Registered number
03207600
Topmarx Limited
Filleted Accounts
31 December 2024
Topmarx Limited
Registered number: 03207600
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 32,923 11,839
Current assets
Stocks 7,702 6,684
Debtors 4 3,124,984 3,177,114
Cash at bank and in hand 296,932 160,284
3,429,618 3,344,082
Creditors: amounts falling due within one year 5 (1,979,367) (2,110,598)
Net current assets 1,450,251 1,233,484
Total assets less current liabilities 1,483,174 1,245,323
Creditors: amounts falling due after more than one year 6 (33,333) (83,333)
Provisions for liabilities (6,624) (805)
Net assets 1,443,217 1,161,185
Capital and reserves
Called up and fully paid share capital 1,000 1,000
Profit and loss account 1,442,217 1,160,185
Shareholders' funds 1,443,217 1,161,185
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
….........................
Director
Approved by the board and authorised for issue on 24 April 2025
Topmarx Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Construction contract debtor
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the balance sheet date. The company uses the "percentage of completion" method to determine the appropriate amount to recognise in a given period. The assessment of the stage of completion is dependent on the size, duration and nature of the contract, but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss-making, a provision is recognised for the entire loss. Payments from customers in advance of the stage of completion are shown as 'Debtors payments on account' within creditors, until the corresponding works are complete.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 55 57
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures, fittings, tools and equipment Total
£ £ £ £
Cost
At 1 January 2024 167,103 814,325 22,285 1,003,713
Additions - 30,127 - 30,127
Disposals - (13,895) - (13,895)
At 31 December 2024 167,103 830,557 22,285 1,019,945
Depreciation
At 1 January 2024 167,103 802,486 22,285 991,874
Charge for the year - 9,043 - 9,043
On disposals - (13,895) - (13,895)
At 31 December 2024 167,103 797,634 22,285 987,022
Net book value
At 31 December 2024 - 32,923 - 32,923
At 31 December 2023 - 11,839 - 11,839
4 Debtors 2024 2023
£ £
Trade debtors 2,570,230 2,743,067
Construction contract debtor 542,688 425,204
Other debtors 12,066 8,843
3,124,984 3,177,114
5 Creditors: amounts falling due within one year 2024 2023
£ £
Debtor payments on account 248,781 285,470
Bank loans and overdrafts 50,000 50,000
Trade creditors 847,030 742,156
Taxation and social security costs 760,229 927,038
Other creditors 73,327 105,934
1,979,367 2,110,598
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,333 83,333
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 20,923 27,751
The bank loans are secured by fixed and floating charges over the assets of the company.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 68,966 37,422
9 Other information
Topmarx Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Chardan House, Culverlands
Winchester Road
Shedfield, Southampton
Hampshire
SO32 2JF
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