Company Registration No. 02725326 (England and Wales)
Topsy Turvy Designs Limited
Unaudited accounts
for the year ended 30 April 2018
Topsy Turvy Designs Limited
Unaudited accounts
Contents
Topsy Turvy Designs Limited
Company Information
for the year ended 30 April 2018
Company Number
02725326 (England and Wales)
Registered Office
Churchill House, Suite 301
120 Bunns Lane
Mill Hill
NW7 2AS
Accountants
Platts
Churchill House, Suite 301
120 Bunns Lane
Mill Hill
London
NW7 2AS
Topsy Turvy Designs Limited
Statement of financial position
as at
30 April 2018
Investment property
4,033,703
3,950,000
Cash at bank and in hand
1,275,690
1,476,745
Creditors: amounts falling due within one year
(61,374)
(229,886)
Net current assets
2,191,045
2,218,914
Total assets less current liabilities
6,225,212
6,168,914
Creditors: amounts falling due after more than one year
(2,273,410)
(2,400,000)
Provisions for liabilities
Deferred tax
(463,165)
(463,165)
Net assets
3,488,637
3,305,749
Called up share capital
2
2
Revaluation reserve
1,852,662
1,852,662
Capital redemption reserve
1
1
Profit and loss account
1,635,972
1,453,084
Shareholders' funds
3,488,637
3,305,749
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 18 July 2018.
Mr S Joel
Director
Company Registration No. 02725326
Topsy Turvy Designs Limited
Notes to the Accounts
for the year ended 30 April 2018
Topsy Turvy Designs Limited is a private company, limited by shares, registered in England and Wales, registration number 02725326. The registered office is Churchill House, Suite 301, 120 Bunns Lane, Mill Hill, NW7 2AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Investments in shares are included at fair value.
4
Investment property
2018
Fair value at 1 May 2017
3,950,000
At 30 April 2018
4,033,703
5
Investments
Other investments
Valuation at 1 May 2017
-
Fair value adjustments
64
Valuation at 30 April 2018
464
Topsy Turvy Designs Limited
Notes to the Accounts
for the year ended 30 April 2018
Amounts due from group undertakings etc.
962,845
962,845
Accrued income and prepayments
10,192
5,518
Other debtors
3,692
3,692
7
Creditors: amounts falling due within one year
2018
2017
Amounts owed to group undertakings and other participating interests
1,261
166,194
Taxes and social security
44,384
49,600
Other creditors
3,692
3,692
Loans from directors
400
-
8
Creditors: amounts falling due after more than one year
2018
2017
Bank loans
2,273,410
2,400,000
The Bank Loan is secured by First legal Charge over the Company's Freehold Investment Property and a debenture over the assets of the company.
9
Deferred taxation
2018
2017
Revaluation of investment property
463,165
463,165
Provision at start of year
463,165
439,525
Charged to other comprehensive income
-
23,640
Provision at end of year
463,165
463,165
10
Share capital
2018
2017
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Topsy Turvy Designs Limited
Notes to the Accounts
for the year ended 30 April 2018
11
Transactions with related parties
The Director holds ultimately the entire Issued Ordinary Share Capital of the Company.
As detailed in Note 8, at the Balance Sheet date, the Company was owed an amount in the sum of £932,845 (2017 - £932,845) from MSL Estates Limited, a Company which has a common Director and Shareholder.
Also as detailed in Note 8, at the Balance Sheet date, the Company was owed an amount in the sum of £30,000 (2017 - £30,000) from Villa Estates Limited, a Company which has a common Director and Shareholder.
As detailed in Note 9, at the Balance Sheet date, the Company owed an amount in the sum of £1,261 (2017 - £166,194) to Tiles & Baths Direct Limited, a company which has a common Director and Shareholder and which is interest free and repayable on demand.
The Company rented out its Freehold Investment Property to Tiles & Baths Direct Limited on a commercial basis for the sum of £300,000 (2017 - £300,000).
12
Average number of employees
During the year the average number of employees was 1 (2017: 1).