Company Registration No. 03219234 (England and Wales)
TOPLIS ASSOCIATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
TOPLIS ASSOCIATES LIMITED
COMPANY INFORMATION
Director
Mr A Toplis
Secretary
Mrs Pat Toplis
Company number
03219234
Registered office
Streethay Lodge
Streethay
Lichfield
Staffordshire
WS13 8LR
Accountants
KFB Accounting Services Limited
43 Bodmin Rise
Walsall
W Midlands
WS5 3HY
Business address
Streethay Lodge
Streethay
Lichfield
Staffordshire
WS13 8LR
TOPLIS ASSOCIATES LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5
Statement of changes in equity
6
Notes to the financial statements
7 - 13
TOPLIS ASSOCIATES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2017
- 1 -
The director presents his annual report and financial statements for the year ended 30 June 2017.
Principal activities
The principal activity of the company continued to be that of consultancy.
consultancy.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr A Toplis
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A Toplis
Director
19 July 2017
TOPLIS ASSOCIATES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TOPLIS ASSOCIATES LIMITED FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Toplis Associates Limited for the year ended 30 June 2017 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made solely to the Board of Directors of Toplis Associates Limited, as a body . Our work has been undertaken solely to prepare for your approval the financial statements of Toplis Associates Limited and state those matters that we have agreed to state to the Board of Directors of Toplis Associates Limited, as a body . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Toplis Associates Limited and its Board of Directors as a body, for our work or for this report.
.
Our work has been undertaken solely to prepare for your approval the financial statements of Toplis Associates Limited and state those matters that we have agreed to state to the Board of Directors of Toplis Associates Limited, as a body
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Toplis Associates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Toplis Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Toplis Associates Limited. You consider that Toplis Associates Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Toplis Associates Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
KFB Accounting Services Limited
19 July 2017
Chartered Accountants
43 Bodmin Rise
Walsall
W Midlands
WS5 3HY
TOPLIS ASSOCIATES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
2017
2016
Notes
£
£
Turnover
3
8,293
3,430
Cost of sales
(1,835)
(959)
Gross profit
6,458
2,471
Distribution costs
(7)
-
Administrative expenses
(7,958)
(8,955)
Operating loss
4
(1,507)
(6,484)
Interest receivable and similar income
6
6
20
Loss before taxation
(1,501)
(6,464)
Taxation
7
-
-
Loss for the financial year
(1,501)
(6,464)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TOPLIS ASSOCIATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
2017
2016
£
£
Loss for the year
(1,501)
(6,464)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,501)
(6,464)
TOPLIS ASSOCIATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 5 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
8
270
540
Current assets
Stocks
10
941
932
Debtors
11
568
372
Cash at bank and in hand
26,679
27,969
28,188
29,273
Creditors: amounts falling due within one year
12
(1,140)
(994)
Net current assets
27,048
28,279
Total assets less current liabilities
27,318
28,819
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
27,218
28,719
Total equity
27,318
28,819
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 19 July 2017
Mr A Toplis
Director
Company Registration No. 03219234
TOPLIS ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2015
100
35,183
35,283
Year ended 30 June 2016:
Loss and total comprehensive income for the year
-
(6,464)
(6,464)
Balance at 30 June 2016
100
28,719
28,819
Year ended 30 June 2017:
Loss and total comprehensive income for the year
-
(1,501)
(1,501)
Balance at 30 June 2017
100
27,218
27,318
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
1
Accounting policies
Company information
Toplis Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Streethay Lodge, Streethay, Lichfield, Staffordshire, WS13 8LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Toplis Associates Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 8 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% per annum, straight line basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 9 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 10 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2017
2016
£
£
Turnover
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
8,293
3,430
Other significant revenue
Interest income
6
20
Turnover analysed by geographical market
2017
2016
£
£
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
8,293
3,430
4
Operating loss
2017
2016
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
270
270
Cost of stocks recognised as an expense
1,835
959
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 11 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
4,880
6,000
6
Interest receivable and similar income
2017
2016
£
£
Interest income
Interest on bank deposits
6
20
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
6
20
7
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Loss before taxation
(1,501)
(6,464)
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2016: 0%)
-
-
Taxation charge in the financial statements
-
-
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 12 -
8
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2016 and 30 June 2017
22,185
Depreciation and impairment
At 1 July 2016
21,645
Depreciation charged in the year
270
At 30 June 2017
21,915
Carrying amount
At 30 June 2017
270
At 30 June 2016
540
9
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
568
294
Carrying amount of financial liabilities
Measured at amortised cost
894
894
10
Stocks
2017
2016
£
£
Finished goods and goods for resale
941
932
11
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
476
202
Other debtors
92
170
568
372
TOPLIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 13 -
12
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
246
100
Other creditors
250
250
Accruals and deferred income
644
644
1,140
994
13
Loans and overdrafts
2017
2016
£
£
The long-term loans are secured by fixed charges over [XXX]
[
An entity shall disclose information that enables users of its financial statements to
evaluate the significance of financial instruments for its financial position and
performance. For example, for long term debt such information would normally include the terms and conditions of the debt instrument (such as interest rate, maturity, repayment schedule, and restrictions that the debt instrument imposes on the entity.
]
14
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
2017-06-30
2016-07-01
false
CCH Software
CCH Accounts Production 2017.110
03219234
2016-07-01
2017-06-30
03219234
bus:Director1
2016-07-01
2017-06-30
03219234
bus:CompanySecretary1
2016-07-01
2017-06-30
03219234
bus:RegisteredOffice
2016-07-01
2017-06-30
03219234
2017-06-30
03219234
2015-07-01
2016-06-30
03219234
2016-06-30
03219234
core:FurnitureFittings
2017-06-30
03219234
core:FurnitureFittings
2016-06-30
03219234
core:CurrentFinancialInstruments
2017-06-30
03219234
core:CurrentFinancialInstruments
2016-06-30
03219234
core:ShareCapital
2017-06-30
03219234
core:ShareCapital
2016-06-30
03219234
core:RetainedEarningsAccumulatedLosses
2017-06-30
03219234
core:RetainedEarningsAccumulatedLosses
2016-06-30
03219234
core:ShareCapital
core:RestatedAmount
2015-06-30
03219234
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2015-06-30
03219234
core:RestatedAmount
2015-06-30
03219234
core:FurnitureFittings
2016-07-01
2017-06-30
03219234
core:OwnedAssets
2016-07-01
2017-06-30
03219234
core:OwnedAssets
2015-07-01
2016-06-30
03219234
core:FurnitureFittings
2016-06-30
03219234
bus:PrivateLimitedCompanyLtd
2016-07-01
2017-06-30
03219234
bus:FRS102
2016-07-01
2017-06-30
03219234
bus:AuditExemptWithAccountantsReport
2016-07-01
2017-06-30
03219234
bus:FullAccounts
2016-07-01
2017-06-30
xbrli:pure
xbrli:shares
iso4217:GBP