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TOPSPEC JOINERY & CONSTRUCTION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOPSPEC JOINERY & CONSTRUCTION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: S G Topp





REGISTERED OFFICE: C/O Wilkinson and Partners
Fairfax House, 6A Mill Field Road
Cottingley Business Park
Bingley
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 13521977 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,643 29,671

CURRENT ASSETS
Stocks 5,770 14,950
Debtors 5 110,077 43,521
Cash at bank 302,850 266,278
418,697 324,749
CREDITORS
Amounts falling due within one year 6 208,458 224,117
NET CURRENT ASSETS 210,239 100,632
TOTAL ASSETS LESS CURRENT LIABILITIES 232,882 130,303

CREDITORS
Amounts falling due after more than one
year

7

(8,962

)

(16,634

)

PROVISIONS FOR LIABILITIES 9 (3,992 ) (2,623 )
NET ASSETS 219,928 111,046

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 219,828 110,946
SHAREHOLDERS' FUNDS 219,928 111,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 April 2025 and were signed by:





S G Topp - Director


TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Topspec Joinery & Construction Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the point the goods or services are delivered to the customer. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 2,543 41,513 44,056
Additions - 3,300 3,300
Disposals - (3,500 ) (3,500 )
At 31 July 2024 2,543 41,313 43,856
DEPRECIATION
At 1 August 2023 848 13,537 14,385
Charge for year 339 8,166 8,505
Eliminated on disposal - (1,677 ) (1,677 )
At 31 July 2024 1,187 20,026 21,213
NET BOOK VALUE
At 31 July 2024 1,356 21,287 22,643
At 31 July 2023 1,695 27,976 29,671

The net book value of tangible fixed assets includes £ 7,447 (2023 - £ 9,930 ) in respect of assets held under hire purchase contracts.

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 56,036 40,396
VAT 54,041 -
Prepayments - 3,125
110,077 43,521

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 7,672 7,482
Hire purchase contracts - 14,420
Trade creditors 88,358 71,585
Tax 76,053 25,368
Social security and other taxes 4,112 3,671
Net pay control - 1,500
VAT - 47,393
Other creditors 316 386
Directors' current accounts 29,412 49,912
Accrued expenses 2,535 2,400
208,458 224,117

The director's loan is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 7,872 7,672
Bank loans - 2-5 years 1,090 8,962
8,962 16,634

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Hire purchase contracts - 14,420

Hire purchase debt is secured by a charge over the asset which is the subject of the agreement.

9. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 3,992 2,623

TOPSPEC JOINERY & CONSTRUCTION LTD (REGISTERED NUMBER: 13521977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2023 2,623
Accelerated Capital Allowances 1,369
Balance at 31 July 2024 3,992

The entire provision for Deferred Taxation is in relation to accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1.00 100 100

11. ULTIMATE CONTROLLING PARTY

The controlling party is S G Topp.