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REGISTERED NUMBER: 10625893 (England and Wales)















Financial Statements

for the Year Ended 29 February 2024

for

Chapman Guitars Ltd

Chapman Guitars Ltd (Registered number: 10625893)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Chapman Guitars Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: L S J Anderton
R Chapman





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 10625893 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Chapman Guitars Ltd (Registered number: 10625893)

Statement of Financial Position
29 February 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 1,334 297
1,334 297

CURRENT ASSETS
Inventories 224,440 47,115
Debtors 7 90,329 125,692
Cash at bank 67,742 276,568
382,511 449,375
CREDITORS
Amounts falling due within one year 8 (349,492 ) (206,122 )
NET CURRENT ASSETS 33,019 243,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,353

243,550

CREDITORS
Amounts falling due after more than one
year

9

(21,667

)

(31,667

)
NET ASSETS 12,686 211,883

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 12,586 211,783
12,686 211,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Chapman Guitars Ltd (Registered number: 10625893)

Statement of Financial Position - continued
29 February 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





L S J Anderton - Director


Chapman Guitars Ltd (Registered number: 10625893)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Chapman Guitars 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on cost
Computer equipment - 25% on cost

Stocks
Inventories 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Chapman Guitars Ltd (Registered number: 10625893)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
At 1 March 2023
and 29 February 2024 5,000
Amortisation
At 1 March 2023
and 29 February 2024 5,000
Net book value
At 29 February 2024 -
At 28 February 2023 -

6. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 March 2023 750 9,671 10,421
Additions - 1,330 1,330
At 29 February 2024 750 11,001 11,751
Depreciation
At 1 March 2023 750 9,374 10,124
Charge for year - 293 293
At 29 February 2024 750 9,667 10,417
Net book value
At 29 February 2024 - 1,334 1,334
At 28 February 2023 - 297 297

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 61,437 68,423
Other debtors 28,892 57,269
90,329 125,692

Chapman Guitars Ltd (Registered number: 10625893)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 267,254 30,057
Taxation and social security 2,881 26,909
Other creditors 69,357 139,156
349,492 206,122

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans 21,667 31,667

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29/2/24 28/2/23
£    £   
Within one year - 10,000