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Registration number: 01549815

Topgrow Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Topgrow Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Topgrow Limited

Company Information

Directors

Mrs AJ Gunn

Mr I A Gunn

Mr E Gunn

Company secretary

Mrs AJ Gunn

Registered office

Kilernan
2 Selling Court
Selling
Faversham
Kent
ME13 9RJ

 

Topgrow Limited

(Registration number: 01549815)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,162

1,151

Investment property

5

2,640,000

2,640,000

Other financial assets

234,335

207,457

 

2,875,497

2,848,608

Current assets

 

Debtors

7

2,415

-

Cash at bank and in hand

 

71,422

75,418

 

73,837

75,418

Creditors: Amounts falling due within one year

8

(735,342)

(780,669)

Net current liabilities

 

(661,505)

(705,251)

Total assets less current liabilities

 

2,213,992

2,143,357

Provisions for liabilities

(290,821)

(284,359)

Net assets

 

1,923,171

1,858,998

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

907,010

887,635

Retained earnings

1,006,161

961,363

Shareholders' funds

 

1,923,171

1,858,998

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mrs AJ Gunn
Company secretary and director

   
     
 

Topgrow Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 June 2023

10,000

887,635

961,363

1,858,998

Profit for the year

-

-

64,173

64,173

Other comprehensive income

-

19,375

(19,375)

-

Total comprehensive income

-

19,375

44,798

64,173

At 31 May 2024

10,000

907,010

1,006,161

1,923,171

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 June 2022

10,000

563,323

1,378,691

1,952,014

Profit for the year

-

-

165,283

165,283

Other comprehensive income

-

324,312

(582,611)

(258,299)

Total comprehensive income

-

324,312

(417,328)

(93,016)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kilernan
2 Selling Court
Selling
Faversham
Kent
ME13 9RJ
 

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Topgrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

7,894

2,701

18,550

29,145

Additions

-

455

-

455

At 31 May 2024

7,894

3,156

18,550

29,600

Depreciation

At 1 June 2023

7,163

2,282

18,549

27,994

Charge for the year

190

254

-

444

At 31 May 2024

7,353

2,536

18,549

28,438

Carrying amount

At 31 May 2024

541

620

1

1,162

At 31 May 2023

731

419

1

1,151

5

Investment properties

2024
£

At 1 June

2,640,000

At 31 May

2,640,000

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)

6

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.

7

Debtors

Current

2024
£

2023
£

Prepayments

2,149

-

Other debtors

266

-

 

2,415

-

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

710,584

757,807

Taxation and social security

 

10,823

11,504

Accruals and deferred income

 

3,588

3,480

Other creditors

 

10,347

7,878

 

735,342

780,669

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other loans

300,000

300,000

Directors current account

410,584

457,807

710,584

757,807