Registration number:
Topcars Limited
for the Period from 1 March 2023 to 28 February 2024
Topcars Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Topcars Limited
Company Information
Director |
G J Topper |
Company secretary |
S M Topper |
Registered office |
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Topcars Limited
(Registration number: 04166433)
Balance Sheet as at 28 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
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Other financial assets |
1,987,661 |
1,852,298 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Other reserves |
200,529 |
- |
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Retained earnings |
1,828,815 |
1,927,077 |
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Shareholders' funds |
2,029,346 |
1,927,079 |
For the financial period ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The Director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Topcars Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04166433.
The address of its registered office is:
The principal place of business is:
32 Welton Old Road
Welton
Brough
East Yorkshire
HU15 1NU
These financial statements were authorised for issue by the
Accounting policies |
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 financial statements have been prepared in sterling and are rounded to the nearest pound.
Revenue recognition
Turnover arises from commission received from the sale of cars. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.
Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.
Topcars Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
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 |
Fixtures and fittings |
15% reducing balance |
Office equipment |
33% on cost |
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Investments held as current assets are stated at the lower of cost and net realisable value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Topcars Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the period, was
Topcars Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2023 |
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At 28 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the period |
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At 28 February 2024 |
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Carrying amount |
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At 28 February 2024 |
- |
- |
At 28 February 2023 |
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Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 March 2023 |
1,852,298 |
1,852,298 |
Fair value adjustments |
290,170 |
290,170 |
Additions |
1,874,085 |
1,874,085 |
Disposals |
(2,028,892) |
(2,028,892) |
At 28 February 2024 |
1,987,661 |
1,987,661 |
Impairment |
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Carrying amount |
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At 28 February 2024 |
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1,987,661 |
Stocks |
2024 |
2023 |
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Other inventories |
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Topcars Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
- |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Other borrowings |
- |
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Other borrowings included unsecured amounts due to Directors.
Related party transactions |
Other transactions with the Director |
At the year end, the company owed the directors £nil (2023: £9,250).