2023-08-012024-07-312024-07-31false14255831CHIP OFF THE OLD BLOCK 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CHIP OFF THE OLD BLOCK LTD

Registered Number
14255831
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

CHIP OFF THE OLD BLOCK LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

JONES, Melvyn John
MORGAN, Liam Edward

Registered Address

39 Rassau Road
Rassau
Ebbw Vale
NP23 5SH

Registered Number

14255831 (England and Wales)
CHIP OFF THE OLD BLOCK LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets364,33166,921
64,33166,921
Current assets
Debtors1,4393,374
Cash at bank and on hand18,6035,287
20,0428,661
Creditors amounts falling due within one year4(967)(8,420)
Net current assets (liabilities)19,075241
Total assets less current liabilities83,40667,162
Creditors amounts falling due after one year5(92,098)(92,786)
Net assets(8,692)(25,624)
Capital and reserves
Profit and loss account(8,692)(25,624)
Shareholders' funds(8,692)(25,624)
The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2025, and are signed on its behalf by:
JONES, Melvyn John
Director
MORGAN, Liam Edward
Director

Registered Company No. 14255831
CHIP OFF THE OLD BLOCK LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
In the company's second year of trade it generated a profit which has led to reduced negative reserves. The Directors believe that the company should be treated as a going concern as there are sufficient funds in place to meet current and future liabilities.
Turnover policy
Turnover within the financial statements represents the general income from the Fish & Chip Shop takeaway sales. General income is recognised in the accounts in line with the period that it is due for.
Revenue from sale of goods
General income from the Fish & Chip Shop take away sales is recognised in the accounts in line with the period that it is due for.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year54
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 August 2347,00022,02634569,371
Additions--599599
At 31 July 2447,00022,02694469,970
Depreciation and impairment
At 01 August 235661,836482,450
Charge for year4362,5691843,189
At 31 July 241,0024,4052325,639
Net book value
At 31 July 2445,99817,62171264,331
At 31 July 2346,43420,19029766,921
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9672,602
Accrued liabilities and deferred income-5,818
Total9678,420
5.Creditors: amounts due after one year

2024

2023

££
Other creditors92,09892,786
Total92,09892,786