Top Treads Limited
Top Treads Limited
Registered number: 02550143
Unaudited Financial Statements
For The Year Ended 24 November 2023
C W Dix Limited
Accountants & Business Advisors
4b Silkwood Court
Wakefield
West Yorkshire
WF5 9TP
Top Treads Limited
Unaudited Financial Statements
For The Year Ended 24 November 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Top Treads Limited
Balance Sheet
As At
24 November 2023
Balance Sheet
Registered number:
02550143
For the year ending 24 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 881,363 | 875,687 | |||
Top Treads Limited
Balance Sheet (continued)
As At
24 November 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Top Treads Limited
Notes to the Financial Statements
For The Year Ended 24 November 2023
Notes to the Financial Statements
1.
General Information
Top Treads Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02550143
. The registered office is Unit 1 Crigglestone Industrial Estate, Crigglestone, Wakefield, WF4 3HT.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2.2.
Going Concern Disclosure
The director has considered the impact of COVID-19 on the company's trade, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the director is confident that he has in place plans to deal with any financial losses that may arise. The director therefore continues to adopt the going concern basis of preparation for these financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct materials (purchase cost is based on a first-in, first-out basis) and labour plus attributable overheads is based on a normal level of activity. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Top Treads Limited
Notes to the Financial Statements (continued)
For The Year Ended 24 November 2023
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was:
| 2023 | 2022 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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4.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at 26 November 2022 |
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| Additions |
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| Disposals |
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| As at 24 November 2023 |
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| Depreciation | ||||
| As at 26 November 2022 |
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| Provided during the period |
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| Disposals |
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| As at 24 November 2023 |
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| Net Book Value | ||||
| As at 24 November 2023 |
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| As at 26 November 2022 |
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Top Treads Limited
Notes to the Financial Statements (continued)
For The Year Ended 24 November 2023
5.
Stocks
| 2023 | 2022 | ||
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| £ | £ | ||
| Stock |
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6.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| Bank loans |
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9.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2023 | 2022 | ||
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| £ | £ | ||
| Other timing differences | 21,541 | 17,213 | |
Top Treads Limited
Notes to the Financial Statements (continued)
For The Year Ended 24 November 2023
11.
Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
| 2023 | 2022 | ||
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| £ | £ | ||
| Later than one year and not later than five years |
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12.
Ultimate Controlling Party
The directors consider
Mark Small Holdings Limited
, a company registered in England, to be the company's ultimate holding company.