IRIS Accounts Production v23.3.0.418 07943038 director 1.3.22 28.2.23 28.2.23 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079430382022-02-28079430382023-02-28079430382022-03-012023-02-28079430382021-02-28079430382021-03-012022-02-28079430382022-02-2807943038ns10:Originalns15:EnglandWales2022-03-012023-02-2807943038ns14:PoundSterlingns10:Original2022-03-012023-02-2807943038ns10:Originalns10:Director12022-03-012023-02-2807943038ns10:Original2022-03-012023-02-2807943038ns10:Original2023-02-2807943038ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2807943038ns10:Originalns10:SmallEntities2022-03-012023-02-2807943038ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2807943038ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2807943038ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2807943038ns10:Originalns10:FullAccounts2022-03-012023-02-2807943038ns10:Original12022-03-012023-02-2807943038ns10:Originalns10:RegisteredOffice2022-03-012023-02-2807943038ns10:Original2022-02-2807943038ns10:Originalns5:CurrentFinancialInstruments2023-02-2807943038ns10:Originalns5:CurrentFinancialInstruments2022-02-2807943038ns5:ShareCapitalns10:Original2023-02-2807943038ns5:ShareCapitalns10:Original2022-02-2807943038ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2807943038ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2807943038ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-03-012023-02-2807943038ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-03-012023-02-2807943038ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-03-012023-02-2807943038ns10:Originalns5:FurnitureFittings2022-03-012023-02-2807943038ns10:Originalns5:ComputerEquipment2022-03-012023-02-2807943038ns10:Original2021-03-012022-02-2807943038ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-02-2807943038ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-02-2807943038ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-02-2807943038ns10:Originalns5:LandBuildings2022-02-2807943038ns10:Originalns5:FurnitureFittings2022-02-2807943038ns10:Originalns5:ComputerEquipment2022-02-2807943038ns10:Original2022-02-2807943038ns10:Originalns5:LandBuildings2022-03-012023-02-2807943038ns10:Originalns5:LandBuildings2023-02-2807943038ns10:Originalns5:FurnitureFittings2023-02-2807943038ns10:Originalns5:ComputerEquipment2023-02-2807943038ns10:Originalns5:LandBuildings2022-02-2807943038ns10:Originalns5:FurnitureFittings2022-02-2807943038ns10:Originalns5:ComputerEquipment2022-02-2807943038ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2807943038ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-28
REGISTERED NUMBER: 07943038 (England and Wales)














Financial Statements for the Year Ended 28 February 2023

for

Chiptuningshop Limited

Chiptuningshop Limited (Registered number: 07943038)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chiptuningshop Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: A Hussain





REGISTERED OFFICE: Unit 11
Abbots Business Park
Primrose Hill
Kings Langley
Hertfordshire
WD4 8FR





REGISTERED NUMBER: 07943038 (England and Wales)





ACCOUNTANTS: Farrell & Co
1C Amberside
Wood Lane
Hemel Hempstead
Hertfordshire
HP2 4TP

Chiptuningshop Limited (Registered number: 07943038)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,525 1,525
Tangible assets 5 498,492 613,111
Investment property 6 151,800 -
651,817 614,636

CURRENT ASSETS
Stocks 82,181 65,822
Debtors 7 601,220 126,549
Prepayments and accrued income 3,800 -
Cash at bank 1,123,073 1,271,911
1,810,274 1,464,282
CREDITORS
Amounts falling due within one year 8 148,980 182,614
NET CURRENT ASSETS 1,661,294 1,281,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,313,111

1,896,304

PROVISIONS FOR LIABILITIES 6,701 1,179
NET ASSETS 2,306,410 1,895,125

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 2,306,306 1,895,021
SHAREHOLDERS' FUNDS 2,306,410 1,895,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Chiptuningshop Limited (Registered number: 07943038)

Balance Sheet - continued
28 February 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2023 and were signed by:





A Hussain - Director


Chiptuningshop Limited (Registered number: 07943038)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Chiptuningshop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Chiptuningshop Limited (Registered number: 07943038)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 1,525
NET BOOK VALUE
At 28 February 2023 1,525
At 28 February 2022 1,525

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022 634,326 6,975 3,892 645,193
Additions - 39,081 3,482 42,563
Disposals (151,800 ) - - (151,800 )
At 28 February 2023 482,526 46,056 7,374 535,956
DEPRECIATION
At 1 March 2022 27,867 1,744 2,471 32,082
Charge for year 9,650 11,514 2,434 23,598
Reversal of impairments (18,216 ) - - (18,216 )
At 28 February 2023 19,301 13,258 4,905 37,464
NET BOOK VALUE
At 28 February 2023 463,225 32,798 2,469 498,492
At 28 February 2022 606,459 5,231 1,421 613,111

Chiptuningshop Limited (Registered number: 07943038)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 151,800
At 28 February 2023 151,800
NET BOOK VALUE
At 28 February 2023 151,800

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 20,403 12,670
Amounts owed by associates 580,817 111,386
Other debtors - 2,493
601,220 126,549

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Rent deposit 3,000 -
Trade creditors 25,510 17,866
Taxation and social security 112,767 158,454
Other creditors 7,703 6,294
148,980 182,614