Company Registration No. 8211347 (England and Wales)
Chopshoptools Ltd
Unaudited accounts
for the year ended 31 July 2020
Chopshoptools Ltd
Unaudited accounts
Contents
Chopshoptools Ltd
Company Information
for the year ended 31 July 2020
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
2 Llanedeyrn Road
Cardiff
CF23 9DX
Chopshoptools Ltd
Statement of financial position
as at 31 July 2020
Tangible assets
49,453
54,825
Inventories
302,000
272,000
Cash at bank and in hand
42,089
20,666
Creditors: amounts falling due within one year
(210,180)
(229,551)
Net current assets
141,533
69,629
Total assets less current liabilities
190,986
124,454
Creditors: amounts falling due after more than one year
(59,142)
(9,265)
Provisions for liabilities
Deferred tax
(9,396)
(9,330)
Net assets
122,448
105,859
Called up share capital
30,100
30,100
Profit and loss account
92,348
75,759
Shareholders' funds
122,448
105,859
For the year ending 31 July 2020 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.
The financial statements were approved by the Board of Directors and authorised for issue on 5 January 2021 and were signed on its behalf by
Paul Maldwyn Skinner
Director
Company Registration No. 8211347
Chopshoptools Ltd
Notes to the Accounts
for the year ended 31 July 2020
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.
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
15% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
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 31 July 2020
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 August 2019
1,080
26,241
41,761
29,314
98,396
Additions
-
16,119
612
8,798
25,529
Disposals
-
(23,150)
(668)
(2,614)
(26,432)
At 31 July 2020
1,080
19,210
41,705
35,498
97,493
At 1 August 2019
454
12,655
15,061
15,401
43,571
Charge for the year
163
3,462
5,880
9,569
19,074
On disposals
-
(11,322)
(668)
(2,615)
(14,605)
At 31 July 2020
617
4,795
20,273
22,355
48,040
At 31 July 2020
463
14,415
21,432
13,143
49,453
At 31 July 2019
626
13,586
26,700
13,913
54,825
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Finished goods
302,000
272,000
Chopshoptools Ltd
Notes to the Accounts
for the year ended 31 July 2020
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
2,356
-
Obligations under finance leases and hire purchase contracts
2,950
1,812
Trade creditors
127,703
161,674
Taxes and social security
6,516
7,140
Loans from directors
37,358
45,839
8
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
8,020
5,758
Taxes and social security
3,270
3,507
Aggregate of amounts that fall due for payment after five years
27,912
-
9
Average number of employees
During the year the average number of employees was 12 (2019: 12).
