Company registration number 12017253 (England and Wales)
TOPAZ862 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
TOPAZ862 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TOPAZ862 LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
1,000,000
650,720
Current assets
Debtors
5
-
0
2,982
Cash at bank and in hand
-
0
1,494
-
0
4,476
Creditors: amounts falling due within one year
6
(84,867)
(60,677)
Net current liabilities
(84,867)
(56,201)
Total assets less current liabilities
915,133
594,519
Creditors: amounts falling due after more than one year
7
(354,375)
(354,375)
Provisions for liabilities
(163,309)
(75,989)
Net assets
397,449
164,155
Capital and reserves
Called up share capital
9
400,138
400,138
Non-distributable profits reserve
10
489,927
227,967
Distributable profit and loss reserves
(492,616)
(463,950)
Total equity
397,449
164,155

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TOPAZ862 LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
Mr M P Garland
Director
Company Registration No. 12017253
TOPAZ862 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Topaz862 LtdTOPAZ862 LTD is a private company limited by shares incorporated in England and Wales. The registered office is 4 Rose Duryard, Lower Argyll Road, Exeter, Devon, EX4 4PB.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 requirements 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 statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for investment properties, which are measured at fair value. The principal accounting policies applied in the preparation of these financial statements are set out below.

1.2
Turnover

Turnover comprises rents receivable excluding vat and the rents are recognised in the accounts for the period of letting that falls within the accounting year.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

TOPAZ862 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
-
0
-
0
4
Investment property
2025
£
Fair value
At 1 April 2024
650,720
Revaluations
349,280
At 31 March 2025
1,000,000

The property's fair value was reviewed by the directors during the year, resulting in an upward adjustment to reflect current market conditions. A third-party valuation was not obtained, as the directors assessed comparable properties on the market and concluded that an increase in the carrying value was appropriate to reflect fair value. Following this review, the property’s carrying amount has been adjusted from its previous value. The historical cost of the property remains at £346,764.

TOPAZ862 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
-
0
2,982
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank overdrafts
8
1,063
-
0
Other creditors
68,769
45,627
Accruals and deferred income
15,035
15,050
84,867
60,677
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
354,375
354,375
8
Loans and overdrafts
2025
2024
£
£
Bank loans
354,375
354,375
Bank overdrafts
1,063
-
0
355,438
354,375
Payable within one year
1,063
-
0
Payable after one year
354,375
354,375

The long-term loans are secured by fixed charges over the property owned by the company.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
400,138
400,138
400,138
400,138
TOPAZ862 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
- 6 -
10
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
227,967
227,967
Unrealised gain on property revaluation less deferred tax
261,960
-
At the end of the year
489,927
227,967
The non-distributable profits reserve comprises unrealised gains on the revaluation of investment property and the associated deferred tax provision.
11
Directors' transactions

During the year the directors made loans to the company of £23,142. At the year end, the directors were owed £68,769 (2024: £45,627). The loan is interest free.

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