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REGISTERED NUMBER: 01568560 (England and Wales)














Financial Statements

for the Year Ended 31 July 2024

for

Top Gear Transmissions Ltd

Top Gear Transmissions Ltd (Registered number: 01568560)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Top Gear Transmissions Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: E P Kennedy
Mrs S Carroll
M J Crawley





REGISTERED OFFICE: 312 Aigburth Road
Liverpool
Merseyside
L17 9PW





REGISTERED NUMBER: 01568560 (England and Wales)





ACCOUNTANTS: SB&P
Chartered Accountants
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Top Gear Transmissions Ltd (Registered number: 01568560)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 211,288 213,292

CURRENT ASSETS
Stocks 5 35,450 35,250
Debtors 6 4,659 3,932
Cash at bank and in hand 287,087 194,538
327,196 233,720
CREDITORS
Amounts falling due within one year 7 56,728 51,857
NET CURRENT ASSETS 270,468 181,863
TOTAL ASSETS LESS CURRENT LIABILITIES 481,756 395,155

PROVISIONS FOR LIABILITIES 664 142
NET ASSETS 481,092 395,013

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 480,092 394,013
SHAREHOLDERS' FUNDS 481,092 395,013

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Top Gear Transmissions Ltd (Registered number: 01568560)

Balance Sheet - continued
31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





E P Kennedy - Director


Top Gear Transmissions Ltd (Registered number: 01568560)

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


1. STATUTORY INFORMATION

Top Gear Transmissions 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 represents the fair value of sales made to customers, less returns and VAT. Revenue is recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - over the term of the lease
Improvements to property - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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

Top Gear Transmissions Ltd (Registered number: 01568560)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 August 2023 142,000 125,890 19,638 59,818
Additions - - - -
At 31 July 2024 142,000 125,890 19,638 59,818
DEPRECIATION
At 1 August 2023 12,515 45,435 18,070 59,487
Charge for year - 2,861 236 82
At 31 July 2024 12,515 48,296 18,306 59,569
NET BOOK VALUE
At 31 July 2024 129,485 77,594 1,332 249
At 31 July 2023 129,485 80,455 1,568 331

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 4,487 3,280 2,078 357,191
Additions - 1,720 - 1,720
At 31 July 2024 4,487 5,000 2,078 358,911
DEPRECIATION
At 1 August 2023 3,798 3,188 1,406 143,899
Charge for year 103 274 168 3,724
At 31 July 2024 3,901 3,462 1,574 147,623
NET BOOK VALUE
At 31 July 2024 586 1,538 504 211,288
At 31 July 2023 689 92 672 213,292

Top Gear Transmissions Ltd (Registered number: 01568560)

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


5. STOCKS
31.7.24 31.7.23
£    £   
Stocks 35,450 35,250

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 2,310 1,792
Prepayments 2,349 2,140
4,659 3,932

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 2,236 2,754
Tax 34,655 23,015
Social security and other taxes 939 1,889
Pension 148 196
VAT 13,402 18,603
Other creditors 208 208
Directors' current accounts 250 250
Accrued expenses 4,890 4,942
56,728 51,857

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
1,000 Ordinary £1 1,000 1,000