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REGISTERED NUMBER: 03097927 (England and Wales)












Topline Properties Limited

Unaudited Financial Statements

for the Period 1 October 2022 to 31 March 2024






Topline Properties Limited (Registered number: 03097927)






Contents of the Financial Statements
for the Period 1 October 2022 to 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Topline Properties Limited

Company Information
for the Period 1 October 2022 to 31 March 2024







Director: M G Parker





Secretary: M G Parker





Registered office: Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ





Registered number: 03097927 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Topline Properties Limited (Registered number: 03097927)

Balance Sheet
31 March 2024

31.3.24 30.9.22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 9 13
Investments 5 888 711
Investment property 6 1,375,550 1,420,000
1,376,447 1,420,724

Current assets
Debtors 7 1,480 1,617
Cash at bank 348,241 233,889
349,721 235,506
Creditors
Amounts falling due within one year 8 45,005 11,091
Net current assets 304,716 224,415
Total assets less current liabilities 1,681,163 1,645,139

Provisions for liabilities 105,609 107,327
Net assets 1,575,554 1,537,812

Capital and reserves
Called up share capital 100 100
Fair value reserve 9 673,806 716,362
Retained earnings 901,648 821,350
Shareholders' funds 1,575,554 1,537,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Topline Properties Limited (Registered number: 03097927)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 April 2024 and were signed by:





M G Parker - Director


Topline Properties Limited (Registered number: 03097927)

Notes to the Financial Statements
for the Period 1 October 2022 to 31 March 2024

1. Statutory information

Topline Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Topline Properties Limited (Registered number: 03097927)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Fixed asset investment
Fixed asset investments are stated at fair value. Changes in fair value are recognised in profit or loss.

3. Employees and directors

The average number of employees during the period was 2 (2022 - NIL ) .

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 October 2022
and 31 March 2024 28,873
Depreciation
At 1 October 2022 28,860
Charge for period 4
At 31 March 2024 28,864
Net book value
At 31 March 2024 9
At 30 September 2022 13

Topline Properties Limited (Registered number: 03097927)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2024

5. Fixed asset investments
Other
investments
£   
Cost or valuation
At 1 October 2022 711
Valuation changes 177
At 31 March 2024 888
Net book value
At 31 March 2024 888
At 30 September 2022 711


6. Investment property
Total
£   
Fair value
At 1 October 2022 1,420,000
Additions 6,923
Valuation changes (51,373 )
At 31 March 2024 1,375,550
Net book value
At 31 March 2024 1,375,550
At 30 September 2022 1,420,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 1,420,000
Valuation in 2023 (44,450 )
1,375,550

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 30.9.22
£    £   
Cost 602,446 595,523

The investment properties were valued on an open market basis on 31 March 2024 by the directors .

Topline Properties Limited (Registered number: 03097927)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2024

7. Debtors: amounts falling due within one year
31.3.24 30.9.22
£    £   
Other debtors 1,480 1,617

8. Creditors: amounts falling due within one year
31.3.24 30.9.22
£    £   
Trade creditors 1,784 507
Taxation and social security 22,612 7,258
Other creditors 20,609 3,326
45,005 11,091

9. Reserves
Fair
value
reserve
£   
At 1 October 2022 716,362
Transfer to retained earnings (42,556 )

At 31 March 2024 673,806

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the period ended 31 March 2024 and the year ended 30 September 2022:

31.3.24 30.9.22
£    £   
M G Parker
Balance outstanding at start of period 809 1,306
Amounts advanced 114,270 809
Amounts repaid (115,079 ) (1,306 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 809

J J Pegna
Balance outstanding at start of period 809 1,306
Amounts advanced 94,393 809
Amounts repaid (95,202 ) (1,306 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 809

Topline Properties Limited (Registered number: 03097927)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2024

10. Directors' advances, credits and guarantees - continued

The loan was unsecured, interest free & fully repaid during the period.