Chippenham Limited - Filleted accounts

Chippenham Limited - Filleted accounts

CHIPPENHAM LIMITED - Company Information

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Chippenham Limited
Registered number: 04489898
Balance Sheet
as at 30 March 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 532,643 431,733
Current assets
Debtors 4 47,180 20,780
Cash at bank and in hand 794 157,877
47,974 178,657
Creditors: amounts falling due within one year 5 (458,606) (464,938)
Net current liabilities (410,632) (286,281)
Total assets less current liabilities 122,011 145,452
Provisions for liabilities (3,660) (3,660)
Net assets 118,351 141,792
Capital and reserves
Called up share capital 12 12
Revaluation reserve 6 31,556 31,556
Profit and loss account 86,783 110,224
Shareholders' funds 118,351 141,792
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Satbir Singh Ahluwalia
Director
Approved by the board on 7 June 2021
Chippenham Limited
Notes to the Accounts
for the period from 1 April 2019 to 30 March 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised when received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings and improvement costs 2% reducing balance basis
Equipment, fixtures and fittings 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Revalued Building and Improvement costs Equipment, fixtures and fittings Total
£ £ £
Cost
At 1 April 2019 532,426 108,450 640,876
Improvements and other costs 110,967 - 110,967
Additions - 7,731 7,731
At 30 March 2020 643,393 116,181 759,574
Depreciation
At 1 April 2019 130,625 78,518 209,143
Charge for the period 10,255 7,533 17,788
At 30 March 2020 140,880 86,051 226,931
Net book value
At 30 March 2020 502,513 30,130 532,643
At 31 March 2019 401,801 29,932 431,733
Freehold land and buildings: 2020 2019
£ £
Historical cost 395,155 395,155
Cumulative depreciation based on historical cost 87,968 79,524
The freehold buildings were revalued to £375,000 on 31 July 2009 by White Horse Surveyors
Limited, an independent firm of Chartered Surveyors, on a vacant possession of the freehold
building basis. The director is not aware of any material change in value since the date of the
valuation.
4 Debtors 2020 2019
£ £
Related party balances 47,180 20,780
5 Creditors: amounts falling due within one year 2020 2019
£ £
Director's current account 342,466 342,466
Related party balances 10,527 14,127
Related party balance: Abhaya Care Limited 110,000 110,000
Corporation tax (5,527) (2,195)
Other creditors and accruals 1,140 540
458,606 464,938
6 Revaluation reserve 2020 2019
£ £
At 1 April 2019 31,556 31,556
At 30 March 2020 31,556 31,556
7 Related party transactions 2020 2019
£ £
Satbir Singh Ahluwalia
Satbir Singh is director the company
An interest free and unsecured loan by Satbir Singh Ahluwalia yet to be reimbursed by the company.
Amount due to the related party 342,466 342,466
Abhaya Care Limited
The company is related by virtue of an interest in the company.
An interest free and unsecured loan by Abhaya Care Limited yet to be reimbursed by the company.
Amount due to the related party. 110,000 110,000
Lifetime Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Lifetime Care Limited.
An interest free and unsecured loan by Lifetime Care Limited yet to be reimbursed by the company.
Amount due to the related party 1,272 1,272
Mulberry Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan from and to Mulberry Care Limited yet to be reimbursed by and to the company.
Amount due to and from the related party 9,255 9,255
Life Care Corporation Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Life Care Corporation Limited.
An interest free and unsecured loan from Life Care Corporation Limited yet to be reimbursed by the company.
Amount due from and to the related party 26,400 3,600
Vogue Assets Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Vogue Assets Limited.
An interest free and unsecured loan to Vogue Assets Limited yet to be reimbursed to the company.
Amount due from the related party 270 270
Sat Bir Asset Holdings Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Sat Bir Asset Holdings Limited.
An interest free and unsecured loan to Sat Bir Asset Holdings Limited yet to be reimbursed to the company.
Amount due from the related party 510 510
Willow Cottage Care Home Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Willow Cottage Care Home Limited.
An interest free and unsecured loan to Willow Cottage Care Limited yet to be reimbursed to the company.
Amount due from the related party 20,000 20,000
8 Controlling party
The director controls the company.
9 Other information
Chippenham Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Leeland Mansions
Leeland Road
West Ealing
London
W13 9HE
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