Topmode Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03845031 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

TOPMODE INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V S Patel

S K Patel

Mrs F S Patel

SECRETARY:

S K Patel

REGISTERED OFFICE:

41 The Broadway

Joel Street

Northwood

HA6 1NZ

REGISTERED NUMBER:

03845031 (England and Wales)

ACCOUNTANTS:

Butler & Co LLP

Chartered Accountants

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Investment property

4

5,690,824

5,208,293

CURRENT ASSETS

Debtors

5

37,788

100,547

Cash at bank

109,082

22,500

146,870

123,047

CREDITORS

Amounts falling due within one year

6

2,835,635

2,318,073

NET CURRENT LIABILITIES

(2,688,765

)

(2,195,026

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,002,059

3,013,267

CREDITORS

Amounts falling due after more than one year

7

(2,385,635

)

(2,385,635

)

PROVISIONS FOR LIABILITIES

10

(54,910

)

(54,910

)

NET ASSETS

561,514

572,722

CAPITAL AND RESERVES

Called up share capital

11

100

100

Other reserves

12

234,090

234,090

Retained earnings

12

327,324

338,532

SHAREHOLDERS' FUNDS

561,514

572,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 authorised for issue by the Board of Directors and authorised for issue on 17 February 2021 and were signed on its behalf by:

V S Patel - Director

1.	STATUTORY INFORMATION

Topmode Investments 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.

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.

Going concern

The directors consider that the financial resources available to the Company are adequate to meet its operational needs for the foreseeable future or at least 12 months from the date of signature of these accounts. Accordingly, the going concern basis has been adopted in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivables, excluding value added tax.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

5,208,293

Additions

588,219

Disposals

(105,688

)

At 30 September 2020

5,690,824

NET BOOK VALUE

At 30 September 2020

5,690,824

At 30 September 2019

5,208,293

Fair value at 30 September 2020 is represented by:

£

Valuation in 2017

289,000

Cost

5,401,824

5,690,824

If investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

5,401,824

4,919,293

Investment properties were valued on an open market basis on 30 September 2017 by directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

10,057

35,777

Deposit - Property purchase

-

47,251

Rent deposits

18,790

9,226

Prepayments

8,941

8,293

37,788

100,547

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

241

1,787

Other creditors

2,785,545

2,272,362

Rent deposits

18,790

9,226

Directors' current accounts

22,809

22,809

Deferred income

4,750

8,388

Accrued expenses

3,500

3,501

2,835,635

2,318,073

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 8)

2,385,635

2,385,635

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,385,635

2,385,635

8.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,385,635

2,385,635

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

2,385,635

2,385,635

The bank loans were advanced by Bank of Singapore and are secured by way of fixed charges over 7 of the company's properties with an aggregate book value of £2,624,286..

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

54,910

54,910

Deferred

tax

£

Balance at 1 October 2019

54,910

Balance at 30 September 2020

54,910

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 October 2019

338,532

234,090

572,622

Deficit for the year

(11,208

)

(11,208

)

At 30 September 2020

327,324

234,090

561,414

13.	RELATED PARTY DISCLOSURES

At 30th September 2019, the company owed the directors £2,295,171 (2019: £2,95,171).

As at the balance sheet date, the company was owed £10,057 (2019: £35,777) by Questside Management Limited, a related party.

14.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.