Chips Giles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05588232 (England and Wales)

Financial Statements for the Year Ended 31 March 2021

for

Chips Giles Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Giles

SECRETARY:

S A Hansford

REGISTERED OFFICE:

11 Hamble Avenue

Blackwater

Camberley

Surrey

GU17 0HP

REGISTERED NUMBER:

05588232 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

4,000

Tangible assets

5

30,711

26,203

30,711

30,203

CURRENT ASSETS

Debtors

7,631

3,305

Cash at bank and in hand

54,476

24,367

62,107

27,672

CREDITORS

Amounts falling due within one year

37,690

29,620

NET CURRENT ASSETS/(LIABILITIES)

24,417

(1,948

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,128

28,255

CREDITORS

Amounts falling due after more than one year

(40,281

)

(19,816

)

PROVISIONS FOR LIABILITIES

(5,835

)

(4,979

)

NET ASSETS

9,012

3,460

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,912

3,360

SHAREHOLDERS' FUNDS

9,012

3,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 July 2021 and were signed by:

S R Giles - Director

1.	STATUTORY INFORMATION

Chips Giles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net work done, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of territories, is being amortised evenly over its estimated useful life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

and 31 March 2021

29,897

AMORTISATION

At 1 April 2020

25,897

Amortisation for year

4,000

At 31 March 2021

29,897

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

4,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

53,816

Additions

17,226

Disposals

(6,056

)

At 31 March 2021

64,986

DEPRECIATION

At 1 April 2020

27,613

Charge for year

10,235

Eliminated on disposal

(3,573

)

At 31 March 2021

34,275

NET BOOK VALUE

At 31 March 2021

30,711

At 31 March 2020

26,203

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2020

28,991

Transfer to ownership

(4,670

)

At 31 March 2021

24,321

DEPRECIATION

At 1 April 2020

8,780

Charge for year

4,560

Transfer to ownership

(2,700

)

At 31 March 2021

10,640

NET BOOK VALUE

At 31 March 2021

13,681

At 31 March 2020

20,211