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Registration number: 06003549

United Chip Company Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

United Chip Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

United Chip Company Limited

Company Information

Directors

Mr K Chapman

Ms M Chapman

Mr NK Chapman

Registered office

163 Main Road
Shavington
Crewe
Cheshire
CW2 5DP

Accountants

Alextra Group Limited
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

United Chip Company Limited

(Registration number: 06003549)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

96,335

118,976

Current assets

 

Stocks

5

3,000

2,500

Debtors

6

2,803

2,803

Cash at bank and in hand

 

102,634

69,684

 

108,437

74,987

Creditors: Amounts falling due within one year

7

(96,812)

(66,714)

Net current assets

 

11,625

8,273

Total assets less current liabilities

 

107,960

127,249

Creditors: Amounts falling due after more than one year

7

(38,910)

(64,196)

Provisions for liabilities

(24,084)

(594)

Net assets

 

44,966

62,459

Capital and reserves

 

Called up share capital

100

100

Retained earnings

44,866

62,359

Shareholders' funds

 

44,966

62,459

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

United Chip Company Limited

(Registration number: 06003549)
Balance Sheet as at 30 September 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account or Directors' Report has been taken.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr NK Chapman
Director

 

United Chip Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
163 Main Road
Shavington
Crewe
Cheshire
CW2 5DP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

United Chip Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% and 25% on written down value

Plant and machinery

25% on written down value

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

United Chip Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

83,447

77,789

161,236

Additions

355

-

355

At 30 September 2024

83,802

77,789

161,591

Depreciation

At 1 October 2023

15,406

26,854

42,260

Charge for the year

10,265

12,731

22,996

At 30 September 2024

25,671

39,585

65,256

Carrying amount

At 30 September 2024

58,131

38,204

96,335

At 30 September 2023

68,041

50,935

118,976

Included within plant and machinery are assets with a net book value of £35,327 (2023: £47,102) which are held under hire purchase contracts.

5

Stocks

2024
£

2023
£

Other inventories

3,000

2,500

 

United Chip Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

2024
£

2023
£

Prepayments

2,803

2,803

2,803

2,803

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,417

13,373

Trade creditors

 

3,088

2,088

Taxation and social security

 

45,513

25,151

Accruals and deferred income

 

11,565

10,767

Other creditors

 

25,229

15,335

 

96,812

66,714

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

38,910

64,196

 

United Chip Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,514

8,681

Hire purchase contracts

35,396

49,265

Other borrowings

-

6,250

38,910

64,196

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,167

5,039

Other borrowings

6,250

8,334

11,417

13,373

The bank borrowings included within Loans and borrowings is secured by guarantee of the UK Government under the Bounce Back Loan Scheme.

Hire purchase liabilities are secured against the assets to which they relate.