Company Registration No. 8211347 (England and Wales)
Chopshoptools Ltd
Unaudited accounts
for the year ended 30 September 2018
Chopshoptools Ltd
Unaudited accounts
Contents
Chopshoptools Ltd
Company Information
for the year ended 30 September 2018
Directors
Elizabeth Jayne Skinner
Paul Maldwyn Skinner
Company Number
8211347 (England and Wales)
Registered Office
Consolidated House
Garth Drive
Bridgend
CF31 2XF
Accountants
The Wright Advice Ltd
Chopshoptools Ltd
Statement of financial position
as at 30 September 2018
Tangible assets
61,985
25,915
Inventories
238,000
180,000
Cash at bank and in hand
44,340
44,453
Creditors: amounts falling due within one year
(240,147)
(175,933)
Net current assets
51,495
50,472
Total assets less current liabilities
113,480
76,387
Provisions for liabilities
Deferred tax
(10,547)
(3,673)
Called up share capital
30,100
30,100
Profit and loss account
72,833
42,614
Shareholders' funds
102,933
72,714
For the year ending 30 September 2018 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 directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 2 May 2019.
Paul Maldwyn Skinner
Director
Company Registration No. 8211347
Chopshoptools Ltd
Notes to the Accounts
for the year ended 30 September 2018
Chopshoptools Ltd is a private company, limited by shares, registered in England and Wales, registration number 8211347. The registered office is Consolidated House, Garth Drive, Bridgend, CF31 2XF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added. Turnover from the sale of goods is recognised when goods have been forwrded to customers such that risks and rewards of ownership have transferred to them.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Chopshoptools Ltd
Notes to the Accounts
for the year ended 30 September 2018
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2017
493
8,991
19,747
15,769
45,000
Additions
587
17,250
14,267
17,609
49,713
Disposals
-
-
-
(2,687)
(2,687)
At 30 September 2018
1,080
26,241
34,014
30,691
92,026
At 1 October 2017
173
4,240
6,543
8,129
19,085
Charge for the year
147
4,839
3,713
4,944
13,643
Surplus on revaluation
-
-
-
(2,687)
(2,687)
At 30 September 2018
320
9,079
10,256
10,386
30,041
At 30 September 2018
760
17,162
23,758
20,305
61,985
At 30 September 2017
320
4,751
13,204
7,640
25,915
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Finished goods
238,000
180,000
Accrued income and prepayments
-
104
Chopshoptools Ltd
Notes to the Accounts
for the year ended 30 September 2018
7
Creditors: amounts falling due within one year
2018
2017
Obligations under finance leases and hire purchase contracts
8,109
-
Trade creditors
189,916
160,106
Taxes and social security
13,360
13,528
Loans from directors
27,298
799
8
Average number of employees
During the year the average number of employees was 12 (2017: 9).
