ltd

(Registration number: NI668953)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

303,816

116,844

Current assets

 

Debtors

5

41,667

66,667

Cash at bank and in hand

 

50,753

134,660

 

92,420

201,327

Creditors: Amounts falling due within one year

6

(439,803)

(328,764)

Net current liabilities

 

(347,383)

(127,437)

Net liabilities

 

(43,567)

(10,593)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(43,569)

(10,595)

Shareholders' deficit

 

(43,567)

(10,593)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
Mr J Farrelly
Director

.........................................
Mr A P Farrelly
Director

 
     
 

Topgun Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
109 Derrynoose Road
Keady
Armagh
BT60 3EZ
Northern Ireland

These financial statements were authorised for issue by the Board on 23 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company relies on the continuing support of the directors, and the directors have indicated that this support will continue. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Topgun Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Investment property

The company's property is held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), as follows:

No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Topgun Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 May

116,844

Additions

186,972

At 30 April

303,816

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Other debtors

41,667

66,667

41,667

66,667

Details of non-current trade and other debtors

£Nil (2022 -£56,668) of other debtors is classified as non current.

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,767

4,728

Accruals and deferred income

 

900

900

Other creditors

 

433,136

323,136

 

439,803

328,764

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Topgun Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

5,767

4,728