Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false14false2022-08-01No description of principal activity18trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10296910 2022-08-01 2023-12-31 10296910 2021-08-01 2022-07-31 10296910 2023-12-31 10296910 2022-07-31 10296910 2021-08-01 10296910 c:Director1 2022-08-01 2023-12-31 10296910 d:PlantMachinery 2022-08-01 2023-12-31 10296910 d:PlantMachinery 2023-12-31 10296910 d:PlantMachinery 2022-07-31 10296910 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 10296910 d:MotorVehicles 2022-08-01 2023-12-31 10296910 d:MotorVehicles 2023-12-31 10296910 d:MotorVehicles 2022-07-31 10296910 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 10296910 d:OfficeEquipment 2022-08-01 2023-12-31 10296910 d:OfficeEquipment 2023-12-31 10296910 d:OfficeEquipment 2022-07-31 10296910 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 10296910 d:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 10296910 d:CurrentFinancialInstruments 2023-12-31 10296910 d:CurrentFinancialInstruments 2022-07-31 10296910 d:Non-currentFinancialInstruments 2023-12-31 10296910 d:Non-currentFinancialInstruments 2022-07-31 10296910 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10296910 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10296910 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10296910 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 10296910 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10296910 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 10296910 d:ShareCapital 2022-08-01 2023-12-31 10296910 d:ShareCapital 2023-12-31 10296910 d:ShareCapital 2021-08-01 2022-07-31 10296910 d:ShareCapital 2022-07-31 10296910 d:ShareCapital 2021-08-01 10296910 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-12-31 10296910 d:RetainedEarningsAccumulatedLosses 2023-12-31 10296910 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 10296910 d:RetainedEarningsAccumulatedLosses 2022-07-31 10296910 d:RetainedEarningsAccumulatedLosses 2021-08-01 10296910 c:FRS102 2022-08-01 2023-12-31 10296910 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-12-31 10296910 c:FullAccounts 2022-08-01 2023-12-31 10296910 c:PrivateLimitedCompanyLtd 2022-08-01 2023-12-31 10296910 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 10296910 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 10296910 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 10296910 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 10296910 e:PoundSterling 2022-08-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10296910









TOPAZ DETAILING (MIDLANDS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
TOPAZ DETAILING (MIDLANDS) LIMITED
REGISTERED NUMBER: 10296910

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 July
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
139,811
191,706

  
139,811
191,706

Current assets
  

Stocks
  
20,285
8,000

Debtors: amounts falling due within one year
 5 
154,196
124,309

Cash at bank and in hand
 6 
77,086
507,479

  
251,567
639,788

Creditors: amounts falling due within one year
 7 
(227,887)
(307,412)

Net current assets
  
 
 
23,680
 
 
332,376

Total assets less current liabilities
  
163,491
524,082

Creditors: amounts falling due after more than one year
 8 
(132,133)
(146,985)

  

Net assets
  
31,358
377,097


Capital and reserves
  

Called up share capital 
  
66
99

Profit and loss account
  
31,292
376,998

  
31,358
377,097


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
TOPAZ DETAILING (MIDLANDS) LIMITED
REGISTERED NUMBER: 10296910
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N Naamo
Director

Date: 28 October 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
99
241,523
241,622


Comprehensive income for the year

Profit for the year

-
135,475
135,475


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
135,475
135,475


Total transactions with owners
-
-
-



At 1 August 2022
99
376,998
377,097


Comprehensive income for the period

Loss for the period

-
(195,706)
(195,706)


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
(195,706)
(195,706)


Contributions by and distributions to owners

Purchase of own shares
-
(150,000)
(150,000)

Shares cancelled during the period
(33)
-
(33)


Total transactions with owners
(33)
(150,000)
(150,033)


At 31 December 2023
66
31,292
31,358


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Topaz Detailing Limited is a members limited liability company, incorporated in the UK. The address of the registered office is Studio C2, Automotive House, Chartwell Drive, Leicestershire, LE18 2FT.
The company's princiapl activity is the maintenance and repair of motor vehicles.
The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 18 (2022 - 14).

Page 6

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
46,756
196,817
-
243,573


Additions
9,694
-
3,841
13,535



At 31 December 2023

56,450
196,817
3,841
257,108



Depreciation


At 1 August 2022
22,781
29,086
-
51,867


Charge for the period on owned assets
8,559
55,911
960
65,430



At 31 December 2023

31,340
84,997
960
117,297



Net book value



At 31 December 2023
25,110
111,820
2,881
139,811



At 31 July 2022
23,975
167,731
-
191,706

Page 7

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

31 December
31 July
2023
2022
£
£


Trade debtors
99,710
99,809

Amounts owed by group undertakings
6,000
-

Other debtors
25,486
24,500

Prepayments and accrued income
23,000
-

154,196
124,309



6.


Cash and cash equivalents

31 December
31 July
2023
2022
£
£

Cash at bank and in hand
77,086
507,479

77,086
507,479



7.


Creditors: Amounts falling due within one year

31 December
31 July
2023
2022
£
£

Bank loans
10,980
10,980

Trade creditors
56,234
55,666

Corporation tax
-
9,142

Other taxation and social security
62,564
81,311

Obligations under finance lease and hire purchase contracts
10,621
13,667

Other creditors
70,585
105,313

Accruals and deferred income
16,903
31,333

227,887
307,412


Page 8

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

31 December
31 July
2023
2022
£
£

Bank loans
13,187
26,442

Net obligations under finance leases and hire purchase contracts
118,946
120,543

132,133
146,985



9.


Loans


Analysis of the maturity of loans is given below:


31 December
31 July
2023
2022
£
£

Amounts falling due within one year

Bank loans
10,980
10,980


10,980
10,980

Amounts falling due 1-2 years

Bank loans
13,187
26,442


13,187
26,442



24,167
37,422


Page 9

 
TOPAZ DETAILING (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 December
31 July
2023
2022
£
£


Within one year
10,621
13,667

Between 1-5 years
118,946
120,543

129,567
134,210

 
Page 10