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Registered number: 02860050
Topfawn Management Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Naylor Accountancy Services Limited
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Topfawn Management Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of Topfawn Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Topfawn Management Limited and state those matters that we have agreed to state to the director of Topfawn Management Limited in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Topfawn Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Topfawn Management Limited . You consider that Topfawn Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Topfawn Management Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Naylor Accountancy Services
11th October 2024
Naylor Accountancy Services Limited
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Page 1
Page 2
Balance Sheet
Registered number: 02860050
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,373 28,053
27,373 28,053
CURRENT ASSETS
Debtors 5 194,416 188,745
Cash at bank and in hand 45,690 68,659
240,106 257,404
Creditors: Amounts Falling Due Within One Year 6 (13,586 ) (13,614 )
NET CURRENT ASSETS (LIABILITIES) 226,520 243,790
TOTAL ASSETS LESS CURRENT LIABILITIES 253,893 271,843
Creditors: Amounts Falling Due After More Than One Year 7 (13,441 ) (23,441 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,201 ) (4,245 )
NET ASSETS 235,251 244,157
CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Profit and Loss Account 225,251 234,157
SHAREHOLDERS' FUNDS 235,251 244,157
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M I Hughes
Director
11th October 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Topfawn Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02860050 . The registered office is The Coach House Highbridge Farm, Highbridge Road, Eastleigh, Hampshire, SO50 6HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102")  and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requiremetns of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statemetns are rounded to the neareast £.
The financial statements have been prepared under the historical cost convention.  The principal accounting policies adopted are set out below.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 75,005 46,924 2,887 124,816
Additions 1,410 4,150 1,391 6,951
As at 30 June 2024 76,415 51,074 4,278 131,767
Depreciation
As at 1 July 2023 64,805 30,632 1,326 96,763
Provided during the period 2,847 4,074 710 7,631
As at 30 June 2024 67,652 34,706 2,036 104,394
Net Book Value
As at 30 June 2024 8,763 16,368 2,242 27,373
As at 1 July 2023 10,200 16,292 1,561 28,053
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 188,292
VAT 1,104 453
Director's loan account 50,000 -
51,104 188,745
Due after more than one year
Amounts owed by group undertakings 143,312 -
194,416 188,745
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,586 1,260
Bank loans and overdrafts 10,000 10,000
Corporation tax 1,207 1,561
Accruals and deferred income 793 793
13,586 13,614
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,441 23,441
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,000
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Mark Hughes - 50,000 - - 50,000
10. Ultimate Controlling Party
The company's ultimate controlling party is Mark Hughes, by virtue of his ownership of 100% of the issued share capital in the company.
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