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TOP PRIZE COMPETITIONS LIMITED

Registered Number
13141046
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

TOP PRIZE COMPETITIONS LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

MARSH, Nicholas
SNUGGS, Anthony

Registered Address

71 Claremont Avenue
Hull
HU6 7LZ

Registered Number

13141046 (England and Wales)
TOP PRIZE COMPETITIONS LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3676301
676301
Current assets
Stocks43,0962,412
Cash at bank and on hand9163,572
4,0125,984
Creditors amounts falling due within one year6(4,480)(6,645)
Net current assets (liabilities)(468)(661)
Total assets less current liabilities208(360)
Net assets208(360)
Capital and reserves
Called up share capital100100
Profit and loss account108(460)
Shareholders' funds208(360)
The financial statements were approved and authorised for issue by the Board of Directors on 28 October 2024, and are signed on its behalf by:
SNUGGS, Anthony
Director
Registered Company No. 13141046
TOP PRIZE COMPETITIONS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Interest income
Interest income is recognised using the effective interest rate method.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 February 23503503
Additions549549
At 31 January 241,0521,052
Depreciation and impairment
At 01 February 23202202
Charge for year174174
At 31 January 24376376
Net book value
At 31 January 24676676
At 31 January 23301301
4.Stocks

2024

2023

££
Other stocks3,0962,412
Total3,0962,412
5.Debtors: amounts due within one year
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,234987
Bank borrowings and overdrafts2,4984,920
Accrued liabilities and deferred income748738
Total4,4806,645
7.Share capital
100 Ordinary Shares