Registered number
01840081
Topex Wholesalers Limited
Filleted Accounts
31 December 2024
Topex Wholesalers Limited
Registered number: 01840081
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,120,326 1,094,301
Current assets
Stocks 73,440 63,858
Debtors 4 4,626,211 4,561,069
Cash at bank and in hand 526,953 797,303
5,226,604 5,422,230
Creditors: amounts falling due within one year 5 (263,001) (283,412)
Net current assets 4,963,603 5,138,818
Total assets less current liabilities 6,083,929 6,233,119
Creditors: amounts falling due after more than one year 6 (1,065,492) (1,133,732)
Net assets 5,018,437 5,099,387
Capital and reserves
Called up share capital 25,000 25,000
Profit and loss account 4,993,437 5,074,387
Shareholders' funds 5,018,437 5,099,387
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.
Kalpesh J Mehta
Director
Approved by the board on 28 July 2025
Topex Wholesalers 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
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.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 1,882,441 181,944 - 2,064,385
Additions - 48,988 44,105 93,093
At 31 December 2024 1,882,441 230,932 44,105 2,157,478
Depreciation
At 1 January 2024 794,331 175,753 - 970,084
Charge for the year 37,649 18,393 11,026 67,068
At 31 December 2024 831,980 194,146 11,026 1,037,152
Net book value
At 31 December 2024 1,050,461 36,786 33,079 1,120,326
At 31 December 2023 1,088,110 6,191 - 1,094,301
4 Debtors 2024 2023
£ £
Trade debtors 14,928 7,891
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,611,283 4,553,178
4,626,211 4,561,069
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 66,694 65,148
Trade creditors 69,994 99,240
Taxation and social security costs 37,167 119,024
Other creditors 89,146 -
263,001 283,412
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,065,492 1,133,732
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 798,717 873,136
Secured bank loans 1,132,186 1,198,880
Bank loans are secured by fixed charges on freehold properties and by a debenture on all the assets of the company.
8 Related party transactions
The company is a wholly owned subsidiary of Topex Holdings Ltd. As stated in Note 4 of the accounts above, the company is owed £4,506,283 by a fellow subsidiary company of the group, Topex Properties Ltd and £105,000 by Topex Holdings Ltd.
9 Controlling party
On 3rd November 2019 Topex Holdings Ltd acquired the entire issued share capital of the company in exchange for the issue of its own shares in proportion to the shares owned in Topex Wholesalers Ltd. The Company is thus now a wholly owned subsidiary company of Topex Holdings Ltd. Mr Kalpesh J Mehta and Mrs Bhavna K Mehta own the same proportion of shares in Topex Holdings Ltd as they did in Topex Wholesalers Ltd.
10 Other information
Topex Wholesalers Limited is a private company limited by shares and incorporated in England. Its registered office is:
107-109 Ealing Road,
Wembley,
Middlesex,
HA0 4BP
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