Pip the Chip Limited
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Notes to the Accounts |
for the year ended 31 January 2021
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1 |
Accounting policies |
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Basis of preparation |
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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.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the work has been completed.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
5 years |
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Office equipment |
7 years |
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Debtors |
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Short term debtors are measured at transaction price,which is usually the invoice price, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price, which is usually the invoice price.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Office Equipment |
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Plant and machinery |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 February 2020 |
500 |
|
5,772 |
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6,272 |
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At 31 January 2021 |
500 |
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5,772 |
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6,272 |
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Depreciation |
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At 1 February 2020 |
359 |
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5,512 |
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5,871 |
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Charge for the year |
71 |
|
74 |
|
145 |
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At 31 January 2021 |
430 |
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5,586 |
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6,016 |
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Net book value |
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At 31 January 2021 |
70 |
|
186 |
|
256 |
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At 31 January 2020 |
141 |
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260 |
|
401 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
- |
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1,152 |
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Other debtors |
10,863 |
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9,475 |
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10,863 |
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10,627 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Trade creditors |
3,033 |
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3,663 |
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Taxation and social security costs |
7,405 |
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6,418 |
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Other creditors |
1,063 |
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1,003 |
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11,501 |
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11,084 |
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6 |
Other information |
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Pip the Chip Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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31 Stallard Street |
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Trowbridge |
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Wiltshire |
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BA14 9AA |