Company Registration No. 05005577 (England and Wales)
TOP GEAR (BRIDPORT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
TOP GEAR (BRIDPORT) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
TOP GEAR (BRIDPORT) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
97,587
72,894
Tangible assets
4
123,616
181,831
Investment property
5
334,019
286,878
555,222
541,603
Current assets
Stocks
2,279,048
2,823,968
Debtors
6
674,147
678,176
Cash at bank and in hand
381,077
315,587
3,334,272
3,817,731
Creditors: amounts falling due within one year
7
(1,964,008)
(2,502,886)
Net current assets
1,370,264
1,314,845
Total assets less current liabilities
1,925,486
1,856,448
Creditors: amounts falling due after more than one year
8
(400,000)
(293,016)
Provisions for liabilities
(29,671)
(39,020)
Net assets
1,495,815
1,524,412
Capital and reserves
Called up share capital
10
485,293
485,293
Profit and loss reserves
1,010,522
1,039,119
Total equity
1,495,815
1,524,412

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.

TOP GEAR (BRIDPORT) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
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 number 05005577 (England and Wales)
TOP GEAR (BRIDPORT) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
300,000
860,664
1,160,664
Year ended 31 January 2023:
Profit and total comprehensive income
-
265,627
265,627
Issue of share capital
10
185,293
-
185,293
Dividends
-
(87,172)
(87,172)
Balance at 31 January 2023
485,293
1,039,119
1,524,412
Year ended 31 January 2024:
Profit and total comprehensive income
-
103,410
103,410
Dividends
-
(132,007)
(132,007)
Balance at 31 January 2024
485,293
1,010,522
1,495,815
TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Top Gear (Bridport) Limited 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.

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Trademarks
10% per annum on a straight-line basis
Development Costs
20% per annum on a straight-line basis
TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and machinery
10% per annum on a straight-line basis
Fixtures, fittings & equipment
10% per annum on a straight-line basis
Computer equipment
20% per annum on a straight-line basis
Motor vehicles
25% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.9
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.

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.

TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.10
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.

1.11
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
1.14
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16
Factoring
The company has entered into a confidential invoice discounting agreement under which specific trade debtors are transferred to the bank, which offers a credit facility available to be drawn up to a fixed percentage of the book value of the debts.

The bank has recourse to the company for any debtors that default, therefore separate presentation is appropriate whereby the trade debtors secured under the agreement are shown as trade debtors due to the company and the cash advanced by the bank is included in creditors falling due within one year.

Factoring fees and interest are charged to the profit and loss account when incurred.
2
Employees

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

2024
2023
Number
Number
Total
16
17
TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2023
106,053
87,672
193,725
Additions
-
0
49,229
49,229
At 31 January 2024
106,053
136,901
242,954
Amortisation and impairment
At 1 February 2023
103,261
17,570
120,831
Amortisation charged for the year
500
24,036
24,536
At 31 January 2024
103,761
41,606
145,367
Carrying amount
At 31 January 2024
2,292
95,295
97,587
At 31 January 2023
2,792
70,102
72,894
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
784,840
Additions
2,026
Disposals
(395,179)
At 31 January 2024
391,687
Depreciation and impairment
At 1 February 2023
603,009
Depreciation charged in the year
29,360
Eliminated in respect of disposals
(364,298)
At 31 January 2024
268,071
Carrying amount
At 31 January 2024
123,616
At 31 January 2023
181,831
TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
5
Investment property
2024
£
Fair value
At 1 February 2023
286,878
Additions
47,141
At 31 January 2024
334,019

The Investment properties (which are all freehold properties) have been valued by the directors at 31 January 2024 based on open market value for existing use.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
486,115
464,561
Gross amounts owed by contract customers
17,983
908
Amounts owed by group undertakings
47,370
-
0
Other debtors
924
105,575
Prepayments and accrued income
121,755
107,132
674,147
678,176

The Gross amounts owed by customers above represent the net investment in finance leases.

 

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,099,762
1,418,467
Obligations under finance leases
-
0
9,776
Trade creditors
484,141
895,740
Amounts owed to group undertakings
602
37,069
Corporation tax
58,373
50,099
Other taxation and social security
127,580
10,892
Other creditors
36,669
51,785
Accruals and deferred income
156,881
29,058
1,964,008
2,502,886

 

All bank facilities, including the amount owed to the factoring company under a confidential invoice discounting agreement are secured by fixed and floating charges over all the assets of the company.

TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
400,000
293,016

Obligations under finance leases are secured upon the assets acquired.

 

The bank overdraft and bank loan are secured by a charge over the company's assets. The bank loan is repayable by instalments within 5 years.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
29,671
39,020
2024
Movements in the year:
£
Liability at 1 February 2023
39,020
Credit to profit or loss
(9,349)
Liability at 31 January 2024
29,671

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
485,143
485,143
485,143
485,143
Ordinary shares non-voting of £1 each
150
150
150
150
485,293
485,293
485,293
485,293

The non-voting shares have full dividend rights, but are only entitled to a return of capital on a winding up.

 

TOP GEAR (BRIDPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
81,250
156,250
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

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

 

During the year a company controlled by a director charged the company £56,750 (2023: £57,650) for computer consultancy.

 

During the year a company controlled by a director charged the company £13,200 (2023: £14,100) for consultancy services.

 

 

 

 

13
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

14
Parent company

The company is a wholly-owned subsidiary of Top Gear (International Holdings) Limited, a company registered in England & Wales.

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