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REGISTERED NUMBER: 04580164 (England and Wales)











Financial Statements

for the Year Ended 30 November 2023

for

TOP GUN REFINISHING LIMITED

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOP GUN REFINISHING LIMITED

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr P M Cook
Mr M Harris





SECRETARY: Mr M Harris





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: 04580164 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,266,539 1,283,903

CURRENT ASSETS
Stocks 5 9,500 11,500
Debtors 6 192,754 156,334
Cash at bank and in hand 306,479 385,461
508,733 553,295
CREDITORS
Amounts falling due within one year 7 536,731 702,639
NET CURRENT LIABILITIES (27,998 ) (149,344 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,238,541

1,134,559

CREDITORS
Amounts falling due after more than one year 8 (251,508 ) (275,087 )

PROVISIONS FOR LIABILITIES 10 (9,294 ) (11,408 )
NET ASSETS 977,739 848,064

CAPITAL AND RESERVES
Called up share capital 11 111 111
Fair value reserve 373,044 373,044
Retained earnings 604,584 474,909
SHAREHOLDERS' FUNDS 977,739 848,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Balance Sheet - continued
30 November 2023


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 Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Mr M Harris - Director


TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Top Gun Refinishing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the net invoiced sales of good and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

Freehold property - 2% on cost
Plant and machinery - 20% reducing balance
Fixtures and fittings - 33.3% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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.

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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2022 1,306,713 227,181 37,141 37,456 1,608,491
Additions - 10,039 154 - 10,193
At 30 November 2023 1,306,713 237,220 37,295 37,456 1,618,684
DEPRECIATION
At 1 December 2022 108,861 175,696 33,544 6,487 324,588
Charge for year 7,874 10,729 1,212 7,742 27,557
At 30 November 2023 116,735 186,425 34,756 14,229 352,145
NET BOOK VALUE
At 30 November 2023 1,189,978 50,795 2,539 23,227 1,266,539
At 30 November 2022 1,197,852 51,485 3,597 30,969 1,283,903

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost 1,306,713 237,220 37,295 37,456 1,618,684

5. STOCKS
30.11.23 30.11.22
£    £   
Stocks 9,500 11,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 184,803 156,334
Directors' current accounts 7,951 -
192,754 156,334

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 9) 37,436 43,622
Trade creditors 170,921 189,738
Tax 72,657 106,086
Social security and other taxes 12,156 10,427
VAT 41,137 46,613
Other creditors - 1,694
Directors' current accounts 32,810 80,659
Accruals and deferred income 169,614 223,800
536,731 702,639

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 9) 251,508 275,087

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 125,599 100,599

9. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 37,436 43,622

Amounts falling due between one and two years:
Bank loans - 1-2 years 37,436 43,622

Amounts falling due between two and five years:
Bank loans - 2-5 years 88,473 130,866

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 125,599 100,599

10. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 9,294 11,408

Deferred
tax
£   
Balance at 1 December 2022 11,408
Provided during year (2,114 )
Balance at 30 November 2023 9,294

TOP GUN REFINISHING LIMITED (REGISTERED NUMBER: 04580164)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
48 A Class Ordinary £1 48 48
48 B Class Ordinary £1 48 48
1 C Class Ordinary £1 1 1
1 D Class Ordinary £1 1 1
1 E Class Ordinary £1 1 1
1 F Class Ordinary £1 1 1
1 G Class Ordinary £1 1 1
1 H Class Ordinary £1 1 1
1 I Class Ordinary £1 1 1
1 J Class Ordinary £1 1 1
1 K Class Ordinary £1 1 1
1 L Class Ordinary £1 1 1
1 M Class Ordinary £1 1 1
1 N Class Ordinary £1 1 1
1 O Ordinary £1 1 1
1 P Ordinary £1 1 1
1 Q Ordinary £1 1 1
111 111

12. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed an amount of £24,859 (2022: £80,659) by the directors.The amount is interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY



The ultimate controlling parties are Mr P M Cook and Mr M Harris by virtue of the fact they are directors and shareholders.