Topcross Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03567917 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

TOPCROSS PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Robins

D L Robins

REGISTERED OFFICE:

Riverside House

1/5 Como Street

Romford

Essex

RM7 7DN

REGISTERED NUMBER:

03567917 (England and Wales)

ACCOUNTANTS:

Clemence Hoar Cummings

Chartered Accountants

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

FIXED ASSETS

Investment property

4

700,000

700,000

CURRENT ASSETS

Debtors

5

600

1,000

Cash at bank

3,618

12,189

4,218

13,189

CREDITORS

Amounts falling due within one year

6

42,696

39,512

NET CURRENT LIABILITIES

(38,478

)

(26,323

)

TOTAL ASSETS LESS CURRENT LIABILITIES

661,522

673,677

CREDITORS

Amounts falling due after more than one year

7

(63,348

)

(77,925

)

PROVISIONS FOR LIABILITIES

(98,725

)

(98,725

)

NET ASSETS

499,449

497,027

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

499,349

496,927

SHAREHOLDERS' FUNDS

499,449

497,027

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 13 March 2023 and were signed on its behalf by:

D L Robins - Director

A Robins - Director

1.	STATUTORY INFORMATION

Topcross Properties 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.

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 2 (2021 - NIL ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2021

and 31 July 2022

700,000

NET BOOK VALUE

At 31 July 2022

700,000

At 31 July 2021

700,000

Fair value at 31 July 2022 is represented by:

£

Valuation in 2017

510,865

Cost

189,135

700,000

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

2022

2021

£

£

Cost

189,135

189,135

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

600

1,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

15,711

14,021

Taxation and social security

25,521

24,265

Other creditors

1,464

1,226

42,696

39,512

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

63,348

77,925

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,952

23,736

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

79,059

91,946

The bank borrowing is secured by a first legal charge over the company's freehold property and an unlimited debenture incorporating a fixed and floating charge.