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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
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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
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The Chippendale School Of Furniture Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
149,405 
165,380 
Current assets
Inventories
63,518 
57,815 
Debtors
4,486 
6,296 
Cash at bank and in hand
23,021 
40,979 
91,025 
105,090 
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)
Net assets
2,879 
7,898 
Capital and reserves
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
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The Chippendale School Of Furniture Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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.
Going concern
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
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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The Chippendale School Of Furniture Notes to the Accounts for the year ended 31 July 2023
Taxation
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.
Retirement benefits
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.
Presentation currency
The accounts are presented in £ sterling.
4
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 
Depreciation
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 
Net book value
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 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
3,950 
Accrued income and prepayments
479 
2,346 
Other debtors
4,007 
- 
4,486 
6,296 
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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 
Other creditors
935 
431 
Loans from directors
112,265 
120,831 
Accruals
96,549 
104,677 
231,417 
252,841 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
6,134 
9,731 
8
Loans to directors
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 
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).
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