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Registered number: 11816499 CHIPCO N16 LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2025
CHIPCO N16 LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHIPCO N16 LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CHIPCO N16 LIMITED for the year ended 28 February 2025 which comprise the 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the director of CHIPCO N16 LIMITED in accordance with the terms of our engagement letter dated 18 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of CHIPCO N16 LIMITED and state those matters that we have agreed to state to the director of CHIPCO N16 LIMITED in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CHIPCO N16 LIMITED and its director for our work or for this report. It is your duty to ensure that CHIPCO N16 LIMITED 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 CHIPCO N16 LIMITED. You consider that CHIPCO N16 LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of CHIPCO N16 LIMITED. 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. Hurkan Sayman & Co Chartered Accountants 291 Green Lanes Palmers Green London N13 4XS 26 September 2025 Page 1
CHIPCO N16 LIMITED REGISTERED NUMBER: 11816499 BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 28,569 |  | 35,713
Tangible assets | 5 |  | 18,099 |  | 21,585
|  |  | 46,668 |  | 57,298
Current assets |  |  |  |  |
Stocks |  | 15,289 |  | 13,408 |
Debtors: amounts falling due within one year | 6 | 512,500 |  | 7,008 |
Cash at bank and in hand | 7 | 73,187 |  | 572,546 |
|  | 600,976 |  | 592,962 |
Creditors: amounts falling due within one year | 8 | (65,767) |  | (97,084) |
Net current assets |  |  | 535,209 |  | 495,878
Total assets less current liabilities |  |  | 581,877 |  | 553,176
Net assets |  |  | 581,877 |  | 553,176
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Profit and loss account |  |  | 581,777 |  | 553,076
|  |  | 581,877 |  | 553,176
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by: Page 2
CHIPCO N16 LIMITED REGISTERED NUMBER: 11816499 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025
Hana Sutton
Director
Date: 26 September 2025
The notes on pages 4 to 9 form part of these financial statements. Page 3
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
CHIPCO N16 LIMITED is a private company limited by share capital, incorporated in England and Wales, registration number 11816499. The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale for the food and beverages is recongised at the point of sale.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Page 4
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 10 | years
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Motor vehicles | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 5
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2024 - 13).
Page 6
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 March 2024 | 71,425
| At 28 February 2025 | 71,425
| Amortisation |
| At 1 March 2024 | 35,713
| Charge for the year on owned assets | 7,143
| At 28 February 2025 | 42,856
| Net book value |
| At 28 February 2025 | 28,569
| At 29 February 2024 | 35,713
Page 7
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 March 2024 | 28,044 | 7,495 | 35,539
| Additions | 2,046 | 500 | 2,546
| At 28 February 2025 | 30,090 | 7,995 | 38,085
| Depreciation |  |  |
| At 1 March 2024 | 12,080 | 1,874 | 13,954
| Charge for the year on owned assets | 4,502 | 1,530 | 6,032
| At 28 February 2025 | 16,582 | 3,404 | 19,986
| Net book value |  |  |
| At 28 February 2025 | 13,508 | 4,591 | 18,099
| At 29 February 2024 | 15,964 | 5,621 | 21,585
6. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 512,500 | 7,008
|  | 512,500 | 7,008
Page 8
CHIPCO N16 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 73,187 | 572,546
|  | 73,187 | 572,546
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 15,763 | 41,658
| Corporation tax | 13,517 | 17,649
| Other taxation and social security | 24,724 | 24,320
| Other creditors | 9,024 | 11,311
| Accruals and deferred income | 2,739 | 2,146
|  | 65,767 | 97,084
9. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
10. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120,453 (2024 - £40,224) Contributions totalling £75 (2024 - £64) were payable to the fund at the balance sheet date and are included in creditors.
Page 9