Top Gun Clothing Limited 04457484 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is wholesale of shooting garments and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 04457484 2023-04-01 2024-03-31 04457484 2024-03-31 04457484 core:RetainedEarningsAccumulatedLosses 2024-03-31 04457484 core:ShareCapital 2024-03-31 04457484 core:CurrentFinancialInstruments 2024-03-31 04457484 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04457484 core:FurnitureFittingsToolsEquipment 2024-03-31 04457484 core:OtherRelatedParties 2024-03-31 04457484 bus:SmallEntities 2023-04-01 2024-03-31 04457484 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04457484 bus:FilletedAccounts 2023-04-01 2024-03-31 04457484 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04457484 bus:RegisteredOffice 2023-04-01 2024-03-31 04457484 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 04457484 bus:Director1 2023-04-01 2024-03-31 04457484 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04457484 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04457484 core:OfficeEquipment 2023-04-01 2024-03-31 04457484 core:OtherRelatedParties 2023-04-01 2024-03-31 04457484 countries:EnglandWales 2023-04-01 2024-03-31 04457484 2023-03-31 04457484 core:FurnitureFittingsToolsEquipment 2023-03-31 04457484 2022-04-01 2023-03-31 04457484 2023-03-31 04457484 core:RetainedEarningsAccumulatedLosses 2023-03-31 04457484 core:ShareCapital 2023-03-31 04457484 core:CurrentFinancialInstruments 2023-03-31 04457484 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04457484 core:FurnitureFittingsToolsEquipment 2023-03-31 04457484 core:OtherRelatedParties 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04457484

Top Gun Clothing Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Top Gun Clothing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Top Gun Clothing Limited

Company Information

Directors

JR Salt

C B Salt

Company secretary

C B Salt

Registered office

Theaklen House
Unit 1B-TH15
Theaklen Road
St Leonards on Sea
East Sussex
TN38 9AZ

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Top Gun Clothing Limited

(Registration number: 04457484)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

277

416

Current assets

 

Stocks

5

11,794

11,679

Debtors

6

6,585

6,138

Cash at bank and in hand

 

72,445

82,554

 

90,824

100,371

Creditors: Amounts falling due within one year

7

(119,387)

(132,219)

Net current liabilities

 

(28,563)

(31,848)

Net liabilities

 

(28,286)

(31,432)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(28,288)

(31,434)

Shareholders' deficit

 

(28,286)

(31,432)

For the financial year ending 31 March 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 20 December 2024 and signed on its behalf by:
 

.........................................
C B Salt
Company secretary and director

 

Top Gun Clothing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Theaklen House
Unit 1B-TH15
Theaklen Road
St Leonards on Sea
East Sussex
TN38 9AZ

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Top Gun Clothing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 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.

Trade creditors are recognised at the transaction price.

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.

 

Top Gun Clothing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,041

3,041

At 31 March 2024

3,041

3,041

Depreciation

At 1 April 2023

2,625

2,625

Charge for the year

139

139

At 31 March 2024

2,764

2,764

Carrying amount

At 31 March 2024

277

277

At 31 March 2023

416

416

5

Stocks

2024
£

2023
£

Other inventories

11,794

11,679

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

5,419

5,419

Taxation and social security

 

579

131

Other debtors

 

587

588

 

6,585

6,138

 

Top Gun Clothing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

3,583

16,871

Trade creditors

 

9,641

9,448

Accruals and deferred income

 

200

-

Other creditors

 

278

133

Director loan account

 

105,685

105,767

 

119,387

132,219

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,583

16,871

9

Related party transactions

Summary of transactions with other related parties

Topgun Ltd
The directors have an interest as shareholders and directors

 

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

5,419

2023

Other related parties
£

Amounts receivable from related party

5,419