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Registration number: 03267875

The Topping Pie Company Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Topping Pie Company Ltd

(Registration number: 03267875)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

595,195

592,805

Current assets

 

Stocks

171,051

123,650

Debtors

5

252,821

238,167

Cash at bank and in hand

 

49,107

15,694

 

472,979

377,511

Creditors: Amounts falling due within one year

6

(576,650)

(528,916)

Net current liabilities

 

(103,671)

(151,405)

Total assets less current liabilities

 

491,524

441,400

Creditors: Amounts falling due after more than one year

6

(240,364)

(293,295)

Provisions for liabilities

(39,256)

(38,658)

Net assets

 

211,904

109,447

Capital and reserves

 

Called up share capital

220

220

Profit and loss account

211,684

109,227

Shareholders' funds

 

211,904

109,447

For the financial year ending 31 March 2024 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 and the option not to file the Profit and Loss Account has been taken.

 

The Topping Pie Company Ltd

(Registration number: 03267875)

Balance Sheet as at 31 March 2024

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................

R J A Topping
Company secretary and director

 

The Topping Pie Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

The Topping Pie Company Ltd is a private company, limited by shares, domiciled in England and Wales, company number 03267875. The registered office is at 2 The Crescent, Blaxton, Doncaster, South Yorkshire, DN9 3AS.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

The Topping Pie Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

not depreciated

Motor vehicles

25% reducing balance

Furniture, Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15 years straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

The Topping Pie Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 39).

3

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 April 2023

150,000

150,000

At 31 March 2024

150,000

150,000

Amortisation

At 1 April 2023

150,000

150,000

At 31 March 2024

150,000

150,000

Carrying amount

At 31 March 2024

-

-

 

The Topping Pie Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

438,171

674,532

4,500

1,117,203

Additions

-

1,316

32,992

34,308

At 31 March 2024

438,171

675,848

37,492

1,151,511

Depreciation

At 1 April 2023

-

522,675

1,723

524,398

Charge for the year

-

22,976

8,942

31,918

At 31 March 2024

-

545,651

10,665

556,316

Carrying amount

At 31 March 2024

438,171

130,197

26,827

595,195

At 31 March 2023

438,171

151,857

2,777

592,805

 

The Topping Pie Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
 £

2023
 £

Trade debtors

 

214,969

217,856

Amounts owed by related parties

12,086

-

Other debtors

 

25,766

20,311

   

252,821

238,167

6

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Bank loan and overdrafts - secured

203,935

197,760

Trade creditors

107,688

64,250

Directors loan accounts

136,596

132,923

Social security and other taxes

7,794

36,958

Outstanding defined contribution pension costs

2,867

520

Other payables

32,321

58,767

Accrued expenses

39,474

32,517

Corporation tax

45,975

5,221

576,650

528,916

Due after one year

Bank loans and overdrafts - secured

240,364

293,295

Creditors include bank loans repayable by instalments of £108,460.00 (2023 - £189,813.00) due after more than five years.