Blue Chip CNC Limited Filleted accounts for Companies House (small and micro)

BLUECHIP CNC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06818332

Blue Chip CNC Limited

Filleted Unaudited Financial Statements

28 February 2022

Blue Chip CNC Limited

Statement of Financial Position

28 February 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	135,334	148,572

Current assets

Debtors	6	90,641	99,620
Cash at bank and in hand		99,508	18,545
		---------	---------
		190,149	118,165

Creditors: amounts falling due within one year	7	150,313	125,680
		---------	---------
Net current assets/(liabilities)		39,836	( 7,515)
		---------	---------
Total assets less current liabilities		175,170	141,057

Creditors: amounts falling due after more than one year	8	14,539	36,103

Provisions

Taxation including deferred tax	25,713	10,663
	---------	---------
Net assets	134,918	94,291
	---------	---------

Blue Chip CNC Limited

Statement of Financial Position (continued)

28 February 2022

	2022	2021
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	134,818	94,191
	---------	---------
Shareholders funds	134,918	94,291
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28th February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:

Mr P C Milner
Director

Company registration number: 06818332

Blue Chip CNC Limited

Notes to the Financial Statements

Year ended 28th February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 34, Wildmoor Mill Farm, Mill Lane, Bromsgrove, Worcestershire, B61 0BX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer,the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

(e) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

(h) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(i) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

(j) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

(k) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(l) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2021: 10 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1st March 2021	263,968	10,885	14,779	289,632
Additions	3,250	–	83	3,333
	---------	---------	---------	---------
At 28th February 2022	267,218	10,885	14,862	292,965
	---------	---------	---------	---------
Depreciation
At 1st March 2021	120,259	8,302	12,499	141,060
Charge for the year	14,735	646	1,190	16,571
	---------	---------	---------	---------
At 28th February 2022	134,994	8,948	13,689	157,631
	---------	---------	---------	---------
Carrying amount
At 28th February 2022	132,224	1,937	1,173	135,334
	---------	---------	---------	---------
At 28th February 2021	143,709	2,583	2,280	148,572
	---------	---------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 28th February 2022	65,281
	---------
At 28th February 2021	72,535
	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	52,155	68,997
Other debtors	38,486	30,623
	---------	---------
	90,641	99,620
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	23,265	47,775
Social security and other taxes	17,733	5,923
Loans	52,250	–
Other creditors	57,065	71,982
	---------	---------
	150,313	125,680
	---------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	14,539	36,103
	---------	---------

9. Directors' advances, credits and guarantees

During the year there were no directors' advances, credits or guarantees. At the year end the company owed the directors £30,550 (2021: £30,443).

10. Related party transactions

The company was under the control of Mr M.J. Cooper and Mr P.C. Milner throughout the current and previous year. There were no transactions with related parties which require disclosure under FRS 102.