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REGISTERED NUMBER: 08886370 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024

FOR

TOP VILLAS LIMITED

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 13


TOP VILLAS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024







DIRECTORS: T Mannings
J Mannings





REGISTERED OFFICE: Bramling House
Bramling
Canterbury
Kent
CT3 1NB





REGISTERED NUMBER: 08886370 (England and Wales)





AUDITORS: Magee Gammon Corporate Limited
Henwood House
Henwood
Ashford
Kent
TN24 8DH

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


The directors present their strategic report for the period 1 April 2023 to 30 March 2024.

COMPANY
The company was incorporated on 11 February 2014.

On 6 June 2023, the company changed its accounting reference date from 31 December to 30 March in order to align its reporting period more closely with the natural economic cycle of its main markets. Accordingly, these financial statements cover the year to 30 March 2024 whilst the comparative information covers the extended period from 1 January 2022 to 31 March 2023.

The principal activity of the company throughout the period was that of the provision of holiday homes and villas and ancillary services.

REVIEW OF THE BUSINESS
Performance Overview for 2024:

1. Operational Efficiency and Cost Management:

During the year to 30 March 2024, the company continued to roll out cost-cutting measures that were initiated in 2023 to ensure a leaner business, with significant focus on achieving efficiency in staffing and advertising/marketing budgets. These measures were carefully implemented, resulting in no adverse effects on business performance.

The company also continued its strategy of streamlining and automating operational processes, which have contributed to a more agile and efficient operation, minimising waste and redundancies.

2. Market Demand and Strategic Adjustments:

A resurgence in demand for luxury villa rentals has been experienced, especially in our key operating markets. This reflects the rebound of consumer confidence and an increased appetite for luxury travel experiences.

A 2024 mid-year strategic analysis identified opportunities to increase gross profit margins in select locations. These adjustments were successfully executed without impacting booking levels, underscoring the effectiveness of our data-driven decision-making approach.

3. Innovation and Process Improvements:

The company has invested heavily over the past two years in new technology, for which implementation commenced during 2024. Improvements to the company's technology has reinforced Top Villas' position as an industry leader and demonstrated our commitment to innovation.

Improved and strengthened internal processes have reduced operational inefficiencies, notably minimising the amounts written off or lost due to process failures.

4. Industry Recognition:

Top Villas was honoured with the prestigious World Travel Awards title for "World's Leading Villa Collection" for the third consecutive year (2022, 2023, and 2024). This accolade solidifies our reputation for excellence in the luxury villa rental market.

5. Going concern

In the period since the onset of covid-19, the company has, in common with the leisure sector generally, experienced exceptional fluctuations in trading conditions. The balance sheet at 30 March 2024 indicates that there were net current liabilities at the year end date of $419,412 (2023: net assets of $261,929) and a decline in net current assets of $681,341 from 31 March 2023 to 30 March 2024. The directors are pleased to note that, as a result of a combination of factors, including initiatives noted in this report, improving economic conditions and increased demand, and hard work and dedication of its employees, the position in the current financial year has improved considerably. Forecasts prepared by the company indicate that this trend will continue. After due consideration, the directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.


TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually monitor and action the principal risks and uncertainties that the business is faced with.

Currency risk

The company is exposed to transaction foreign exchange risk, which is mitigated by natural hedging using currency bank accounts.

Interest rate risk

The company finances its operations through retained profits and existing cash reserves.

Credit risk

The main financial assets of the company are cash and trade debtors. The credit risk associated with cash is limited as the banking counterparties have high credit ratings from the main global credit rating agencies. The principal credit risks arise from trade debtors which are monitored weekly for total debt levels and debt ageing.

Liquidity and cashflow risk

The company manages financial risk by ensuring sufficient liquidity and working capital is available to satisfy future requirements

KEY PERFORMANCE INDICATORS
We consider that our key performance indicators are those that communicate the financial performance and strength
of the company as a whole, these being turnover, gross margin and return on capital employed.

After taking account of a prior year adjustment, turnover for the year was $25.1m (2023: $36.8m - 15 months period) and an operating profit of $431,002 (2023: operating loss after deduction of prior year adjustment of $127,343 - 15 month period).The gross margin achieved was 4.09% (2023: 2.45%).

The company's return on capital employed was 113.8% (2023: -18.7%). Return on capital employed is calculated as operating profit (adjusted for prior year adjustment) divided by capital employed, which constitutes total assets less investments, less current liabilities.

As well as financial KPIs the business also operates several non-financial KPIs including Product Availability; Delivery Lead Times; Customer Satisfaction; Employee Training and Employee Retention; and our Carbon Footprint.

The directors consider the business is performing well against these indicators and will continue to invest resources towards maintaining and improving performance across the entire business.


TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024

STRATEGIC PLANS FOR 2025 AND BEYOND
1. Enhanced Customer Experience:

In 2025, we launch a new customer-facing website, featuring advanced search and booking functionalities. This platform will enhance user experience and streamline the customer journey, aligning with our mission to deliver seamless villa rental services.

2. Diversification of Services:

We intend to launch new services, providing curated travel experiences and leveraging our expertise in luxury accommodations.

3. Market Expansion and Portfolio Growth:

We intend to build an increased focus on the European market, aiming to boost intra-Europe and Europe-to-USA travel demand and to combine this with an initiative to connect with a broader pool of homeowners globally, targeting a portfolio growth of 50% by the end of 2025.

4. Strengthening Trade Relations:

We plan to develop dedicated trade platforms to enhance partnerships with travel agents, to create sustained growth of travel agent bookings.

In conclusion, 2023/2024 has been a year of resilience and strategic progress for Top Villas. Cost efficiencies, technological investments, and market-focused strategies have positioned the company for sustainable growth. Moving into 2025, our plans aim to capitalise on market opportunities, expand service offerings, and continue enhancing operational excellence to drive profitability and customer satisfaction.

ON BEHALF OF THE BOARD:





J Mannings - Director


12 March 2025

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


The directors present their report with the financial statements of the company for the period 1 April 2023 to 30 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the provision of luxury holiday villa rentals and associated services.

DIVIDENDS
An interim dividend of $14.50 per share was paid on 30 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 30 March 2024 will be $ 435,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

T Mannings
J Mannings

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Magee Gammon Corporate Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Mannings - Director


12 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOP VILLAS LIMITED


Opinion
We have audited the financial statements of Top Villas Limited (the 'company') for the period ended 30 March 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 March 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOP VILLAS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- Obtaining an understanding of controls designed to prevent and detect irregularities, including specific consideration of controls and accounting policies relating to accounting estimates;
- Obtaining an understanding of the significant laws and regulations impacting the company;
- Remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;
- Reviewing minutes of meetings of those charged with governance to identify any instances of non-compliance with laws and regulations;
- Assessing journal entries as part of our planned audit approach, with a particular focus on journal entries to key financial statement areas such as revenue and accrued income;
- Consideration of significant management judgements, particularly in respect of accrued income and foreign exchange.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Joshua Conlon FCCA (Senior Statutory Auditor)
for and on behalf of Magee Gammon Corporate Limited
Henwood House
Henwood
Ashford
Kent
TN24 8DH

13 March 2025

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
Notes $    $   

TURNOVER 3 25,067,550 36,759,436

Cost of sales (24,043,409 ) (35,859,618 )
GROSS PROFIT 1,024,141 899,818

Administrative expenses (719,629 ) (784,124 )
304,512 115,694

Other operating income 126,490 36,466
OPERATING PROFIT 5 431,002 152,160

Interest receivable and similar income 13,945 1,155
444,947 153,315
Gain/loss on revaluation of investments 73,362 (123,603 )
518,309 29,712

Interest payable and similar expenses 6 (18,222 ) (34,297 )
PROFIT/(LOSS) BEFORE TAXATION 500,087 (4,585 )

Tax on profit/(loss) 7 (153,969 ) 177,457
PROFIT FOR THE FINANCIAL PERIOD 346,118 172,872

Retained earnings at beginning of period as
previously reported

294,962

771,943

Dividends 8 (435,000 ) (370,350 )
Prior year adjustment - corrections of
material errors

9

-

(279,503

)

RETAINED EARNINGS AT END OF
PERIOD

206,080

294,962

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STATEMENT OF FINANCIAL POSITION
30 MARCH 2024

30.3.24 31.3.23
Notes $    $   
FIXED ASSETS
Intangible assets 10 688,118 361,741
Tangible assets 11 109,959 58,534
Investments 12 145,972 220,000
944,049 640,275

CURRENT ASSETS
Debtors 13 9,782,366 10,430,608
Cash at bank and in hand 2,700,781 2,077,891
12,483,147 12,508,499
CREDITORS
Amounts falling due within one year 14 (12,902,559 ) (12,246,570 )
NET CURRENT (LIABILITIES)/ASSETS (419,412 ) 261,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,637

902,204

CREDITORS
Amounts falling due after more than one
year

15

(231,291

)

(487,627

)

PROVISIONS FOR LIABILITIES 19 (48,530 ) (80,879 )
NET ASSETS 244,816 333,698

CAPITAL AND RESERVES
Called up share capital 20 38,736 38,736
Retained earnings 21 206,080 294,962
SHAREHOLDERS' FUNDS 244,816 333,698

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





J Mannings - Director


TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
Notes $    $   
Cash flows from operating activities
Cash generated from operations 1 1,152,323 (436,959 )
Interest paid (18,222 ) (34,297 )
Tax paid 4,097 60,117
Net cash from operating activities 1,138,198 (411,139 )

Cash flows from investing activities
Purchase of intangible fixed assets (336,689 ) (312,255 )
Purchase of fixed asset investments (26,227 ) (45,697 )
Sale of tangible fixed assets - (39,316 )
Sale of fixed asset investments 46,206 112,273
Interest received 13,945 1,155
Net cash from investing activities (302,765 ) (283,840 )

Cash flows from financing activities
Loan repayments in year (111,540 ) (154,140 )
Capital repayments in year (4,500 ) -
Amount introduced by directors 435,000 370,350
Amount withdrawn by directors (96,513 ) (641,282 )
Equity dividends paid (435,000 ) (370,350 )
Net cash from financing activities (212,553 ) (795,422 )

Increase/(decrease) in cash and cash equivalents 622,880 (1,490,401 )
Cash and cash equivalents at beginning
of period

2

2,077,891

3,568,292

Cash and cash equivalents at end of
period

2

2,700,771

2,077,891

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Profit/(loss) before taxation 500,087 (4,585 )
Depreciation charges 30,231 28,724
(Gain)/loss on revaluation of fixed assets (73,362 ) 123,603
Prior year adjustment - (279,503 )
Permanent diminution in value 95,052 -
Finance costs 18,222 34,297
Finance income (13,945 ) (1,155 )
556,285 (98,619 )
Decrease/(increase) in trade and other debtors 222,626 (537,394 )
Increase in trade and other creditors 373,412 199,054
Cash generated from operations 1,152,323 (436,959 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 30 March 2024
30.3.24 1.4.23
$    $   
Cash and cash equivalents 2,700,781 2,077,891
Bank overdrafts (10 ) -
2,700,771 2,077,891
Period ended 31 March 2023
31.3.23 1.1.22
$    $   
Cash and cash equivalents 2,077,891 3,568,292


TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.4.23 Cash flow changes At 30.3.24
$    $    $    $   
Net cash
Cash at bank
and in hand 2,077,891 622,890 2,700,781
Bank overdrafts - (10 ) (10 )
2,077,891 622,880 2,700,771
Debt
Finance leases - 4,500 (71,344 ) (66,844 )
Debts falling due
within 1 year (134,650 ) - - (134,650 )
Debts falling due
after 1 year (271,706 ) 111,550 - (160,156 )
(406,356 ) 116,050 (71,344 ) (361,650 )
Total 1,671,535 738,930 (71,344 ) 2,339,121

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


1. STATUTORY INFORMATION

Top Villas 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In the period since the onset of covid-19, the company has, in common with the leisure sector generally, experienced exceptional fluctuations in trading conditions. The balance sheet at 30 March 2024 indicates that there were net current liabilities at the year end date of $419,412 (2023: net assets of $261,929) and a decline in net current assets of $681,341 from 31 March 2023 to 30 March 2024. The directors are pleased to note that, as a result of a combination of factors, including initiatives noted in this report, improving economic conditions and increased demand, and hard work and dedication of its employees, the position in the current financial year has improved considerably. Forecasts prepared by the company indicate that this trend will continue. After due consideration, the directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents and licences
Patents and licences comprise the cost of domain name rights which are being amortised over an estimated useful life of ten years.

Development costs
Development costs, representing expenditure incurred on a new operating platform, will be amortised over the estimated useful life of each element of the platform from the date on which it is brought into commercial use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the period 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 or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Currency
The operational currency is United States Dollars.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Investments
Investments are measured at cost less accumulated impairment.

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Sales 23,583,390 34,824,395
Commission 109,160 111,682
Management fees 1,375,000 1,823,359
25,067,550 36,759,436

4. EMPLOYEES AND DIRECTORS
Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Wages and salaries 1,789,383 2,431,265
Other pension costs 79,937 96,961
1,869,320 2,528,226

The average number of employees during the period was as follows:
Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23

Directors 2 2
Other 44 44
46 46

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Directors' remuneration 31,594 25,900

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Other operating leases 129,726 183,364
Depreciation - owned assets 19,919 20,736
Patents and licences amortisation 10,312 12,891
Foreign exchange differences (14,653 ) 113,149

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Bank loan interest 18,222 34,297

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the period was as follows:
Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Deferred tax 153,969 (177,457 )
Tax on profit/(loss) 153,969 (177,457 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
1.4.23 1.1.22
to to
30.3.24 31.3.23
$    $   
Profit/(loss) before tax 500,087 (4,585 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

125,022

(871

)

Effects of:
Expenses not deductible for tax purposes 28,732 28,788
Depreciation in excess of capital allowances 199 25,981
Utilisation of tax losses (129,398 ) -
Prior year adjustments - (53,107 )
Effect of change in corporation tax rate - (42,589 )
Capital gains arising in the year 4,064 -
Unrelieved tax losses c/fwd 128,863 (119,867 )
Gain on investment (18,341 ) -
Investment Fair value to cost 14,828 (15,792 )
Total tax charge/(credit) 153,969 (177,457 )

8. DIVIDENDS

A dividend was declared during the year amounting to $14.50 per share.

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


9. PRIOR YEAR ADJUSTMENT

During the period ended 30 March 2023, it was determined that insufficient provision had been made at 31 December 2021 for holiday bookings postponed but to which the company had committed to honour the booking at a later date. The amount of the understatement of the provision was $279,503.

The balance sheet at 30 March 2023 includes a reclassification of amounts previously disclosed as investment property and intercompany balances to debtors, and certain expenditure previously classified as administrative expenses to cost of sales. There is also an adjustment in respect to provisions and recognition of foreign exchange difference, the impact of which is detailed below:

Income and retained earnings:
30 March 2023 (restated)30 March 2023
$   $   
Turnover36,759,43637,568,230
Cost of sales35,859,61835,249,492
Administrative expenses784,1241,978,554
Other operating income126,490(137,607)
Gain/loss on revaluation(123,603)-
Tax on profit/(loss)177,457177,463
Profit for the financial period172,872346,898


Statement of financial position:
30 March 2023 (restated)30 March 2023
$   $   
Investment property-462,938
Debtors10,430,60810,043,323
Cash at bank and in hand2,077,8912,002,244
Amounts falling due within one year(12,246,570)(12,369,350)
Amounts falling due after one year(487,627)(271,706)
Provisions for liabilities(80,879)-
Net assets333,698507,724

10. INTANGIBLE FIXED ASSETS
Patents
and Development
Goodwill licences costs Totals
$    $    $    $   
COST
At 1 April 2023 1,036,355 103,136 312,255 1,451,746
Additions - - 336,689 336,689
At 30 March 2024 1,036,355 103,136 648,944 1,788,435
AMORTISATION
At 1 April 2023 1,036,355 53,650 - 1,090,005
Amortisation for period - 10,312 - 10,312
At 30 March 2024 1,036,355 63,962 - 1,100,317
NET BOOK VALUE
At 30 March 2024 - 39,174 648,944 688,118
At 31 March 2023 - 49,486 312,255 361,741

Development costs represents expenditure incurred to date on a new operating platform. At the balance sheet date, the platform had not been fully completed and was not in operational use; accordingly amortisation was not charged in the period ended 30 March 2024. The platform is expected to be implemented on a phased basis with the first element coming into commercial use with effect from 1 April 2024. Amortisation has been charged from that date on this part of the platform.

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


11. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
$    $    $    $   
COST
At 1 April 2023 49,200 - 66,871 116,071
Additions - 71,344 - 71,344
At 30 March 2024 49,200 71,344 66,871 187,415
DEPRECIATION
At 1 April 2023 37,432 - 20,105 57,537
Charge for period 2,607 4,162 13,150 19,919
At 30 March 2024 40,039 4,162 33,255 77,456
NET BOOK VALUE
At 30 March 2024 9,161 67,182 33,616 109,959
At 31 March 2023 11,768 - 46,766 58,534

12. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
$    $    $   
COST OR VALUATION
At 1 April 2023 122,227 97,773 220,000
Additions 26,227 - 26,227
Disposals (75,844 ) (97,773 ) (173,617 )
Revaluations 73,362 - 73,362
At 30 March 2024 145,972 - 145,972
NET BOOK VALUE
At 30 March 2024 145,972 - 145,972
At 31 March 2023 122,227 97,773 220,000

Cost or valuation at 30 March 2024 is represented by:

Listed
investments
$   
Valuation in 2024 145,972

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.24 31.3.23
$    $   
Trade debtors 8,464,462 8,717,478
Other debtors 1,282,600 1,250,889
Directors' current accounts - 271,647
VAT 11,816 13,137
Deferred tax asset 23,488 177,457
9,782,366 10,430,608

Other debtors includes amounts owed by connected parties of $1,121,711 (2023: $1,024,663).

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.24 31.3.23
$    $   
Bank loans and overdrafts (see note 16) 134,660 134,650
Finance leases (see note 17) 10,668 -
Trade creditors 12,180,094 11,428,619
Tax 64,214 60,117
Social security and other taxes 43,160 55,919
Other creditors 333,176 495,479
Directors' current accounts 66,840 -
Accrued expenses 69,747 71,786
12,902,559 12,246,570

Other creditors includes a loan, amounting to $82,296, made to the company by a close family member of the directors. The loan is payable over a period of more than one year: The amount disclosed within creditors: amounts falling due withing one year amounts to $67,337 and the amount disclosed within creditors: amounts falling due after more than one year amounts to $14,959.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.3.24 31.3.23
$    $   
Bank loans (see note 16) 160,156 271,706
Finance leases (see note 17) 56,176 -
Other creditors 14,959 215,921
231,291 487,627

16. LOANS

An analysis of the maturity of loans is given below:

30.3.24 31.3.23
$    $   
Amounts falling due within one year or on demand:
Bank overdrafts 10 -
Bank loans 134,650 134,650
134,660 134,650

Amounts falling due between one and two years:
Bank loans - 1-2 years 134,650 134,650

Amounts falling due between two and five years:
Bank loans - 2-5 years 25,506 137,056

17. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
30.3.24 31.3.23
$    $   
Net obligations repayable:
Within one year 10,668 -
Between one and five years 56,176 -
66,844 -

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


18. FINANCIAL INSTRUMENTS

Financial assets measured at fair value through income and expenditure comprise cash in and hand and at bank.

19. PROVISIONS FOR LIABILITIES
30.3.24 31.3.23
$    $   
Other provisions 48,530 80,879

Deferred Other
tax provisions
$    $   
Balance at 1 April 2023 (177,457 ) -
Provided during period 153,969 48,530
Balance at 30 March 2024 (23,488 ) 48,530

Other provisions, amounting to $48,530, relate to confirmed bookings for which revenue had been reflected in full but which were expected to be cancelled after the year end date.

The deferred tax asset is expected to be utilised in full in the year ended 30 March 2025.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.3.24 31.3.23
value: $    $   
30,000 Ordinary 1.29 38,736 38,736

The company's issued share capital comprises 30,000 ordinary £1 shares. Share capital in these financial statements has been translated at the applicable rate on the date of issue of the ordinary shares.

21. RESERVES
Retained
earnings
$   

At 1 April 2023 294,962
Profit for the period 346,118
Dividends (435,000 )
At 30 March 2024 206,080

22. OTHER FINANCIAL COMMITMENTS

Lloyds Bank hold a fixed and floating charge over all of the undertaking and property.

Natwest Bank hold a fixed and floating charge over all of the undertaking and property.

TOP VILLAS LIMITED (REGISTERED NUMBER: 08886370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the periods ended 30 March 2024 and 31 March 2023:

30.3.24 31.3.23
$    $   
T Mannings
Balance outstanding at start of period (158,889 ) 12,027
Amounts advanced (58,394 ) 185,175
Amounts repaid 217,500 (356,091 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 217 (158,889 )

J Mannings
Balance outstanding at start of period (112,758 ) (12,742 )
Amounts advanced (38,119 ) 185,175
Amounts repaid 217,500 (285,191 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 66,623 (112,758 )

24. RELATED PARTY DISCLOSURES

In the opinion of the Directors there was no ultimate controlling party.

Included within debtors due within one year is an amount of $1,121,711 (2023: $1,024,663) owed by connected parties.

After the balance sheet date, a loan made to a company partly controlled by a family member of the Directors was written off.