Company Registration No. 10797984 (England and Wales)
TOP GEAR (INTERNATIONAL HOLDINGS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
TOP GEAR (INTERNATIONAL HOLDINGS) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
TOP GEAR (INTERNATIONAL HOLDINGS) LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,710,307
2,710,307
Current assets
Debtors
4
36,715
36,715
Creditors: amounts falling due within one year
5
(87,088)
(87,088)
Net current liabilities
(50,373)
(50,373)
Net assets
2,659,934
2,659,934
Capital and reserves
Called up share capital
6
1,899
1,899
Revaluation reserve
1,750,000
1,750,000
Profit and loss reserves
908,035
908,035
Total equity
2,659,934
2,659,934

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 31 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 8 August 2024 and are signed on its behalf by:
Mr S  Kilcoyne
Director
Company Registration No. 10797984
TOP GEAR (INTERNATIONAL HOLDINGS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
1,899
1,425,000
909,585
2,336,484
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
85,622
85,622
Dividends
-
-
(87,172)
(87,172)
Other movements
-
325,000
-
325,000
Balance at 31 January 2023
1,899
1,750,000
908,035
2,659,934
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
132,007
132,007
Dividends
-
-
(132,007)
(132,007)
Balance at 31 January 2024
1,899
1,750,000
908,035
2,659,934
TOP GEAR (INTERNATIONAL HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Top Gear (International Holdings) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wessex House, Teign Road, Newton Abbot, Devon, TQ12 4AA.

1.1
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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries are initially measured at fair value, which is normally the transaction price, and subsequently carried at fair value with changes in fair value recognised in Other comprehensive income. In previous years interest in subsidiaries were initially measured at cost, and subsequently measured at cost less any accumulated impairment losses. This is a change in accounting policy - see note to the financial statements.

 

Interests in subsidiaries are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TOP GEAR (INTERNATIONAL HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,710,307
2,710,307
Fixed asset investments revalued

Shares in subsidiaries are included at revalued amounts, based on their fair value which has been estimated by the directors.

 

The value of shares in subsidiaries on the historical cost basis at 31 January 2024 is £775,013 (2023: £675,012).

TOP GEAR (INTERNATIONAL HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
36,715
36,715

Amounts owed by group undertakings are interest-free, unsecured and carry no fixed terms of repayment.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
3,980
3,980
Amounts owed to group undertakings
82,155
82,155
Other creditors
3
3
Accruals and deferred income
950
950
87,088
87,088
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
1,366
1,366
1,366
1,366
Ordinary B Shares of £1 each
455
455
455
455
Ordinary Shares of £1 each
78
78
78
78
1,899
1,899
1,899
1,899

All classes of share rank pari passu, and have full voting & capital distribution rights.

7
Related party transactions

The company has taken advantage of the exemption available to small groups under FRS 102 from disclosing intra-group transactions.

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