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REGISTERED NUMBER: 06369570 (England and Wales)















The Little Chip Ltd

Unaudited Financial Statements for the Year Ended 31st October 2023






The Little Chip Ltd (Registered number: 06369570)






Contents of the Financial Statements
for the Year Ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Little Chip Ltd

Company Information
for the Year Ended 31st October 2023







DIRECTORS: Mrs F Moody
J F Moody
J J Moody





SECRETARY: Mrs F Moody





REGISTERED OFFICE: 12 Dundas Street
Redcar
CLEVELAND
TS10 3AD





REGISTERED NUMBER: 06369570 (England and Wales)





ACCOUNTANTS: DRAYCOTT & KIRK LLP
Cleveland House
92 Westgate
Guisborough
CLEVELAND
TS14 6AP

The Little Chip Ltd (Registered number: 06369570)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,000 50,000
Tangible assets 5 52,997 74,421
92,997 124,421

CURRENT ASSETS
Stocks 25,571 26,163
Debtors 6 5,855 3,683
Cash at bank and in hand 280,917 253,855
312,343 283,701
CREDITORS
Amounts falling due within one year 7 240,939 207,891
NET CURRENT ASSETS 71,404 75,810
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,401

200,231

CREDITORS
Amounts falling due after more than one year 8 (74,833 ) (90,062 )

PROVISIONS FOR LIABILITIES (10,320 ) (14,140 )
NET ASSETS 79,248 96,029

CAPITAL AND RESERVES
Called up share capital 99 99
Retained earnings 79,149 95,930
79,248 96,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The Little Chip Ltd (Registered number: 06369570)

Balance Sheet - continued
31st October 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 Board of Directors and authorised for issue on 5th April 2024 and were signed on its behalf by:





Mrs F Moody - Director


The Little Chip Ltd (Registered number: 06369570)

Notes to the Financial Statements
for the Year Ended 31st October 2023

1. STATUTORY INFORMATION

The Little Chip Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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.

The Little Chip Ltd (Registered number: 06369570)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

2. ACCOUNTING POLICIES - continued

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 14 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2022
and 31st October 2023 200,000
AMORTISATION
At 1st November 2022 150,000
Charge for year 10,000
At 31st October 2023 160,000
NET BOOK VALUE
At 31st October 2023 40,000
At 31st October 2022 50,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 163,653
DEPRECIATION
At 1st November 2022 89,232
Charge for year 21,424
At 31st October 2023 110,656
NET BOOK VALUE
At 31st October 2023 52,997
At 31st October 2022 74,421

The Little Chip Ltd (Registered number: 06369570)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,855 3,683

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 8,198 10,530
Trade creditors 10,394 7,104
Taxation and social security 43,788 20,566
Other creditors 168,559 159,691
240,939 207,891

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,571 42,592
Hire purchase contracts 52,262 47,470
74,833 90,062