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Registered number: 06980838
Chipex Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Handleys Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 06980838
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,394 12,736
Tangible Assets 5 246,557 103,225
Investments 6 85,000 85,000
342,951 200,961
CURRENT ASSETS
Stocks 7 89,967 54,755
Debtors 8 245,035 233,844
Cash at bank and in hand 210,547 139,626
545,549 428,225
Creditors: Amounts Falling Due Within One Year 9 (582,121 ) (296,982 )
NET CURRENT ASSETS (LIABILITIES) (36,572 ) 131,243
TOTAL ASSETS LESS CURRENT LIABILITIES 306,379 332,204
Creditors: Amounts Falling Due After More Than One Year 10 (51,148 ) (81,833 )
NET ASSETS 255,231 250,371
CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Profit and Loss Account 254,231 249,371
SHAREHOLDERS' FUNDS 255,231 250,371
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr J C Graham
Director
28/04/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Chipex Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06980838 . The registered office is 23 Thorpe Place Thorpe Way Industrial Estate, Banbury, Oxfordshire, OX16 4XH.
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents and licenses It is amortised to the profit and loss account over its estimated economic life at 15% reducing balance.
2.4. 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:
Leasehold 25% on reducing balance
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on straight line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are 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 and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. 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.
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: 8 (2023: 7)
8 7
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4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2024 24,444
Additions 607
As at 31 December 2024 25,051
Amortisation
As at 1 January 2024 11,708
Provided during the period 1,949
As at 31 December 2024 13,657
Net Book Value
As at 31 December 2024 11,394
As at 1 January 2024 12,736
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 47,525 113,248 - 8,123
Additions - 57,472 12,998 4,984
As at 31 December 2024 47,525 170,720 12,998 13,107
Depreciation
As at 1 January 2024 44,208 74,211 - 6,599
Provided during the period 3,317 4,548 1,896 912
As at 31 December 2024 47,525 78,759 1,896 7,511
Net Book Value
As at 31 December 2024 - 91,961 11,102 5,596
As at 1 January 2024 3,317 39,037 - 1,524
Page 5
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Computer Equipment Total
£ £
Cost
As at 1 January 2024 470,384 639,280
Additions 139,653 215,107
As at 31 December 2024 610,037 854,387
Depreciation
As at 1 January 2024 411,037 536,055
Provided during the period 61,102 71,775
As at 31 December 2024 472,139 607,830
Net Book Value
As at 31 December 2024 137,898 246,557
As at 1 January 2024 59,347 103,225
6. Investments
Unlisted
£
Cost
As at 1 January 2024 85,000
As at 31 December 2024 85,000
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 85,000
As at 1 January 2024 85,000
7. Stocks
2024 2023
£ £
Stock 89,967 54,755
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8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,417 1,005
Prepayments and accrued income 26,903 19,761
Other debtors 2,547 2,547
Director's loan account 7,595 -
Amounts owed by group undertakings 194,573 210,531
245,035 233,844
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,937 -
Trade creditors 116,193 75,773
Bank loans and overdrafts 285,729 38,000
Other loans 11,255 27,523
Other creditors 76,779 108,178
Taxation and social security 87,228 47,508
582,121 296,982
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,164 -
Bank loans 43,984 81,833
51,148 81,833
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,937 -
Later than one year and not later than five years 7,164 -
12,101 -
12,101 -
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12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Jonathan Graham - 7,595 - - 7,595
The above loan is unsecured, interest free and repayable on demand.
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