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REGISTERED NUMBER: 02622525 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

Topsharp Limited

Topsharp Limited (Registered number: 02622525)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Topsharp Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: M Gibson





REGISTERED OFFICE: 4 Albert Street
Markyate
Hertfordshire
AL3 8HY





REGISTERED NUMBER: 02622525 (England and Wales)





ACCOUNTANTS: ALAM&ALAM ACCOUNTANTS
Chartered Management Accountants
60 Watling Street
Radlett
Hertfordshire
WD7 7NN

Topsharp Limited (Registered number: 02622525)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 39,915 18,587

CURRENT ASSETS
Stocks 5 32,000 27,500
Debtors 6 165,620 129,804
Cash at bank 455,673 672,855
653,293 830,159
CREDITORS
Amounts falling due within one year 7 (128,808 ) (170,417 )
NET CURRENT ASSETS 524,485 659,742
TOTAL ASSETS LESS CURRENT
LIABILITIES

564,400

678,329

PROVISIONS FOR LIABILITIES 8 - (3,532 )
NET ASSETS 564,400 674,797

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 564,300 674,697
SHAREHOLDERS' FUNDS 564,400 674,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 July 2024 and were signed by:



M Gibson - Director


Topsharp Limited (Registered number: 02622525)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Topsharp 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks 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 balance sheet date.

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.

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 6 (2023 - 5 ) .

Topsharp Limited (Registered number: 02622525)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 12,766 41,441 3,112 57,319
Additions - 34,425 - 34,425
Disposals - (23,225 ) - (23,225 )
At 30 June 2024 12,766 52,641 3,112 68,519
DEPRECIATION
At 1 July 2023 4,239 32,454 2,039 38,732
Charge for year 1,706 8,059 214 9,979
Eliminated on disposal - (20,107 ) - (20,107 )
At 30 June 2024 5,945 20,406 2,253 28,604
NET BOOK VALUE
At 30 June 2024 6,821 32,235 859 39,915
At 30 June 2023 8,527 8,987 1,073 18,587

5. STOCKS
2024 2023
£    £   
Stocks 32,000 27,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 147,784 124,183
Other debtors 4,725 4,725
Tax 5,651 -
Deferred tax asset 6,527 -
Prepayments and accrued income 933 896
165,620 129,804

Included within debtors is a deferred tax asset of £14,111 (2023 - £nil) relating to carried forward taxable trade losses of £74,270 (2023 - £nil) which has been netted off against a deferred tax liability of £7,584 (2023 - £3,532) relating to accelerated capital allowances. The deferred tax asset has been recognised as it is deemed probable for the company to recover the deferred tax asset in full via the reversal of deferred tax liabilities or future taxable profits.

Topsharp Limited (Registered number: 02622525)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 68,235 79,308
Tax - 5,651
VAT 19,896 41,088
Credit card balance 1,776 4,594
Net wages payable 312 432
Pensions payable 2,507 2,426
Social security and other tax 6,166 5,588
Director's current accounts 1,075 1,167
Accrued expenses 28,841 30,163
128,808 170,417

8. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 3,532

Deferred
tax
£   
Balance at 1 July 2023 3,532
Credit to Income Statement during year (10,059 )
Balance at 30 June 2024 (6,527 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

The director holds 50% shareholding of the company.

The director's current account, included within creditors, of £1,075 (2023 - £1,167) had no fixed repayment date, was repayable on demand and was non-interest bearing.

During the year, total dividends of £21,711 (2023 - £7,500) were paid to the director's wife, whom holds the remaining 50% shareholding of the company.

Included within creditors are net wages owed to the director's wife of £312 (2023 - £432). Amounts owed had no fixed repayment date, was repayable on demand and was non-interest bearing. The operating profit is stated after charging pension costs attributable to the director's wife's defined contribution pension scheme of £60,000 (£41,084) and her salary costs of £46,950 (2023 - £54,600).

The operating profit is stated after charging pension costs attributable to the director's daughter's defined contribution pension scheme of £nil (2023 - £973) and her salary costs of £nil (2023 - £26,400).