Topgun Ltd 06471743 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 06471743 2023-04-01 2024-03-31 06471743 2024-03-31 06471743 core:RetainedEarningsAccumulatedLosses 2024-03-31 06471743 core:ShareCapital 2024-03-31 06471743 core:CurrentFinancialInstruments 2024-03-31 06471743 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06471743 core:FurnitureFittingsToolsEquipment 2024-03-31 06471743 core:OtherRelatedParties 2024-03-31 06471743 bus:SmallEntities 2023-04-01 2024-03-31 06471743 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06471743 bus:FilletedAccounts 2023-04-01 2024-03-31 06471743 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06471743 bus:RegisteredOffice 2023-04-01 2024-03-31 06471743 bus:Director1 2023-04-01 2024-03-31 06471743 bus:Director2 2023-04-01 2024-03-31 06471743 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06471743 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06471743 core:OfficeEquipment 2023-04-01 2024-03-31 06471743 core:OtherRelatedParties 2023-04-01 2024-03-31 06471743 countries:EnglandWales 2023-04-01 2024-03-31 06471743 2023-03-31 06471743 core:FurnitureFittingsToolsEquipment 2023-03-31 06471743 2022-04-01 2023-03-31 06471743 2023-03-31 06471743 core:RetainedEarningsAccumulatedLosses 2023-03-31 06471743 core:ShareCapital 2023-03-31 06471743 core:CurrentFinancialInstruments 2023-03-31 06471743 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06471743 core:FurnitureFittingsToolsEquipment 2023-03-31 06471743 core:OtherRelatedParties 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06471743

Topgun Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Topgun Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Topgun Ltd

Company Information

Directors

Mr JR Salt

Mr 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

 

Topgun Ltd

(Registration number: 06471743)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

314

Current assets

 

Stocks

5

27,726

29,221

Debtors

6

12,051

11,735

Cash at bank and in hand

 

5,105

6,126

 

44,882

47,082

Creditors: Amounts falling due within one year

7

(73,333)

(75,115)

Net current liabilities

 

(28,451)

(28,033)

Net liabilities

 

(28,451)

(27,719)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(28,455)

(27,723)

Shareholders' deficit

 

(28,451)

(27,719)

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:
 

.........................................
Mr C B Salt
Director

 

Topgun Ltd

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.

 

Topgun Ltd

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

Fixtures and fittings

10% reducing balance

Office equipment

33% 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.

 

Topgun Ltd

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 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,114

3,114

At 31 March 2024

3,114

3,114

Depreciation

At 1 April 2023

2,800

2,800

Charge for the year

314

314

At 31 March 2024

3,114

3,114

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

314

314

5

Stocks

2024
£

2023
£

Work in progress

6,954

6,953

Other inventories

20,772

22,268

27,726

29,221

6

Debtors

2024
£

2023
£

Trade debtors

11,736

11,418

Other debtors

315

317

12,051

11,735

 

Topgun Ltd

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

226

426

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

9

48,775

48,775

Taxation and social security

 

639

288

Other creditors

 

469

438

Director loan account

 

23,224

25,188

 

73,333

75,115

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

226

426

9

Related party transactions

 

Topgun Ltd

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

Summary of transactions with other related parties

Top Gun Clothing Ltd
J.R. Salt and C.B. Salt have an interest as directors and shareholders

 

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

48,775

2023

Other related parties
£

Amounts payable to related party

48,775