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COMPANY REGISTRATION NUMBER: 10557615
The Chirpy Egg Company Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
The Chirpy Egg Company Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
3,431,043
3,539,261
Current assets
Stocks
95,913
92,917
Debtors
5
872,511
489,610
Cash at bank and in hand
198,449
130,611
-------------
----------
1,166,873
713,138
Creditors: amounts falling due within one year
6
674,491
1,109,113
-------------
-------------
Net current assets/(liabilities)
492,382
( 395,975)
-------------
-------------
Total assets less current liabilities
3,923,425
3,143,286
Creditors: amounts falling due after more than one year
7
1,983,615
2,347,609
Provisions
247,640
2,610
-------------
-------------
Net assets
1,692,170
793,067
-------------
-------------
Capital and reserves
Called up share capital
110
110
Profit and loss account
1,692,060
792,957
-------------
----------
Shareholders funds
1,692,170
793,067
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Chirpy Egg Company Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mrs B M Arden
Mr A Arden
Director
Director
Company registration number: 10557615
The Chirpy Egg Company Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
5% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 June 2023
1,630,893
2,618,419
4,249,312
Additions
49,750
49,750
-------------
-------------
-------------
At 31 May 2024
1,630,893
2,668,169
4,299,062
-------------
-------------
-------------
Depreciation
At 1 June 2023
125,283
584,768
710,051
Charge for the year
32,618
125,350
157,968
-------------
-------------
-------------
At 31 May 2024
157,901
710,118
868,019
-------------
-------------
-------------
Carrying amount
At 31 May 2024
1,472,992
1,958,051
3,431,043
-------------
-------------
-------------
At 31 May 2023
1,505,610
2,033,651
3,539,261
-------------
-------------
-------------
5. Debtors
2024
2023
£
£
Trade debtors
243,433
182,702
Other debtors
629,078
306,908
----------
----------
872,511
489,610
----------
----------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
346,870
329,743
Trade creditors
255,029
274,370
Corporation tax
53,959
Other creditors
18,633
505,000
----------
-------------
674,491
1,109,113
----------
-------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,983,615
2,347,609
-------------
-------------
8. Charges on assets
Bank loans totalling £2,330,483 (2023: £2,677,351) are secured by fixed and floating charge on company assets.
9. Related party transactions
At the year end the company was owed £240,000 by Furrowland Holdings Limited and £160,000 by P A Arden & Son Limited. A Arden and Mrs B M Arden are directors of both companies. In 2023 £500,000 was owed by the company to Furrowland Holdings Limited. Interest is charged on the loans.