2024-01-012024-12-312024-12-31false10369386TOTAL PARTY 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TOTAL PARTY LTD

Registered Number
10369386
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

TOTAL PARTY LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

BROWN, Gregory Martin

Registered Address

Unit 2a Nutsey Lane
Totton
Southampton
SO40 3NB

Registered Number

10369386 (England and Wales)
TOTAL PARTY LTD
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets317,50026,250
Tangible assets4170,087217,053
187,587243,303
Current assets
Stocks5861,389968,697
Debtors6125,852139,001
Cash at bank and on hand742,182499,417
1,729,4231,607,115
Creditors amounts falling due within one year7(534,672)(498,795)
Net current assets (liabilities)1,194,7511,108,320
Total assets less current liabilities1,382,3381,351,623
Creditors amounts falling due after one year8(302,947)-
Net assets1,079,3911,351,623
Capital and reserves
Called up share capital100100
Profit and loss account1,079,2911,351,523
Shareholders' funds1,079,3911,351,623
The financial statements were approved and authorised for issue by the Board of Directors on 23 April 2025, and are signed on its behalf by:
BROWN, Gregory Martin
Director
Registered Company No. 10369386
TOTAL PARTY LTD
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. A deferred tax asset has been generated for the current year but an election has been made to not recognise this in the accounts.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings7
Plant and machinery5
Fixtures and fittings3
Vehicles4
Office Equipment3
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year4847
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 2450,00050,000
At 31 December 2450,00050,000
Amortisation and impairment
At 01 January 2423,75023,750
Charge for year8,7508,750
At 31 December 2432,50032,500
Net book value
At 31 December 2417,50017,500
At 31 December 2326,25026,250
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 24252,91217,453131,08060,330461,775
Additions--12,5937,40419,997
At 31 December 24252,91217,453143,67367,734481,772
Depreciation and impairment
At 01 January 2491,4638,26296,94048,057244,722
Charge for year37,0823,49118,9197,47166,963
At 31 December 24128,54511,753115,85955,528311,685
Net book value
At 31 December 24124,3675,70027,81412,206170,087
At 31 December 23161,4499,19134,14012,273217,053
5.Stocks

2024

2023

££
Work in progress-27,872
Finished goods861,389940,825
Total861,389968,697
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,21889
Other debtors-8,542
Prepayments and accrued income124,634130,370
Total125,852139,001
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables289,033290,075
Bank borrowings and overdrafts62,29718,468
Amounts owed to related parties-35,710
Taxation and social security173,845109,615
Other creditors5,3574,469
Accrued liabilities and deferred income4,14040,458
Total534,672498,795
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts302,947-
Total302,947-
The bank loan was taken out in December 2024 and is secured by a fixed and floating debenture over company assets. The loan enabled the company to buy back of shares after the year end.
9.Obligations under finance leases
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
10.Provisions for liabilities
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
BROWN, Gregory Martin17,855017,8550
BROWN, Rachel17,855017,8550
35,710035,7100
During the year both Directors were repaid their loans account balances.
12.Events after reporting date
The company carried out a share buy back of 50 £1 ordinary shares on the 15 January 2025, resulting in a charge of £616,138 against retained earnings and the creation of a capital redemption account for those 50 shares. This was partially financed by the bank loan which is included in these accounts.