Registered number
01947205
Chiplime (Construction) Limited
Filleted Accounts
31 July 2024
Chiplime (Construction) Limited
Registered number: 01947205
Balance Sheet
as at 31 July 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,787,382 3,791,151
Investments 4 1,000 1,000
3,788,382 3,792,151
Current assets
Debtors 5 83,930 136,434
Cash at bank and in hand 1,244,083 1,145,401
1,328,013 1,281,835
Creditors: amounts falling due within one year 6 (30,200) (51,462)
Net current assets 1,297,813 1,230,373
Total assets less current liabilities 5,086,195 5,022,524
Provisions for liabilities (388,764) (390,221)
Net assets 4,697,431 4,632,303
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 1,744,235 1,744,235
Profit and loss account 2,953,096 2,887,968
Shareholders' funds 4,697,431 4,632,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T S Randhawa
Director
Approved by the board on 4 April 2025
Chiplime (Construction) Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidated
The company and its subsidiary comprise a small group and it is exempt from the obligation to prepare and deliver group accounts.
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, from the rendering of services, and from rental income from investment properties. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land & Buildings 2% on cost straight line
Investment Properties Not depreciated
Plant and machinery 25% reducing balance method
Fixtures, fittings, tools and equipment 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Restated
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 3,881,644 125,061 74,523 4,081,228
Additions 7,854 3,667 - 11,521
Disposals - - (22,715) (22,715)
At 31 July 2024 3,889,498 128,728 51,808 4,070,034
Depreciation
At 1 August 2023 124,480 113,804 51,793 290,077
Charge for the year 6,246 3,191 5,625 15,062
On disposals - - (22,487) (22,487)
At 31 July 2024 130,726 116,995 34,931 282,652
Net book value
At 31 July 2024 3,758,772 11,733 16,877 3,787,382
At 31 July 2023 3,757,164 11,257 22,730 3,791,151
Restated
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,739,816 1,739,816
Cumulative depreciation based on historical cost 124,480 124,480
1,615,336 1,615,336
Land and buildings above include investment properties valued by the director, Mr S Singh on a fair value basis at 31.07.2024 at £3,550,000. No depreciation is charged on these investment properties as it is necessary to show a true and fair view contrary to the requirement of the Companies Act 2006.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 August 2023 1,000
At 31 July 2024 1,000
Restated
5 Debtors 2024 2023
£ £
Trade debtors 74,487 130,054
Amounts owed by group undertakings and undertakings in which the company has a participating interest 480 480
Other debtors 8,963 5,900
83,930 136,434
Restated
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 24,331 37,327
Other creditors 5,869 14,135
30,200 51,462
Restated
7 Revaluation reserve 2024 2023
£ £
At 1 August 2023 1,744,235 1,835,822
Deferred taxation arising on the revaluation of land and buildings - (91,587)
At 31 July 2024 1,744,235 1,744,235
8 Restated Balance Sheet 2023
The balance sheet for 2023 has been restated to reflect an increase in the deferred tax provision of £91587, resulting from the change in the Corporation tax rate from 19% to 25%.
9 Other information
Chiplime (Construction) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chiplime House
Beddow Way
Aylesford
Kent
ME20 7BT
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