Registered number
11816966
Top & Rak Limited
Unaudited Filleted Accounts
29 February 2024
Top & Rak Limited
Registered number: 11816966
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 57,133 60,138
57,134 60,139
Current assets
Stocks 634 706
Debtors 5 876 223
Cash at bank and in hand 3,941 3,970
5,451 4,899
Creditors: amounts falling due within one year 6 (15,332) (14,887)
Net current liabilities (9,881) (9,988)
Total assets less current liabilities 47,253 50,151
Creditors: amounts falling due after more than one year 7 (37,905) (42,970)
Net assets 9,348 7,181
Capital and reserves
Called up share capital 150 150
Profit and loss account 9,198 7,031
Shareholder's funds 9,348 7,181
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Medeni Karademir
Director
Approved by the board on 28 November 2024
Top & Rak Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 1
At 29 February 2024 1
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 1
At 28 February 2023 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 56,218 16,800 73,018
Additions - 444 444
At 29 February 2024 56,218 17,244 73,462
Depreciation
At 1 March 2023 - 12,880 12,880
Charge for the year - 3,449 3,449
At 29 February 2024 - 16,329 16,329
Net book value
At 29 February 2024 56,218 915 57,133
At 28 February 2023 56,218 3,920 60,138
5 Debtors 2024 2023
£ £
Trade debtors 18 223
Other debtors 858 -
876 223
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (358) (112)
Taxation and social security costs 730 250
Other creditors 14,960 14,749
15,332 14,887
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 37,905 42,970
8 Other information
Top & Rak Limited is a private company limited by shares and incorporated in England. Its registered office is:
214 Lower Addiscombe Road
Croydon
CR0 7AB
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