Company Registration number 07893450
THE CHAPAR LIMITED
Abbreviated Accounts
For the year ended 31 December 2015
THE CHAPAR LIMITED
Financial statements for the year ended 31 December 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
THE CHAPAR LIMITED
Abbreviated balance sheet as at 31 December 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Intangible assets
30,326
36,065
Tangible assets
48,629
12,280
2
78,955
48,345
2
Current assets
Stock
735,345
328,110
Debtors
712,192
255,768
Cash at bank and in hand
142,097
114,137
1,589,634
698,015
Creditors:
amounts falling due within one year
(491,834)
(319,066)
Net current assets
1,097,800
378,949
Total assets less current liabilities
1,176,755
427,294
Creditors: amounts falling due after more than one
year
(260,946)
(568,487)
3
915,809
(141,193)
Capital and reserves
Called up share capital
94
165
4
Share premium account
2,585,298
785,227
Deficit on profit and loss account
(1,669,583)
(926,585)
Shareholders' funds
915,809
(141,193)
For the financial year ended 31 December 2015 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 January 2015).
Approved by the board of directors on 24 February 2017 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 2015
1
Accounting policies
a)
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 January 2015).
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.
b)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
c)
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
d)
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
e)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
f)
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.
g)
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 2015
(continued)
2
Fixed assets
Intangible
Tangible
fixed
fixed
assets
assets
Total
£
£
£
£
£
£
£
£
£
Cost:
At 1 January 2015
53,825
17,986
71,811
Additions
13,471
39,417
52,888
Disposals
(10,421)
10,421
-
At 31 December 2015
56,875
67,824
124,699
Depreciation:
At 1 January 2015
17,760
5,706
23,466
Provision for the year
9,873
12,405
22,278
Adjustments for disposals
(1,084)
1,084
-
At 31 December 2015
26,549
19,195
45,744
Net book value:
At 31 December 2015
30,326
48,629
78,955
At 31 December 2014
36,065
12,280
48,345
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
£
£
£
£
Other creditors
260,946
568,487
4
Called-up share capital
2015
2014
2015
2014
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £0.001 each
94
165
The share capital at 31 December 2014 was overstated by £100 and has been corrected in the accounts.
On 14 September 2015 a further 29,306 ordinary shares of £0.001 were issued at a share premium of £1,800,071. £500,000 of this was not paid until after the year end and is included within debtors.
5
Controlling party
The company is controlled by the directors J S Middleton and J Middleton.
3