Registered number
09950325
Chupitos Ltd
Filleted Accounts
31 January 2024
Chupitos Ltd
Registered number: 09950325
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 118,001 87,625
Current assets
Stocks 11,445 14,965
Debtors 4 4,500 13,162
Cash at bank and in hand 6,718 4,029
22,663 32,156
Creditors: amounts falling due within one year 5 (71,072) (46,098)
Net current liabilities (48,409) (13,942)
Total assets less current liabilities 69,592 73,683
Creditors: amounts falling due after more than one year 6 (13,305) (21,364)
Net assets 56,287 52,319
Capital and reserves
Called up share capital 100 100
Profit and loss account 56,187 52,219
Shareholder's funds 56,287 52,319
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Moges Alemu Wolde
Director
Approved by the board on 4 September 2024
Chupitos Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, excluding in the year of acquisition, at rates calculated to write off the cost, less estimated residual value, as follows:
Fixtures, fittings & equipment 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 14
3 Tangible fixed assets
Fix, fittings & equipment
£
Cost
At 1 February 2023 191,455
Additions 40,311
At 31 January 2024 231,766
Depreciation
At 1 February 2023 103,830
Charge for the year 9,935
At 31 January 2024 113,765
Net book value
At 31 January 2024 118,001
At 31 January 2023 87,625
4 Debtors 2024 2023
£ £
Prepayments & other debtors 4,500 13,162
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bounce back loan (current liabilty) 11,160 11,160
Trade creditors 3,924 1,542
Corporation tax 292 3,518
Other taxes and social security costs 18,166 19,498
Accrued expenses & other creditors 37,530 10,380
71,072 46,098
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce back loan (non-current liabilty) 13,305 21,364
7 Other information
Chupitos Ltd is a private company limited by shares and incorporated in England. Its registered office is:
28 Upper Wickham Lane
Welling
DA16 3HF
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