Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true2022-03-01falseNo description of principal activity1212falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11816499 2022-03-01 2023-02-28 11816499 2021-03-01 2022-02-28 11816499 2023-02-28 11816499 2022-02-28 11816499 c:Director1 2022-03-01 2023-02-28 11816499 d:PlantMachinery 2022-03-01 2023-02-28 11816499 d:PlantMachinery 2023-02-28 11816499 d:PlantMachinery 2022-02-28 11816499 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11816499 d:Goodwill 2022-03-01 2023-02-28 11816499 d:Goodwill 2023-02-28 11816499 d:Goodwill 2022-02-28 11816499 d:CurrentFinancialInstruments 2023-02-28 11816499 d:CurrentFinancialInstruments 2022-02-28 11816499 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11816499 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11816499 d:ShareCapital 2023-02-28 11816499 d:ShareCapital 2022-02-28 11816499 d:RetainedEarningsAccumulatedLosses 2023-02-28 11816499 d:RetainedEarningsAccumulatedLosses 2022-02-28 11816499 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11816499 c:OrdinaryShareClass1 2023-02-28 11816499 c:OrdinaryShareClass1 2022-02-28 11816499 c:FRS102 2022-03-01 2023-02-28 11816499 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 11816499 c:FullAccounts 2022-03-01 2023-02-28 11816499 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11816499 d:Goodwill d:OwnedIntangibleAssets 2022-03-01 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11816499









CHIPCO N16 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
CHIPCO N16 LIMITED
REGISTERED NUMBER: 11816499

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
42,854
49,998

Tangible assets
 5 
12,707
3,584

  
55,561
53,582

Current assets
  

Stocks
  
12,893
12,850

Debtors: amounts falling due within one year
 6 
56,467
5,477

Cash at bank and in hand
 7 
441,486
586,694

  
510,846
605,021

Creditors: amounts falling due within one year
 8 
(62,788)
(160,651)

Net current assets
  
 
 
448,058
 
 
444,370

Total assets less current liabilities
  
503,619
497,952

  

Net assets
  
503,619
497,952


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
503,519
497,852

  
503,619
497,952


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Page 1

 
CHIPCO N16 LIMITED
REGISTERED NUMBER: 11816499
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

Hana Sutton
Director
Date: 4 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

CHIPCO N16 LIMITED is a private company limited by share capital, incorporated in England and Wales, registration number 11816499 . The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods 
Revenue from the sale for the food and beverages is recongised at the point of sale.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).


4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
71,425



At 28 February 2023

71,425



Amortisation


At 1 March 2022
21,428


Charge for the year on owned assets
7,143



At 28 February 2023

28,571



Net book value



At 28 February 2023
42,854



At 28 February 2022
49,998



Page 6

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 March 2022
6,107


Additions
13,358



At 28 February 2023

19,465



Depreciation


At 1 March 2022
2,523


Charge for the year on owned assets
4,235



At 28 February 2023

6,758



Net book value



At 28 February 2023
12,707



At 28 February 2022
3,584


6.


Debtors

2023
2022
£
£


Trade debtors
4,967
5,477

Other debtors
51,500
-

56,467
5,477



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
441,486
586,694

441,486
586,694


Page 7

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
36,408
89,978

Corporation tax
2,036
53,618

Other taxation and social security
22,226
12,629

Other creditors
-
2,215

Accruals and deferred income
2,118
2,211

62,788
160,651



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The company has made a pension contribution on behalf of the director of the company totalling £160,000 (2022 - £Nil).

 
Page 8