On Top Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09155255 (England and Wales)

Financial Statements

for the Year Ended 31 July 2021

for

ON TOP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Zeff

Mr I E Zeff

REGISTERED OFFICE:

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

REGISTERED NUMBER:

09155255 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

FIXED ASSETS

Investments

4

1

1

Investment property

5

340,000

273,395

340,001

273,396

CURRENT ASSETS

Debtors

6

-

177

Cash at bank

30,688

24,147

30,688

24,324

CREDITORS

Amounts falling due within one year

7

2,423

1,416

NET CURRENT ASSETS

28,265

22,908

TOTAL ASSETS LESS CURRENT LIABILITIES

368,266

296,304

CREDITORS

Amounts falling due after more than one year

8

(179,721

)

(179,762

)

PROVISIONS FOR LIABILITIES

(13,603

)

(948

)

NET ASSETS

174,942

115,594

CAPITAL AND RESERVES

Called up share capital

10

200

200

Fair value reserve

70,647

4,042

Retained earnings

104,095

111,352

SHAREHOLDERS' FUNDS

174,942

115,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 1 June 2022 and were signed on its behalf by:

Mrs J Zeff - Director

Mr I E Zeff - Director

1.	STATUTORY INFORMATION

On Top Ltd 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 Pound Sterling (£).

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.

Turnover

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

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 NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investment

£

COST OR VALUATION

At 1 August 2020

and 31 July 2021

1

NET BOOK VALUE

At 31 July 2021

1

At 31 July 2020

1

Cost or valuation at 31 July 2021 is represented by:

Other

investment

£

Valuation in 2021

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

273,395

Revaluations

66,605

At 31 July 2021

340,000

NET BOOK VALUE

At 31 July 2021

340,000

At 31 July 2020

273,395

Fair value at 31 July 2021 is represented by:

£

Valuation in 2021

340,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

-

177

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Tax

2,145

523

Other creditors

278

278

Accruals and deferred income

-

615

2,423

1,416

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans (see note 9)

179,721

179,762

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

179,721

179,762

9.

LOANS

An analysis of the maturity of loans is given below:

31.7.21

31.7.20

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

179,721

179,762

Bank loans and overdrafts totalling £179,721 (2020: £179,761) were secured against investment properties.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

1

A Class Ordinary

£1

1

1

1

B Class Ordinary

£1

1

1

1

C Class Ordinary

£1

1

1

1

D Class Ordinary

£1

1

1

98

E Class Ordinary

£1

98

98

98

F Class Ordinary

£1

98

98

200

200