Registration number:
Topgrow Limited
for the Year Ended 31 May 2024
Topgrow Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Topgrow Limited
Company Information
Directors |
Mrs AJ Gunn Mr I A Gunn Mr E Gunn |
Company secretary |
Mrs AJ Gunn |
Registered office |
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Topgrow Limited
(Registration number: 01549815)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
234,335 |
207,457 |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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Topgrow Limited
(Registration number: 01549815)
Balance Sheet as at 31 May 2024 (continued)
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Topgrow Limited
Statement of Changes in Equity for the Year Ended 31 May 2024
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 June 2023 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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( |
- |
Total comprehensive income |
- |
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At 31 May 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 June 2022 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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( |
( |
Total comprehensive income |
- |
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( |
( |
At 31 May 2023 |
10,000 |
887,635 |
961,363 |
1,858,998 |
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.
Judgements
No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements. |
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made. |
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion on the contract when all of the following conditions are satisfied:
- the amount of turnover 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.
Finance income and costs policy
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective method so 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.
All borrowing costs are recognised in profit or loss in the year they are incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% on cost |
Motor vehicles |
25% on cost |
Computer equipment |
25% on cost |
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Tangible assets |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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- |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Investment properties |
2024 |
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At 1 June |
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At 31 May |
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There has been no valuation of investment property by an independent valuer.
If investment property had not been revalued it would have been included at the historical cost of £1,608,825 at the year end.
Topgrow Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Investments |
The market value of the listed investments at 31 May 2024 was £234,335 (2023 - £207,457).
If listed investments had not been revalued they would have been included at the historical cost of £67,970 (2023: £66,926).
Listed investments were valued on an open market basis on 31 May 2024 by stockbrokers.
Debtors |
Current |
2024 |
2023 |
Prepayments |
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- |
Other debtors |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Other loans |
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Directors current account |
410,584 |
457,807 |
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