Company Registration No. SC172877 (Scotland)
The Chippendale School Of Furniture
Unaudited accounts
for the year ended 31 July 2023
The Chippendale School Of Furniture
Unaudited accounts
Contents
The Chippendale School Of Furniture
Company Information
for the year ended 31 July 2023
Directors
Peter Anselm Fraser
Antonia Fraser
Thomas A Fraser
Company Number
SC172877 (Scotland)
Registered Office
Myreside
Haddington
East Lothian
EH41 4JA
Scotland
Accountants
AGL Tax Solutions LLP
2A Station Yard
Haddington
East Lothian
EH41 3PP
The Chippendale School Of Furniture
Statement of financial position
as at 31 July 2023
Tangible assets
149,405
165,380
Cash at bank and in hand
23,021
40,979
Creditors: amounts falling due within one year
(231,417)
(252,841)
Net current liabilities
(140,392)
(147,751)
Total assets less current liabilities
9,013
17,629
Creditors: amounts falling due after more than one year
(6,134)
(9,731)
Profit and loss account
2,879
7,898
Shareholders' funds
2,879
7,898
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by
Antonia Fraser
Director
Company Registration No. SC172877
The Chippendale School Of Furniture
Notes to the Accounts
for the year ended 31 July 2023
The Chippendale School Of Furniture is a private company, limited by shares, registered in Scotland, registration number SC172877. The registered office is Myreside, , Haddington, East Lothian, EH41 4JA, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 historic cost convention.
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,Value Added Tax and other sales taxes.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings
10% reducing balance
Plant & machinery
25% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
The Chippendale School Of Furniture
Notes to the Accounts
for the year ended 31 July 2023
Taxation for the year comprises current taxation. Tax is recognised in the Income and expenditure account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to income and expenditure in the period to which they relate.
The accounts are presented in £ sterling.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 August 2022
155,595
131,460
20,390
1,883
16,236
325,564
Additions
-
22,109
-
2,747
460
25,316
At 31 July 2023
155,595
153,569
20,390
4,630
16,696
350,880
At 1 August 2022
29,111
108,154
8,920
1,187
12,812
160,184
Charge for the year
12,649
22,498
2,868
1,157
2,119
41,291
At 31 July 2023
41,760
130,652
11,788
2,344
14,931
201,475
At 31 July 2023
113,835
22,917
8,602
2,286
1,765
149,405
At 31 July 2022
126,484
23,306
11,470
696
3,424
165,380
Amounts falling due within one year
Accrued income and prepayments
479
2,346
The Chippendale School Of Furniture
Notes to the Accounts
for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
5,785
Obligations under finance leases and hire purchase contracts
3,598
3,598
Trade creditors
17,980
17,513
Taxes and social security
90
6
Loans from directors
112,265
120,831
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
6,134
9,731
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan
70,831
49,434
20,000
100,265
Director's Loan
50,000
12,000
50,000
12,000
120,831
61,434
70,000
112,265
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Average number of employees
During the year the average number of employees was 6 (2022: 6).