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REGISTERED NUMBER: 03592795 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

TOPVINE LIMITED

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

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


TOPVINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: D W Morgan
C M Morgan
P K Morgan





SECRETARY: P K Morgan





REGISTERED OFFICE: Garfield House
Vimy Court
Vimy Road
Leighton Buzzard
Bedfordshire
LU7 1FG





REGISTERED NUMBER: 03592795 (England and Wales)





ACCOUNTANTS: Ad Valorem Accountancy Services Limited
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 1,691 543
Investment properties 6 3,965,000 4,340,000
3,966,691 4,340,543

CURRENT ASSETS
Debtors 7 13,517 21,367
Cash at bank 40,222 9,547
53,739 30,914
CREDITORS
Amounts falling due within one year 8 657,008 525,553
NET CURRENT LIABILITIES (603,269 ) (494,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,363,422

3,845,904

CREDITORS
Amounts falling due after more than one
year

9

-

(431,000

)

PROVISIONS FOR LIABILITIES 12 (266,823 ) (276,664 )
NET ASSETS 3,096,599 3,138,240

CAPITAL AND RESERVES
Called up share capital 13 2 2
Revaluation reserve 14 1,538,855 1,519,015
Retained earnings 14 1,557,742 1,619,223
SHAREHOLDERS' FUNDS 3,096,599 3,138,240

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.

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2024 and were signed on its behalf by:





P K Morgan - Director


TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Topvine Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
The company's turnover represents the value of rents receivable and completed trading property sales during the year, excluding value added tax. Turnover is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

INVESTMENT PROPERTIES
In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is recognised in the income statement. Although standard accounting practice does not require the use of a revaluation reserve, the directors believe that the use of such a reserve is necessary for a proper understanding of the company's financial position. Accordingly the investment property revaluation for the year is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment properties.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

TAXATION
Taxation for the year 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 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.


TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. ACCOUNTING POLICIES - continued
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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

DEBTORS RECEIVABLE AND CREDITORS PAYABLE
Debtors and creditors with no stated interest rate and receivable or payable within or after one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 August 2023 22,188 2,943 25,131
Additions - 1,400 1,400
At 31 July 2024 22,188 4,343 26,531
DEPRECIATION
At 1 August 2023 21,645 2,943 24,588
Charge for year 136 116 252
At 31 July 2024 21,781 3,059 24,840
NET BOOK VALUE
At 31 July 2024 407 1,284 1,691
At 31 July 2023 543 - 543

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 August 2023 4,340,000
Disposals (375,000 )
At 31 July 2024 3,965,000
NET BOOK VALUE
At 31 July 2024 3,965,000
At 31 July 2023 4,340,000

The balance sheet figure comprises cost of £2,159,323 (2023 - £2,544,323) and accumulated surpluses on revaluation of £1,805,677 (2023 - £1,795,677).

In the Director's opinion, the carrying value of the company's investment properties as at 31 July 2024 is not significantly different from the open market fair values of those properties as at the date of signing these financial statements.

If the properties were sold for this figure, a corporation tax liability of £266,823 (2023 - £276,664) would arise.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 9,000 9,015
Directors' current accounts - 7,096
Tax - 1,578
Prepayments and accrued income 4,517 3,678
13,517 21,367

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 10) 631,000 500,000
Other creditors 7,115 4,000
Directors' current accounts 4,192 -
Accruals and deferred income 14,701 21,553
657,008 525,553

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 10) - 431,000

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 631,000 500,000

Amounts falling due between one and two years:
Bank loans - 431,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 631,000 931,000

The bank borrowings were secured by legal mortgages over the company's properties, together with a standard debenture.

12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
On property revaluations 266,823 276,664

Deferred tax
£
Balance at 1 August 2023 276,664
Provided during year (9,841 )
Balance at 31 July 2024 266,823

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2

TOPVINE LIMITED (REGISTERED NUMBER: 03592795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


14. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 August 2023 1,619,223 1,519,015 3,138,238
Deficit for the year (43,567 ) (43,567 )
Dividends (8,073 ) (8,073 )
Realised on disposal - 9,999 9,999
Movement in deferred tax
provision

(9,841

)

9,841

-

At 31 July 2024 1,557,742 1,538,855 3,096,597

Although the company is not legally required to maintain a revaluation reserve, in the opinion of the directors, it is in the company's best interest to do so.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£ £
P K Morgan
Balance outstanding at start of year 4,986 4,791
Amounts advanced - 4,986
Amounts repaid (4,986 ) (4,791 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,986

C M Morgan
Balance outstanding at start of year 2,110 6,769
Amounts advanced - 2,110
Amounts repaid (2,110 ) (6,769 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,110

The loans are interest free and repayable on demand.