Chase Commercial Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05889020 (England and Wales)

Chase Commercial Limited

Unaudited Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Ms G J Ackrill

Mr J K Retallack

Mr J R Meredith

REGISTERED OFFICE:

19-20 Vine Street

Evesham

Worcestershire

WR11 4RL

REGISTERED NUMBER:

05889020 (England and Wales)

ACCOUNTANTS:

Grenfell James Associates Limited

13 The Courtyard

Timothys Bridge Road

Stratford Upon Avon

Warwickshire

CV37 9NP

FIXED ASSETS

Tangible assets

4

188,887

543

Investments

5

104,550

200,550

293,437

201,093

CURRENT ASSETS

Debtors

6

1,254,996

1,170,930

Cash at bank

133,449

135,007

1,388,445

1,305,937

CREDITORS

Amounts falling due within one year

7

2,050,052

1,596,121

NET CURRENT LIABILITIES

(661,607

)

(290,184

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(368,170

)

(89,091

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(369,170

)

(90,091

)

SHAREHOLDERS' FUNDS

(368,170

)

(89,091

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2020 and were signed on its behalf by:

Mr J R Meredith - Director

1.	STATUTORY INFORMATION

Chase Commercial Limited 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.

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.

Turnover

Turnover comprises revenue recognised by the company in respect of management and licence fees

and profit share agreements during the year, exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

-

-

965

965

Additions

182,619

3,619

4,196

190,434

At 31 December 2019

182,619

3,619

5,161

191,399

DEPRECIATION

At 1 January 2019

-

-

422

422

Charge for year

-

905

1,185

2,090

At 31 December 2019

-

905

1,607

2,512

NET BOOK VALUE

At 31 December 2019

182,619

2,714

3,554

188,887

At 31 December 2018

-

-

543

543

5.	FIXED ASSET INVESTMENTS

Interest

Interest

in other

in joint

participating

venture

interests

Totals

£

£

£

COST

At 1 January 2019

50

200,500

200,550

Disposals

-

(96,000

)

(96,000

)

At 31 December 2019

50

104,500

104,550

NET BOOK VALUE

At 31 December 2019

50

104,500

104,550

At 31 December 2018

50

200,500

200,550

Participating interests

Participating interests comprises a shareholding in Ashchurch 9 Limited, a company incorporated in the

United Kingdom, with 1,000 ordinary shares and a shareholding in Tetrao Investments Limited, a

company incorporated in Jersey, with 10 ordinary shares, 1,979,991 A ordinary shares and 219,999 B

ordinary shares.

During the year the company received a repayment of share capital of £96,000 from Tetrao

Investments Limited.

Joint Venture

The Joint venture comprises a shareholding in Chase-Reynes (Gloucester) Ltd, a company

incorporated in the United Kingdom, with 100 ordinary shares.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

5,000

24,936

Other debtors

1,249,996

1,145,994

1,254,996

1,170,930

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

117,510

57,989

Amounts owed to participating interests

50

50

Taxation and social security

-

25

Other creditors

1,932,492

1,538,057

2,050,052

1,596,121

8.	RELATED PARTY DISCLOSURES

Chase Design Group Limited is owned by G J Ackrill.

J R Meredith is a director of Ashbridge Developments Limited. Ashbridge Developments has a

subsidiary called Chase Midlands Estates Limited.

G J Ackrill and J R Meredith are directors of Chase-Reynes (Gloucester) Limited, a company that Chase

Commercial Limited has entered into a joint venture agreement with.

J R Meredith is a director of Park Mill Developments Limited.

Included in related party undertakings (debtors)/ creditors at the year end were the following

amounts:

2019

2018

£

£

Chase Design Group Limited

1,930

1,930

Chase Midlands Estates Limited

(827,471

)

(827,471

)

Chase-Reynes (Gloucester) Limited

(250,000

)

(250,000

)

Park Mill Developments Limited

100,000

110,000

At 31 December 2019 the company was owed £827,471 (2018: £827,471) by Chase Midlands Estates

Limited, a company in which Mr J Meredith is also a director. This loan is interest free and is repayable

upon demand.

During the year the company incurred fees of £50,000 (2018: £50,000) for management services from

Park Mill Developments Limited, a company owned by J R Meredith.

At 31 December 2019 the company was owed £250,000 (2018: £250,000) by Chase-Reynes

(Gloucester) Limited. This is repayable upon demand.

Interest accrued and charged for the year was £12,049 (2018: £12,575) in respect of the loan from

Park Mill Developments Limited. Total interest accrued at the year end and included within accruals of

£47,389 (2018: £35,340).

Other creditors include the following loans:

- an amount of £1,348,192 (2018: £1,111,548) included within other loans, owed to Worlddream

Limited, a company which is owned by G J Ackrill and her children, on which interest of £162,760

(2018: £118,695) is included within accruals at the year end. The interest charged for the year is

£43,795 (2018: £28,408) and is calculated on the interest bearing part of the loan balances at the rate

of 10%. £760,471 (2018: £760,471) is an interest free loan, and is repayable upon demand.

- an amount of £241,063 (2018: £156,063) included within other loans, owed to Gail Ackrill, which

has been introduced during the year as an investment in Andover. The interest charged for the year is

£18,447 (2018 £10,879), on which interest of £31,158 (2018 £12,711) is included within accruals at

the year end.