Topcars Limited - Period Ending 2021-02-28
Topcars Limited - Period Ending 2021-02-28
Registration number:
Topcars Limited
for the Year Ended 28 February 2021
Topcars Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Topcars Limited
Company Information
Director |
GJ Topper |
Company secretary |
S M Topper |
Registered office |
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Topcars Limited
(Registration number: 04166433)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
|
|
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Debtors |
|
|
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Other financial assets |
1,974,494 |
1,621,088 |
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
2,341,119 |
2,496,343 |
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Shareholders' funds |
2,341,121 |
2,496,345 |
For the financial year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Topcars Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04166433.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover arises from the sale of goods.Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.
Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.
Topcars Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Office equipment |
33% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Topcars Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2020 |
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Additions |
- |
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At 28 February 2021 |
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Depreciation |
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At 1 March 2020 |
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Charge for the year |
- |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
- |
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At 29 February 2020 |
- |
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Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings.
Topcars Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 March 2020 |
1,621,088 |
1,621,088 |
Additions |
611,301 |
611,301 |
Disposals |
(257,895) |
(257,895) |
At 28 February 2021 |
1,974,494 |
1,974,494 |
Impairment |
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Carrying amount |
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At 28 February 2021 |
|
1,974,494 |
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
- |
353 |
Total current trade and other debtors |
|
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
7,860 |
7,739 |
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Topcars Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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2 |
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2 |