Topinvest (UK) Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 06219995 (England and Wales)
Topinvest (UK) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Topinvest (UK) Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
CHF
CHF
CHF
CHF
Fixed assets
Investments
3
2,485,400
2,485,400
Current assets
Debtors
5
781,527
763,892
Creditors: amounts falling due within one year
6
(3,036,556)
(3,018,921)
Net current liabilities
(2,255,029)
(2,255,029)
Net assets
230,371
230,371
Capital and reserves
Called up share capital
7
251
251
Profit and loss reserves
230,120
230,120
Total equity
230,371
230,371
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 October 2024
Mr G Coletti
Director
Company Registration No. 06219995
Topinvest (UK) Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Topinvest (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in Swiss Francs (CHF) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The shareholders have confirmed their continued financial support to the company for the foreseeable future and the directors have every reason to believe that this will be forthcoming.
On the basis of this assurance the directors believe it is appropriate to prepare the financial statements on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are measured at cost.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Topinvest (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Topinvest (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.7
Foreign currency translation
The financial statements are stated in Swiss Francs (CHF) and are translated at a rate of 1.10711 to the £. Monetary assets and liabilities denominated in foreign currencies are translated into Swiss Francs (CHF) at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
CHF
CHF
Unlisted investments
2,485,400
2,485,400
Fixed asset investments not carried at market value
Investments are included at cost as the directors consider this to be not considerably different from the market value.
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rose Pourpe Sarl
Morocco
Ordinary
100.00
5
Debtors
2023
2022
Amounts falling due within one year:
CHF
CHF
Other debtors
781,527
763,892
Topinvest (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
6
Creditors: amounts falling due within one year
2023
2022
CHF
CHF
Other creditors
3,036,556
3,018,921
7
Called up share capital
2023
2022
CHF
CHF
Ordinary share capital
Authorised
1,000 Ordinary shares of CHF1 each
2,510
2,510
Issued and fully paid
100 Ordinary shares of £1 each
251
251
8
Related party transactions
Included in creditors due in less than one year is an amount of CHF 3,035,956 (2022: CHF 3,018,237) due from the company to the shareholder.