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REGISTERED NUMBER: 11631634 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Topstitch Ltd

Topstitch Ltd (Registered number: 11631634)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Topstitch Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: A Karaman





REGISTERED OFFICE: Unit 6b Haslemere Business Centre
Lincoln Way
Enfield
United Kingdom
EN1 1TE





REGISTERED NUMBER: 11631634 (England and Wales)





ACCOUNTANTS: Musalar & Co Accountants
International Accountant &Tax Consultant
FAIA, FFA, FIPA, FCPA, FFTA
536 Lordship Lane
London
N22 5BY

Topstitch Ltd (Registered number: 11631634)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,999 18,999

CURRENT ASSETS
Stocks 5 3,200,575 205,575
Debtors 6 146,944 625,686
Cash at bank 99,903 87,266
3,447,422 918,527
CREDITORS
Amounts falling due within one year 7 2,740,139 395,120
NET CURRENT ASSETS 707,283 523,407
TOTAL ASSETS LESS CURRENT
LIABILITIES

719,282

542,406

CREDITORS
Amounts falling due after more than one
year

8

21,667

31,667
NET ASSETS 697,615 510,739

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 697,515 510,639
SHAREHOLDERS' FUNDS 697,615 510,739

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

Topstitch Ltd (Registered number: 11631634)

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 30 July 2024 and were signed by:





A Karaman - Director


Topstitch Ltd (Registered number: 11631634)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Topstitch Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Topstitch Ltd (Registered number: 11631634)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 28,203
DEPRECIATION
At 1 April 2023 9,204
Charge for year 7,000
At 31 March 2024 16,204
NET BOOK VALUE
At 31 March 2024 11,999
At 31 March 2023 18,999

5. STOCKS
31.3.24 31.3.23
£    £   
Work-in-progress 3,200,575 205,575

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 146,944 625,686

Topstitch Ltd (Registered number: 11631634)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2,504,927 287,641
Paye 34,977 11,360
Tax 138,320 73,695
VAT 61,915 22,280
Other creditors - 144
2,740,139 395,120

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans more 5 yr by instal 21,667 31,667

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,667 31,667

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary shares class A 1.00 100 100

10. RESERVES
Retained
earnings
£   

At 1 April 2023 510,639
Profit for the year 186,876
At 31 March 2024 697,515