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COMPANY REGISTRATION NUMBER: 05282702
Chipstable Produce Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Chipstable Produce Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
223,623
233,993
Current assets
Debtors
6
8,400
1,158
Cash at bank and in hand
17,474
13,739
--------
--------
25,874
14,897
Creditors: amounts falling due within one year
7
76,199
4,691
--------
--------
Net current (liabilities)/assets
( 50,325)
10,206
---------
---------
Total assets less current liabilities
173,298
244,199
Provisions
Taxation including deferred tax
11,215
11,215
---------
---------
Net assets
162,083
232,984
---------
---------
Chipstable Produce Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
161,983
232,884
---------
---------
Shareholders funds
162,083
232,984
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 September 2023 , and are signed on behalf of the board by:
Mr G Tout
Mrs S Tout
Director
Director
Company registration number: 05282702
Chipstable Produce Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 141 Staplegrove Road, Taunton, Somerset, TA2 6AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Fixed assets acquired at the time of incorporation are recorded at market value. Fixed assets acquired after incorporation are recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
10% straight line
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
10% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 2 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
176,750
52,264
100,200
27,684
3,983
360,881
Disposals
( 1,000)
( 1,000)
---------
--------
---------
--------
-------
---------
At 31 Mar 2023
176,750
52,264
99,200
27,684
3,983
359,881
---------
--------
---------
--------
-------
---------
Depreciation
At 1 Apr 2022
52,264
52,620
19,461
2,543
126,888
Charge for the year
7,365
2,056
49
9,470
Disposals
( 100)
( 100)
---------
--------
---------
--------
-------
---------
At 31 Mar 2023
52,264
59,885
21,517
2,592
136,258
---------
--------
---------
--------
-------
---------
Carrying amount
At 31 Mar 2023
176,750
39,315
6,167
1,391
223,623
---------
--------
---------
--------
-------
---------
At 31 Mar 2022
176,750
47,580
8,223
1,440
233,993
---------
--------
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
8,400
1,158
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,547
Corporation tax
2,456
1,124
Social security and other taxes
890
367
Other creditors
72,853
1,653
--------
-------
76,199
4,691
--------
-------
8. Directors' advances, credits and guarantees
During the year loans were provided to the company by the directors. The balances at the beginning of the year amounted to £753 and at the end of the year amounted to £72,153. No interest was payable on the loans during the year.
9. Related party transactions
The company was under the control of Mr G. Tout and Mrs S. Tout. Mr and Mrs Tout are the sole directors and shareholders. The company operates from a property owned by the directors. No rent was payable for this. Other than the above no transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.