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Registered Number: 15017572


 

 

 

KIRAN CHIPPY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 21 July 2023

End date: 31 July 2024
Director Mandeep Singh
Registered Number 15017572
Registered Office 275 High Street
Gateshead
Tyne & Wear
NE8 1EP
Accountants Acumen Accounting
88-89 West Road
Newcastle Upon Tyne
Tyne & Wear
NE15 6PR
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 July 2024.
Principal activities
Principal activity of the company during the financial 31st July 2024 was of Take-away food shops and mobile food stands.
Directors
The directors who served the company throughout the period were as follows:
Mandeep Singh
Kiran Chamoli
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Mandeep Singh
Director

Date approved: 20 August 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 July 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Acumen Accounting
31 July 2024



....................................................
Acumen Accounting
88-89 West Road
Newcastle Upon Tyne
Tyne & Wear
NE15 6PR
20 August 2024
3
 
 
Notes
 
2024
£
Turnover 147,381 
Cost of sales (85,832)
Gross profit 61,549 
Administrative expenses (56,817)
Operating profit 4,732 
Profit/(Loss) on ordinary activities before taxation 4,732 
Tax on profit on ordinary activities (899)
Profit/(Loss) for the financial period 3,833 
 
4
 
 
Notes
 
2024
£
Current assets    
Stocks 4 6,423 
Cash at bank and in hand 1,114 
7,537 
Creditors: amount falling due within one year 5 (3,604)
Net current assets 3,933 
 
Total assets less current liabilities 3,933 
Net assets 3,933 
 

Capital and reserves
   
Called up share capital 6 100 
Profit and loss account 3,833 
Shareholders' funds 3,933 
 


For the period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
Mandeep Singh
Director
5
  Equity share capital   Revaluation reserve   Capital redemption reserve   Retained Earnings   Total
£ £ £ £ £
At 21 July 2023
Profit for the period 3,833  3,833 
Total comprehensive income for the period 3,833  3,833 
Shares issued 100  100 
Total investments by and distributions to owners 100  100 
At 31 July 2024 100  3,833  3,933 
6
General Information
Kiran Chippy Ltd is a private company, limited by shares, registered in , registration number 15017572, registration address 275 High Street, Gateshead, Tyne & Wear, NE8 1EP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Staff Costs

2024
£
Wages and salaries 21,289 
Pension costs, defined contribution plan 57 
21,346 
Average number of employees during the period Number
Administration 1 
Sales 2 

3.

Average number of employees

Average number of employees during the period was 3.
4.

Stocks

2024
£
Stocks 6,423 
6,423 

5.

Creditors: amount falling due within one year

2024
£
Corporation Tax 899 
PAYE & Social Security 552 
Other Creditors 1 
Directors' Current Accounts 2,152 
3,604 

6.

Share Capital

Allotted, called up and fully paid
2024
£
100 Class A shares of £1.00 each 100 
100 

7