Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activity2023-03-01false1312falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11816499 2023-03-01 2024-02-29 11816499 2022-03-01 2023-02-28 11816499 2024-02-29 11816499 2023-02-28 11816499 c:Director1 2023-03-01 2024-02-29 11816499 d:PlantMachinery 2023-03-01 2024-02-29 11816499 d:PlantMachinery 2024-02-29 11816499 d:PlantMachinery 2023-02-28 11816499 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11816499 d:MotorVehicles 2023-03-01 2024-02-29 11816499 d:MotorVehicles 2024-02-29 11816499 d:MotorVehicles 2023-02-28 11816499 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11816499 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11816499 d:Goodwill 2023-03-01 2024-02-29 11816499 d:Goodwill 2024-02-29 11816499 d:Goodwill 2023-02-28 11816499 d:CurrentFinancialInstruments 2024-02-29 11816499 d:CurrentFinancialInstruments 2023-02-28 11816499 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11816499 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11816499 d:ShareCapital 2024-02-29 11816499 d:ShareCapital 2023-02-28 11816499 d:RetainedEarningsAccumulatedLosses 2024-02-29 11816499 d:RetainedEarningsAccumulatedLosses 2023-02-28 11816499 c:OrdinaryShareClass1 2023-03-01 2024-02-29 11816499 c:OrdinaryShareClass1 2024-02-29 11816499 c:OrdinaryShareClass1 2023-02-28 11816499 c:FRS102 2023-03-01 2024-02-29 11816499 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11816499 c:FullAccounts 2023-03-01 2024-02-29 11816499 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11816499 2 2023-03-01 2024-02-29 11816499 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2024-02-29 11816499 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11816499









CHIPCO N16 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CHIPCO N16 LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHIPCO N16 LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CHIPCO N16 LIMITED for the year ended 29 February 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of CHIPCO N16 LIMITED in accordance with the terms of our engagement letter dated 18 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of CHIPCO N16 LIMITED and state those matters that we have agreed to state to the director of CHIPCO N16 LIMITED in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CHIPCO N16 LIMITED and its director for our work or for this report. 

It is your duty to ensure that CHIPCO N16 LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CHIPCO N16 LIMITED. You consider that CHIPCO N16 LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of CHIPCO N16 LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Hurkan Sayman & Co
 
Chartered Accountants
  
291 Green Lanes
Palmers Green
London
N13 4XS
27 November 2024
Page 1

 
CHIPCO N16 LIMITED
REGISTERED NUMBER: 11816499

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
35,712
42,855

Tangible assets
 5 
21,586
12,706

  
57,298
55,561

Current assets
  

Stocks
  
13,408
12,893

Debtors: amounts falling due within one year
 6 
7,008
56,467

Cash at bank and in hand
 7 
572,546
441,486

  
592,962
510,846

Creditors: amounts falling due within one year
 8 
(97,084)
(62,788)

Net current assets
  
 
 
495,878
 
 
448,058

Total assets less current liabilities
  
553,176
503,619

  

Net assets
  
553,176
503,619


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
553,076
503,519

  
553,176
503,619


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Page 2

 
CHIPCO N16 LIMITED
REGISTERED NUMBER: 11816499
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024


Hana Sutton
Director
Date: 27 November 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

CHIPCO N16 LIMITED is a private company limited by share capital, incorporated in England and Wales, registration number 11816499 . The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods 
Revenue from the sale for the food and beverages is recongised at the point of sale.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).

Page 6

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
71,425



At 29 February 2024

71,425



Amortisation


At 1 March 2023
28,570


Charge for the year on owned assets
7,143



At 29 February 2024

35,713



Net book value



At 29 February 2024
35,712



At 28 February 2023
42,855



Page 7

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 March 2023
19,465
-
19,465


Additions
8,579
7,495
16,074



At 29 February 2024

28,044
7,495
35,539



Depreciation


At 1 March 2023
6,758
-
6,758


Charge for the year on owned assets
5,321
1,874
7,195



At 29 February 2024

12,079
1,874
13,953



Net book value



At 29 February 2024
15,965
5,621
21,586



At 28 February 2023
12,706
-
12,706


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
4,967

Other debtors
7,008
51,500

7,008
56,467


Page 8

 
CHIPCO N16 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
572,546
441,486

572,546
441,486



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
41,658
36,408

Corporation tax
17,649
2,036

Other taxation and social security
24,320
22,226

Other creditors
11,311
-

Accruals and deferred income
2,146
2,118

97,084
62,788



9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,224 (2023 - £160,000) Contributions totalling £64 (2023 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9