Chase Gate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08809843 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

CHASE GATE LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S T Savage

Mr A S Christofis

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

08809843 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

2,540

3,387

Investment property

5

1,200,000

1,325,000

1,202,540

1,328,387

CURRENT ASSETS

Debtors

6

116,443

14,995

Cash at bank and in hand

929

3,964

117,372

18,959

CREDITORS

Amounts falling due within one year

7

7,982

72,770

NET CURRENT ASSETS/(LIABILITIES)

109,390

(53,811

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,311,930

1,274,576

CREDITORS

Amounts falling due after more than one year

8

(840,000

)

(665,049

)

PROVISIONS FOR LIABILITIES

10

(100,334

)

(124,084

)

NET ASSETS

371,596

485,443

CAPITAL AND RESERVES

Called up share capital

900

900

Fair value reserve

11

410,163

511,413

Retained earnings

(39,467

)

(26,870

)

SHAREHOLDERS' FUNDS

371,596

485,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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

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

The financial statements were approved by the Board of Directors on 13 September 2019 and were signed on its behalf by:

Mr A S Christofis - Director

1.	STATUTORY INFORMATION

Chase Gate Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that period

or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents rents receivable during the year.Revenue is recognised when risks and rewards are

transferred to the customers.

Property, plant & equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment

losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances

indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful

lives.

Plant and machinery - 25% reducing balance

The company has adopted the policy of not to depreciate in the year of purchase of the asset, however full

depreciation will be provided in the year of disposal.

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the

purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet

date.

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.

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 statement of financial position date.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term

deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid

investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of

changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised

in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2018

and 31 December 2018

8,028

DEPRECIATION

At 1 January 2018

4,641

Charge for year

847

At 31 December 2018

5,488

NET BOOK VALUE

At 31 December 2018

2,540

At 31 December 2017

3,387

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

1,325,000

Revaluations

(125,000

)

At 31 December 2018

1,200,000

NET BOOK VALUE

At 31 December 2018

1,200,000

At 31 December 2017

1,325,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2016

635,497

Valuation in 2018

(125,000

)

Cost

689,503

1,200,000

If investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

689,503

689,503

Investment property was valued on an open market basis on 20 April 2018 by Alexander Lawson Surveyors Limited

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

116,443

14,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

1,592

2,538

Taxation and social security

-

3,410

Other creditors

6,390

66,822

7,982

72,770

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

840,000

665,049

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

840,000

665,049

The loan is secured on the property of the company by way of a fixed and floating charge and contains a

negative pledge.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Other timing differences

100,334

124,084

Deferred

tax

£

Balance at 1 January 2018

124,084

Provided during year

(23,750

)

Balance at 31 December 2018

100,334

11.

RESERVES

Fair

value

reserve

£

At 1 January 2018

511,413

Movement in the year

(101,250

)

At 31 December 2018

410,163

12.	RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £163,623 (2017: £14,000) due from connected

company with common directors and common shareholdings. The amount is interest free and repayable on

demand.

Included in other creditors less than one year is an amount of £42,784 (2017: £40,834) due to connected

companies with common directors and common shareholdings. The amount is interest free and repayable on

demand.