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Registered number: 11932179
Chic Happens Limited
Financial Statements
For The Year Ended 30 June 2024
ADC Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11932179
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 333,323 358,944
333,323 358,944
CURRENT ASSETS
Stocks 5 14,925 34,055
Debtors 6 9,618 12,943
Cash at bank and in hand 15,445 7,411
39,988 54,409
Creditors: Amounts Falling Due Within One Year 7 (37,810 ) (63,732 )
NET CURRENT ASSETS (LIABILITIES) 2,178 (9,323 )
TOTAL ASSETS LESS CURRENT LIABILITIES 335,501 349,621
Creditors: Amounts Falling Due After More Than One Year 8 (248,494 ) (248,198 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,706 ) (14,183 )
NET ASSETS 76,301 87,240
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 76,299 87,238
SHAREHOLDERS' FUNDS 76,301 87,240
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Claire Robinson
Director
17/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Chic Happens Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11932179 . The registered office is Robin Ridge Farm, 2 Chorley Old Road, Whittle-le-Woods, Lancashire, PR6 7LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services including postage and packaging revenues. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% Straight line
Motor Vehicles 20% Straight line
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 7)
4 7
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 292,832 99,151 5,650 397,633
Additions - 483 - 483
As at 30 June 2024 292,832 99,634 5,650 398,116
Depreciation
As at 1 July 2023 8,538 27,182 2,969 38,689
Provided during the period 7,321 18,113 670 26,104
As at 30 June 2024 15,859 45,295 3,639 64,793
Net Book Value
As at 30 June 2024 276,973 54,339 2,011 333,323
As at 1 July 2023 284,294 71,969 2,681 358,944
5. Stocks
2024 2023
£ £
Finished goods 14,925 34,055
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6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 867 368
Other debtors 8,751 8,751
VAT - 3,824
9,618 12,943
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,863 12,624
Other taxes and social security - 313
VAT 6,441 -
Accruals and deferred income 8,712 12,681
Director's loan account 19,794 38,114
37,810 63,732
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 179,494 177,198
Other loan 69,000 71,000
248,494 248,198
The Bank loan is secured on the Freehold Property and on Debenture secured upon the Company's assets. It is repayable in equal installmets over 25 years.
Interest is charged at a commercial rate.
The Other loan in unecured, with no repayment stipulations.
No interest is being charged.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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