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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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CHUCS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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CHUCS LIMITED |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CHUCS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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BALANCE SHEET |
31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 | ( |
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( |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
signed on its behalf by: |
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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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1. | STATUTORY INFORMATION |
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Chucs Ltd is a private company, limited by shares, registered in England and Wales. The company's registered |
number is 07264615 and registered office address is at 3 Cadogan Gate, London, England, SW1X 0AS. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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It is the intention of the directors to wind the company up in the near future and therefore the going concern |
basis has not been applied. The directors have taken a view as to the fair value of all assets and liabilities and |
revalued accordingly, with the impairment being included in the profit and loss. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Revenue for retail sales is recognised on the date of sale of the goods. Wholesale sales are recognised on the |
date of the despatch. |
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Tangible fixed assets |
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Capitalised website costs represent monies spent on the company's online retail presence. The estimated useful |
life in the opinion of the directors as to the life span of expenditure spent on design and construction before such |
works would be required to be completed again in the future. |
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L/term Leasehold Property - 6 years straight line |
Computer equipment - 33.33% straight line |
Website costs - 10% straight line |
Fixtures and Fittings - 3 years straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three |
months from the date of acquisition and that are readily convertible to known accounts of cash with no significant |
risk of change in value. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Website | and | Computer |
leasehold | costs | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2017 |
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Additions |
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Revaluations | ( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Cost or valuation at 31 May 2018 is represented by: |
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Fixtures |
Long | Website | and | Computer |
leasehold | costs | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | (13,924 | ) | (32,619 | ) | - | (814 | ) | (47,357 | ) |
Cost | 41,796 | 46,075 | 123,882 | 15,846 | 227,599 |
27,872 | 13,456 | 123,882 | 15,032 | 180,242 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2018 | 2017 |
£ | £ |
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1,259 | Ordinary | 0.01 | 12.59 | 12.59 |
1,291 | Ordinary B | 0.01 | 12.91 | 12.91 |
781 | Ordinary C | 0.01 | 7.81 | 7.81 |
2,545,580 | Ordinary D | 0.01 | 25,455.80 | 25,455.80 |
324,199 | Ordinary E | 0.01 | 3,241.99 | 3,241.99 |
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28,731.10 | 28,731.10 |
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10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 June 2017 | ( |
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(1,871,932 | ) |
Deficit for the year | ( |
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At 31 May 2018 | ( |
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(2,506,217 | ) |
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11. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately |
from those of the company in an independently administered fund. The pension cost charge represents |
contributions payable by the company to the fund and amounted to £502 (2017 - £1,477). Included in other |
creditors is the balance outstanding to the fund as at the year end £212 (2017 - £288). |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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12. | RELATED PARTY DISCLOSURES |
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Chucs Bar and Grill Ltd |
Common control |
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During the year, the company was recharged expenses of £Nil (2017: £95,346) from Chucs Bar and Grill Ltd. At |
the balance sheet date, £44,701 (2017: £92,226) was owed to Chucs Bar and Grill Ltd. |
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Oakley Capital Ltd |
Common control |
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During the year, the company was recharged expenses of £Nil (2017: £8,818) from Oakley Capital Ltd. At the |
balance sheet date, £93,771 (2017: £93,771) was owed to Oakley Capital Ltd. |
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During the prior year, the company received loan advances from Oakley Capital Ltd. As at 31 May 2018 the |
balance outstanding to Oakley Capital Ltd was £1,101,140 (2017: £993,435) and included within creditors due |
within one year. Interest on the loan is charged at 12% per annum. £107,704 (2017: £73,183) of interest has |
been charged in the year. |
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Pembroke VCT PLC |
Common control |
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During the year, the company was charged interest of £49,364 (2017: £48,444) by Pembroke VCT PLC. At the |
balance sheet date, the company owed £642,385 (2017: £593,020) to Pembroke VCT PLC. |
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Peter Dubens |
Shareholder |
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During the year, the company was charged interest of £57,083 (2017: £55,579) on the loan from Peter Dubens. |
At the balance sheet date, the company owed £689,205 (2017: £599,866) to Peter Dubens. |
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Katherine Yip |
Shareholder |
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At the balance sheet date, the company owed £141,450 (2017: £141,450) to Katherine Yip. |