Company registration number 11583468 (England and Wales)
TOPLINE RETAIL SOLUTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
TOPLINE RETAIL SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TOPLINE RETAIL SOLUTIONS LTD
BALANCE SHEET
AS AT
29 JANUARY 2024
29 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,761
42,964
Current assets
Stocks
2,152,926
1,490,511
Debtors
5
438,928
324,332
Cash at bank and in hand
634,662
1,917
3,226,516
1,816,760
Creditors: amounts falling due within one year
6
(1,397,129)
(316,736)
Net current assets
1,829,387
1,500,024
Total assets less current liabilities
1,879,148
1,542,988
Creditors: amounts falling due after more than one year
7
(943,736)
(729,892)
Provisions for liabilities
(4,718)
(7,559)
Net assets
930,694
805,537
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
930,692
805,535
Total equity
930,694
805,537
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mrs D Vaiciuliene
Director
Company registration number 11583468 (England and Wales)
TOPLINE RETAIL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Topline Retail Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 27 Greenmeadow Road, Newport, NP19 4LP.
1.1
Reporting period
These financial statements cover 12 months, however the comparative information cover a period shorter by 2 days.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over life of lease
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
TOPLINE RETAIL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TOPLINE RETAIL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Stocks
28,587
Recognised in:
Cost of sales
-
28,587
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 30 January 2023
43,137
11,907
1,638
52,737
109,419
Additions
18,990
4,583
4,948
624
29,145
At 29 January 2024
62,127
4,583
16,855
2,262
52,737
138,564
Depreciation and impairment
At 30 January 2023
10,764
1,674
1,280
52,737
66,455
Depreciation charged in the year
19,154
476
2,564
154
22,348
At 29 January 2024
29,918
476
4,238
1,434
52,737
88,803
Carrying amount
At 29 January 2024
32,209
4,107
12,617
828
49,761
At 29 January 2023
32,373
10,233
358
42,964
TOPLINE RETAIL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
117,878
35,220
Other debtors
321,050
289,112
438,928
324,332
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,728
35,249
Trade creditors
788,323
32,109
Corporation tax
74,596
49,262
Other taxation and social security
252,897
106,371
Other creditors
243,585
93,745
1,397,129
316,736
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
943,736
729,892
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
9
Directors' transactions
Dividends totalling £100,540 (2023 - £102,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
50,419
120,169
(217,816)
(47,228)
50,419
120,169
(217,816)
(47,228)