REGISTERED NUMBER: 05858694 (England and Wales)

Topic Property Limited

Unaudited Financial Statements

for the Year Ended 31st December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R Boileau

R Trotter

SECRETARY:

R Trotter

REGISTERED OFFICE:

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

REGISTERED NUMBER:

05858694 (England and Wales)

ACCOUNTANTS:

Hodgsons

Chartered Accountants

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

6,972

6,246

Investment property

6

800,000

800,000

806,972

806,246

CURRENT ASSETS

Debtors

7

21,206

62,293

Cash at bank

57,007

117,290

78,213

179,583

CREDITORS

Amounts falling due within one year

8

(171,146

)

(164,347

)

NET CURRENT (LIABILITIES)/ASSETS

(92,933

)

15,236

TOTAL ASSETS LESS CURRENT LIABILITIES

714,039

821,482

CREDITORS

Amounts falling due after more than one year

9

(92,353

)

(104,755

)

PROVISIONS FOR LIABILITIES

(38,893

)

(57,960

)

NET ASSETS

582,793

658,767

CAPITAL AND RESERVES

Called up share capital

1,014

1,014

Retained earnings

581,779

657,753

SHAREHOLDERS' FUNDS

582,793

658,767

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

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

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2025 and were signed on its behalf by:

R Trotter - Director

1.	STATUTORY INFORMATION

Topic Property Limited 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.

The presentation currency of the financial statements is the Euro (€).

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 as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in sterling are translated into Euros at the rates of exchange ruling at the balance sheet

date.

Transactions in sterling are translated into Euros using the spot rate at the time of the transaction.

Exchange differences are taken into account in arriving at the operating result.

Euros per pound

31/12/24

31/12/23

Average rate

1.178900

1.149500

Exchange rate at the the balance sheet date

1.204700

1.152800

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Computer

equipment

€

COST

At 1st January 2024

and 31st December 2024

2,723

DEPRECIATION

At 1st January 2024

and 31st December 2024

2,723

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	FIXED ASSET INVESTMENTS

Other

investment

€

COST OR VALUATION

At 1st January 2024

6,246

Revaluations

726

At 31st December 2024

6,972

NET BOOK VALUE

At 31st December 2024

6,972

At 31st December 2023

6,246

Cost or valuation at 31st December 2024 is represented by:

Other

investment

€

Valuation in 2015

1,165

Valuation in 2016

378

Valuation in 2017

117

Valuation in 2018

(590

)

Valuation in 2019

923

Valuation in 2020

(537

)

Valuation in 2021

1,138

Valuation in 2022

1

Valuation in 2023

51

Valuation in 2024

726

Cost

3,600

6,972

If the listed investments had not been revalued they would have been included at the following historical cost:

2024

2023

€

€

Cost

3,600

3,600

The listed securities were valued on an open market basis on 31st December 2024 by Deutsche Bank .

Note that the revaluation shown in 2015 contains all pre 2015 revaluations.

6.	INVESTMENT PROPERTY

Total

€

FAIR VALUE

At 1st January 2024

and 31st December 2024

800,000

NET BOOK VALUE

At 31st December 2024

800,000

At 31st December 2023

800,000

Fair value at 31st December 2024 is represented by:

€

Valuation in 2014

4,194

Valuation in 2016

145,000

Valuation in 2018

60,000

Valuation in 2020

(1,305

)

Valuation in 2021

217,965

Cost

374,146

800,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024

2023

€

€

Cost

374,146

374,146

The investment property was valued on an open market basis on 31st December 2024 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

€

€

Trade debtors

9,795

32,249

Other debtors

11,411

30,044

21,206

62,293

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

€

€

Bank loans and overdrafts

16,336

20,272

Directors' current accounts

135,603

135,162

Accrued expenses

19,207

8,913

171,146

164,347

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

€

€

Bank loans - 1-2 years

16,336

20,272

Bank loans - 2-5 years

43,757

60,559

Bank loans - more than 5 years

32,260

23,924

92,353

104,755

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

32,260

23,924

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

€

€

Bank loans

108,689

125,027

The directors, R Boileau and R Trotter, have between them given personal guarantees totalling €147,230 (2023: €156,224) over the company mortgages.