REGISTERED NUMBER: |
TOP UP RESOURCES LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
29 JANUARY 2023 TO 3 FEBRUARY 2024 |
REGISTERED NUMBER: |
TOP UP RESOURCES LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
29 JANUARY 2023 TO 3 FEBRUARY 2024 |
TOP UP RESOURCES LIMITED (REGISTERED NUMBER: 09261945) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 5 |
TOP UP RESOURCES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
SOLICITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
TOP UP RESOURCES LIMITED (REGISTERED NUMBER: 09261945) |
STATEMENT OF FINANCIAL POSITION |
3 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TOP UP RESOURCES LIMITED (REGISTERED NUMBER: 09261945) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Top Up Resources Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As set out in the Directors' report, due to the company ceasing to trade, the directors have decided to prepare the financial statements on a basis other than that of a going concern. In adopting this basis at the year end the following policies and procedures were implemented: |
- all assets have been disclosed at values at which they are expected to be realised |
- all liabilities reflect the full amount at which they are expected to materialise |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The presentational and functional currency of the entity is Great British Pound Sterling. |
The following principal accounting policies have been applied. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
Some of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on the director's prior experiences and using their best knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the financial statements. Information about such judgements and estimations is included in the accounting policies and/or notes to the accounts. The key areas are summarised below; |
Judgements in applying accounting policies |
- The directors must judge whether all of the conditions required for the turnover to be recognised in profit and loss for the financial year, as set out in revenue note above, have been met. |
Sources of estimation uncertainty |
- Bad debt provision is reviewed on a client by client basis and estimated based on the likelihood of debt being recovered. |
- Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved. |
Financial instruments |
The company has chosen to adopt the FRS 102A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
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. Accounts 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. |
TOP UP RESOURCES LIMITED (REGISTERED NUMBER: 09261945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
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. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
Going concern |
The company has made the decision to cease trading and will transfer the remaining business to a fellow group company effective 29 January 2022. The directors have therefore considered it appropriate to prepare the financial statements on a basis other than going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
TOP UP RESOURCES LIMITED (REGISTERED NUMBER: 09261945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JANUARY 2023 TO 3 FEBRUARY 2024 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
As a wholly owned subsidiary of Fidelis Holdings Limited, the company is exempt from the requirements of FRS 102 to disclose transactions with other member of the group of companies headed by Fidelis Holdings Limited on the grounds that consolidated accounts are publicly available from Companies House. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company is Fidelis Holdings Limited. |
Fidelis Holdings Limited is the company's controlling related party by virtue of its 100% shareholding in Freshlinc Group Limited, which in turn owns 100% of the share capital in Topup Resources Limited. The Board of Directors of Fidelis Holdings Limited are considered to be the company's ultimate controlling related party by virtue of of their directorships of and shareholdings in Fidelis Holdings Limited, the ultimate parent undertaking. |