Company Registration number 07893450
THE CHAPAR LIMITED
Abbreviated Accounts
For the year ended 31 December 2014
THE CHAPAR LIMITED
Financial statements for the year ended 31 December 2014
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
THE CHAPAR LIMITED
Abbreviated balance sheet as at 31 December 2014
2014
2013
Notes
£
£
£
£
£
£
Fixed assets
Intangible assets
36,065
34,131
Tangible assets
12,280
6,858
2
48,345
40,989
2
Current assets
Stock
328,110
153,332
Debtors
255,768
27,519
Cash at bank and in hand
114,137
3,971
698,015
184,822
Creditors:
amounts falling due within one year
(319,066)
(79,720)
Net current assets
378,949
105,102
Total assets less current liabilities
427,294
146,091
Creditors: amounts falling due after more than one
year
(568,487)
(505,653)
3
(141,193)
(359,562)
Capital and reserves
Called up share capital
165
111
4
Share premium account
785,227
18,281
Deficit on profit and loss account
(926,585)
(377,954)
Shareholders' funds
(141,193)
(359,562)
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the board of directors on 9 February 2016 and signed on its behalf.
Mr J Middleton - Director
Company Registration No: 07893450
The notes on pages 2 to 3 form part of these financial statements.
1
THE CHAPAR LIMITED
Notes to the abbreviated accounts for the year ended 31 December 2014
1
Accounting policies
a)
Going concern
The financial statements have been compiled on a going concern basis despite the company having net liabilities of £141,193, as further investment of £1,400,000 was raised in 2015 from existing shareholders to support the significant ongoing growth of the business.
b)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
c)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
d)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Bicycles
20% on cost
Equipment, fixtures and fittings
25% on cost
Plant and machinery
25% on cost
Computer equipment
50% on cost
e)
Intangible assets
Amortisation is provided on all intangible assets at rates calculated to write off each asset over its estimated useful life.
Computer software 20% on cost
f)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
g)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
h)
Foreign currency translation
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.
Balances at the period end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.
2
THE CHAPAR LIMITED
Notes to the abbreviated accounts for the year ended 31 December 2014
(continued)
2
Fixed assets
Intangible
Tangible
fixed
fixed
assets
assets
Total
£
£
£
£
£
£
£
£
£
Cost:
At 1 January 2014
42,480
9,570
52,050
Additions
11,345
8,416
19,761
At 31 December 2014
53,825
17,986
71,811
Depreciation:
At 1 January 2014
8,349
2,712
11,061
Provision for the year
9,411
2,994
12,405
At 31 December 2014
17,760
5,706
23,466
Net book value:
At 31 December 2014
36,065
12,280
48,345
At 31 December 2013
34,131
6,858
40,989
3
Creditors: amounts falling due after more than one year
2014
2013
£
£
£
£
£
£
Other creditors
568,487
505,653
4
Called-up share capital
2014
2013
2014
2013
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £0.001 each
165
111
Ordinary shares class A of £0.10 each
Ordinary shares class B of £0.10 each
165
111
On 2 April 2014 the company subdivided the 1,110 Ordinary shares of £0.10 into 111,000 Ordinary shares of £0.001.
Also on this date the company issued 34,541 Ordinary shares of £0.001. These shares were issued with a total share premium of £366,965.
On 7 November 2014 the company issued 19,363 Ordinary shares of £0.001. These shares were issued with a total share premium of £399,981.
5
Controlling party
No individual has ultimate control of the company.
3