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REGISTERED NUMBER: SC591145 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

THE CHIP BOX LTD

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

THE CHIP BOX LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr John Andrew Carr
Mrs Lynn Campbell



REGISTERED OFFICE: c/o DM McNaught & Co Ltd
166 Buchanan Street
Glasgow
G1 2LW



REGISTERED NUMBER: SC591145 (Scotland)



ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW



BANKERS: TSB
PO BOX 1000
BX4 7SB

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 278,370 240,700
Investment property 5 155,144 155,144
433,514 395,844

CURRENT ASSETS
Stocks 3,653 3,478
Cash at bank and in hand 62,493 43,778
66,146 47,256
CREDITORS
Amounts falling due within one year 6 77,498 62,483
NET CURRENT LIABILITIES (11,352 ) (15,227 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,162

380,617

CREDITORS
Amounts falling due after more than one
year

7

(272,419

)

(277,693

)

PROVISIONS FOR LIABILITIES (9,428 ) (11,090 )
NET ASSETS 140,315 91,834

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 140,215 91,734
SHAREHOLDERS' FUNDS 140,315 91,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr John Andrew Carr - Director


THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

The Chip Box Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total of cash sales ,less VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 August 2023 218,176 79,999 298,175
Additions 49,684 - 49,684
At 31 July 2024 267,860 79,999 347,859
DEPRECIATION
At 1 August 2023 21,846 35,629 57,475
Charge for year 5,354 6,660 12,014
At 31 July 2024 27,200 42,289 69,489
NET BOOK VALUE
At 31 July 2024 240,660 37,710 278,370
At 31 July 2023 196,330 44,370 240,700

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 155,144
NET BOOK VALUE
At 31 July 2024 155,144
At 31 July 2023 155,144

Fair value at 31 July 2024 is represented by:
£   
Cost 155,144

If Investment Property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 155,144 155,144

Investment Property was valued on an open market basis on 31 July 2024 by the director .

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 31,410 31,236
Trade creditors 1,635 1,445
Taxation and social security 40,110 25,700
Other creditors 4,343 4,102
77,498 62,483

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 178,436 192,713
Other creditors 93,983 84,980
272,419 277,693

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,386 36,533

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 8,184
Between one and five years - 16,368
- 24,552

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 209,846 223,949

The Bank Loan is guaranteed by a Standard Security over Heritable Property and Investment Property and a Floating Charge in favour of a Bank and a Personal Guarantee by The Director.

THE CHIP BOX LTD (REGISTERED NUMBER: SC591145)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1 100 100

11. RELATED PARTY DISCLOSURES

Included in other creditors is a loan from John Carr & Son Ltd of £19,434 (2023 - £19,434).

Included in other creditors is a loan from Bonnyton Cafe Ltd of £40,000 (2003 - Nil).

Mr John Andrew Carr is a director and shareholder in both companies.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr John Andrew Carr.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE CHIP BOX LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Chip Box Ltd for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of The Chip Box Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Chip Box Ltd and state those matters that we have agreed to state to the Board of Directors of The Chip Box Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Chip Box Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Chip Box Ltd. You consider that The Chip Box 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 financial statements of The Chip Box 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 financial statements.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


29 January 2025