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COMPANY REGISTRATION NUMBER: 04996880
The Chaps Production Co. Limited
Filleted Unaudited Financial Statements
31 March 2023
The Chaps Production Co. Limited
Financial Statements
Year ended 31st March 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
The Chaps Production Co. Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of The Chaps Production Co. Limited
Year ended 31st March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Chaps Production Co. Limited for the year ended 31st March 2023, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
BROOKS & CO. Chartered Accountants
9 Cheam Road Ewell Epsom Surrey KT17 1SP
3 October 2023
The Chaps Production Co. Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
272,000
269,489
Current assets
Debtors
6
69,401
34,788
Cash at bank and in hand
101,521
100,969
---------
---------
170,922
135,757
Creditors: amounts falling due within one year
7
108,204
124,056
---------
---------
Net current assets
62,718
11,701
---------
---------
Total assets less current liabilities
334,718
281,190
Creditors: amounts falling due after more than one year
8
40,706
---------
---------
Net assets
334,718
240,484
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
334,618
240,384
---------
---------
Shareholders funds
334,718
240,484
---------
---------
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 31st 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 .
The Chaps Production Co. Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr S P Ludlam
Mrs K Ludlam
Director
Director
Company registration number: 04996880
The Chaps Production Co. Limited
Notes to the Financial Statements
Year ended 31st 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 9 Cheam Road, Ewell, Epsom, KT17 1SP, Surrey.
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.
Disclosure exemptions
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 tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
-
15% straight line
-
15% reducing balance
-
25% reducing balance
-
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2022
1,212,513
1,413
21,668
35,068
1,270,662
Additions
92,987
7,121
100,108
------------
-------
--------
--------
------------
At 31st March 2023
1,305,500
1,413
21,668
42,189
1,370,770
------------
-------
--------
--------
------------
Depreciation
At 1st April 2022
955,684
1,055
12,428
32,006
1,001,173
Charge for the year
92,007
54
2,310
3,226
97,597
------------
-------
--------
--------
------------
At 31st March 2023
1,047,691
1,109
14,738
35,232
1,098,770
------------
-------
--------
--------
------------
Carrying amount
At 31st March 2023
257,809
304
6,930
6,957
272,000
------------
-------
--------
--------
------------
At 31st March 2022
256,829
358
9,240
3,062
269,489
------------
-------
--------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
63,007
31,452
Other debtors
6,394
3,336
--------
--------
69,401
34,788
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
201
Corporation tax
27,483
6,933
Social security and other taxes
21,099
8,134
Barclaycard
2,373
3,199
Other creditors
57,249
105,589
---------
---------
108,204
124,056
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,706
----
--------
9. Directors' advances, credits and guarantees
During the year, Mr S Ludlam, a director of the company, made further advances to the company. The amount owed to Mr S Ludlam at the year end totalled £ 55,249 (2021: £103,589)