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Registration number: 03666098

A & J Big Tops Limited

trading as A & J Big Tops Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

(Registration number: 03666098)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,297,192

2,608,185

Current assets

 

Stocks

189,272

155,524

Debtors

5

373,360

255,366

Cash at bank and in hand

 

66,026

34,796

 

628,658

445,686

Creditors: Amounts falling due within one year

6

(867,523)

(840,954)

Net current liabilities

 

(238,865)

(395,268)

Total assets less current liabilities

 

2,058,327

2,212,917

Creditors: Amounts falling due after more than one year

6

(154,167)

(247,649)

Provisions for liabilities

(481,969)

(398,591)

Net assets

 

1,422,191

1,566,677

Capital and reserves

 

Called up share capital

6

6

Retained earnings

1,422,185

1,566,671

Shareholders' funds

 

1,422,191

1,566,677

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

(Registration number: 03666098)
Balance Sheet as at 30 November 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 July 2024 and signed on its behalf by:
 

Mr J A Roberts
Director

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Roberts Lane
Brook Farm
Polebrook
Peterborough
Cambridgeshire
PE8 5LS

The principal place of business is:
America Farm Cottage
Oxney Road
Peterborough
Cambridgeshire
PE1 5YR

These financial statements were authorised for issue by the Board on 5 July 2024.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

15 years straight line

Fixtures and fittings

25% Reducing balance

Motor vehicles

15 years straight line

Computer equipment

25% Reducing balance

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.

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 29).

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

87,778

4,950,534

19,705

214,904

Additions

9,350

45,215

9,862

30,000

Disposals

-

(5,000)

-

(74,445)

At 30 November 2023

97,128

4,990,749

29,567

170,459

Depreciation

At 1 December 2022

58,973

2,520,445

6,673

78,645

Charge for the year

8,954

330,768

4,668

10,614

Eliminated on disposal

-

(278)

-

(28,751)

At 30 November 2023

67,927

2,850,935

11,341

60,508

Carrying amount

At 30 November 2023

29,201

2,139,814

18,226

109,951

At 30 November 2022

28,805

2,430,089

13,032

136,259

Total
£

Cost or valuation

At 1 December 2022

5,272,921

Additions

94,427

Disposals

(79,445)

At 30 November 2023

5,287,903

Depreciation

At 1 December 2022

2,664,736

Charge for the year

355,004

Eliminated on disposal

(29,029)

At 30 November 2023

2,990,711

Carrying amount

At 30 November 2023

2,297,192

At 30 November 2022

2,608,185

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

262,777

208,853

Amounts owed by related parties

45,918

-

Prepayments

 

10,120

-

Other debtors

 

54,545

46,513

   

373,360

255,366

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

475,823

522,227

trade creditors

 

13,223

14,362

Amounts owed to connected companies

-

53,543

Taxation and social security

 

113,916

25,621

Accruals and deferred income

 

13,849

13,561

Other creditors

 

250,712

211,640

 

867,523

840,954

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

154,167

247,649

 

A & J Big Tops Limited

trading as A & J Big Tops Limited

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

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

154,167

244,167

Hire purchase contracts

-

3,482

154,167

247,649

2023
£

2022
£

Current loans and borrowings

Bank borrowings

90,000

90,000

Bank overdrafts

382,341

390,445

Hire purchase contracts

3,482

41,782

475,823

522,227

The bank holds a fixed and floating charge over the fixed and current assets of the company, inclduing a connected company, and any partnership assets held by the director or shareholders.