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Registration number: 00705778

J. Chippendale Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

J. Chippendale Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

J. Chippendale Ltd

Company Information

Director

Mrs A Chippendale Harris

Registered office

Garstang Marina
Nateby Crossing Lane
Nateby
Preston
PR3 0JJ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J. Chippendale Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J. Chippendale Ltd for the year ended 31 May 2024 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J. Chippendale Ltd, as a body, in accordance with the terms of our engagement letter dated 21 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of J. Chippendale Ltd and state those matters that we have agreed to state to the Board of Directors of J. Chippendale Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J. Chippendale Ltd and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of J. Chippendale Ltd. 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

25 February 2025

 

J. Chippendale Ltd

(Registration number: 00705778)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,195,197

1,209,844

Current assets

 

Debtors

5

124,182

118,785

Cash at bank and in hand

 

191

181

 

124,373

118,966

Creditors: Amounts falling due within one year

6

(270,931)

(253,531)

Net current liabilities

 

(146,558)

(134,565)

Total assets less current liabilities

 

1,048,639

1,075,279

Creditors: Amounts falling due after more than one year

6

(76,080)

(103,066)

Provisions for liabilities

(10,147)

(9,224)

Net assets

 

962,412

962,989

Capital and reserves

 

Called up share capital

7

1,500

1,500

Share premium reserve

15,000

15,000

Retained earnings

945,912

946,489

Shareholders' funds

 

962,412

962,989

For the financial 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.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 February 2025
 

 

J. Chippendale Ltd

(Registration number: 00705778)
Balance Sheet as at 31 May 2024

.........................................
Mrs A Chippendale Harris
Director

 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Garstang Marina
Nateby Crossing Lane
Nateby
Preston
PR3 0JJ
England

These financial statements were authorised for issue by the director on 25 February 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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 income 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.

 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Unrelieved tax losses and other deferred tax assets are recognised when 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 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

Marina and buildings

Buildings depreciated at 2% straight line

Furniture, fittings and equipment

Straight line 25%

Motor vehicles

Reducing balance 25%

Plant and equipment

Straight line 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 8 (2023 - 8).

 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

1,403,105

17,935

10,000

323,211

1,754,251

At 31 May 2024

1,403,105

17,935

10,000

323,211

1,754,251

Depreciation

At 1 June 2023

244,797

15,441

9,967

274,202

544,407

Charge for the year

6,150

1,778

8

6,711

14,647

At 31 May 2024

250,947

17,219

9,975

280,913

559,054

Carrying amount

At 31 May 2024

1,152,158

716

25

42,298

1,195,197

At 31 May 2023

1,158,308

2,494

33

49,009

1,209,844

Included within the net book value of land and buildings above is £1,152,158 (2023 - £1,158,308) in respect of freehold land and buildings.
 

 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

37,392

39,994

Prepayments

21,656

21,817

Other debtors

65,134

56,974

 

124,182

118,785

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

188,946

171,762

Trade creditors

 

20,817

17,740

Taxation and social security

 

30,527

34,293

Accruals and deferred income

 

30,603

19,764

Other creditors

 

38

9,972

 

270,931

253,531

Creditors include bank loans and overdrafts which are secured of £188,946 (2023 - £161,810).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

76,080

103,066

Creditors include bank loans and overdrafts which are secured of £76,080 (2023 - £80,631).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       
 

J. Chippendale Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

76,080

103,066

Current loans and borrowings

2024
£

2023
£

Bank borrowings

27,362

23,599

Bank overdrafts

161,584

148,163

188,946

171,762

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

13,550

13,550

Advanced

10,061

10,061

Interest transactions

187

187

At end of period

23,798

23,798

2023

Key management
£

Total
£

At start of period

13,279

13,279

Interest transactions

271

271

At end of period

13,550

13,550

Terms of loans to related parties

Loans are unsecured, repayable on demand and interest is charged at the offical rate on balances in excess of £10,000.