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TOPSPEC JOINERY & CONSTRUCTION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOPSPEC JOINERY & CONSTRUCTION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: S G Topp
R Doyle





REGISTERED OFFICE: C/O Wilkinson and Partners
Fairfax House, 6A Mill Field Road
Cottingley Business Park
Bingley
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 13521977 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,671 31,081

CURRENT ASSETS
Stocks 14,950 -
Debtors 5 43,521 46,792
Cash at bank and in hand 266,278 225,469
324,749 272,261
CREDITORS
Amounts falling due within one year 6 224,117 221,100
NET CURRENT ASSETS 100,632 51,161
TOTAL ASSETS LESS CURRENT LIABILITIES 130,303 82,242

CREDITORS
Amounts falling due after more than one
year

7

(16,634

)

(41,972

)

PROVISIONS FOR LIABILITIES 9 (2,623 ) (1,753 )
NET ASSETS 111,046 38,517

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 110,946 38,417
SHAREHOLDERS' FUNDS 111,046 38,517

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

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

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

BALANCE SHEET - continued
31 JULY 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 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 26 June 2024 and were signed on its behalf by:





S G Topp - Director


TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Topspec Joinery & Construction Ltd 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% 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 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.

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.

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

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


2. ACCOUNTING POLICIES - continued

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 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022 2,543 34,665 37,208
Additions - 10,300 10,300
Disposals - (3,452 ) (3,452 )
At 31 July 2023 2,543 41,513 44,056
DEPRECIATION
At 1 August 2022 424 5,703 6,127
Charge for year 424 9,176 9,600
Eliminated on disposal - (1,342 ) (1,342 )
At 31 July 2023 848 13,537 14,385
NET BOOK VALUE
At 31 July 2023 1,695 27,976 29,671
At 31 July 2022 2,119 28,962 31,081

The net book value of tangible fixed assets includes £ 9,930 (2022 - £ 13,240 ) in respect of assets held under hire purchase contracts.

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 40,396 39,917
Prepayments 3,125 6,875
43,521 46,792

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 7,482 7,298
Hire purchase contracts 14,420 687
Trade creditors 71,585 54,124
Tax 25,368 18,751
Social security and other taxes 3,671 1,635
Net pay control 1,500 -
VAT 47,393 30,227
Other creditors 386 234
Directors' current accounts 49,912 105,969
Accrued expenses 2,400 2,175
224,117 221,100

The director's loan is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 7,672 7,482
Bank loans - 2-5 years 8,962 16,633
Hire purchase contracts - 17,857
16,634 41,972

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Hire purchase contracts 14,420 18,544

Hire purchase debt is secured by a charge over the asset which is the subject of the agreement.

9. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 2,623 1,753

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

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


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 1,753
Accelerated Capital Allowances 870
Balance at 31 July 2023 2,623

The entire provision for Deferred Taxation is in relation to accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1.00 100 100

11. ULTIMATE CONTROLLING PARTY

The controlling party is S G Topp.