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REGISTERED NUMBER: 07943038 (England and Wales)














Financial Statements for the Year Ended 29 February 2024

for

Chiptuningshop Limited

Chiptuningshop Limited (Registered number: 07943038)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chiptuningshop Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: A Hussain





REGISTERED OFFICE: Unit 11
Abbots Business Park
Primrose Hill
Kings Langley
Hertfordshire
WD4 8FR





REGISTERED NUMBER: 07943038 (England and Wales)





ACCOUNTANTS: Farrell & Co
1C Amberside
Wood Lane
Hemel Hempstead
Hertfordshire
HP2 4TP

Chiptuningshop Limited (Registered number: 07943038)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,525 1,525
Tangible assets 5 602,955 498,492
Investments 6 479 -
Investment property 7 151,800 151,800
756,759 651,817

CURRENT ASSETS
Stocks 112,706 82,181
Debtors 8 1,582,256 601,220
Prepayments and accrued income 77,669 3,800
Cash at bank and in hand 133,203 1,123,073
1,905,834 1,810,274
CREDITORS
Amounts falling due within one year 9 (106,446 ) (148,980 )
NET CURRENT ASSETS 1,799,388 1,661,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,556,147

2,313,111

PROVISIONS FOR LIABILITIES (36,583 ) (6,701 )
NET ASSETS 2,519,564 2,306,410

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 2,519,460 2,306,306
2,519,564 2,306,410

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 director acknowledges his 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.

Chiptuningshop Limited (Registered number: 07943038)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:





A Hussain - Director


Chiptuningshop Limited (Registered number: 07943038)

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

1. STATUTORY INFORMATION

Chiptuningshop Limited 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Chiptuningshop Limited (Registered number: 07943038)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 7 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 1,525
NET BOOK VALUE
At 29 February 2024 1,525
At 28 February 2023 1,525

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 482,526 46,056 - 7,374 535,956
Additions - 8,743 159,081 1,560 169,384
At 29 February 2024 482,526 54,799 159,081 8,934 705,340
DEPRECIATION
At 1 March 2023 19,301 13,258 - 4,905 37,464
Charge for year 9,651 13,700 39,770 1,800 64,921
At 29 February 2024 28,952 26,958 39,770 6,705 102,385
NET BOOK VALUE
At 29 February 2024 453,574 27,841 119,311 2,229 602,955
At 28 February 2023 463,225 32,798 - 2,469 498,492

Chiptuningshop Limited (Registered number: 07943038)

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

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
29.2.24 28.2.23
£    £   
Wise Stock Holdings 254 -
WISE Govt Bonds Holdings 225 -
479 -

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 151,800
NET BOOK VALUE
At 29 February 2024 151,800
At 28 February 2023 151,800

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 10,061 20,403
Amounts owed by associates 1,570,595 580,817
Other debtors 1,600 -
1,582,256 601,220

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Rent deposit 3,000 3,000
Trade creditors 3,468 25,510
Taxation and social security 94,634 112,767
Other creditors 5,344 7,703
106,446 148,980