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 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Ms G J Ackrill

Mr J K Retallack

Mr J R Meredith

Mr D J Parker

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

190,722

187,633

Investments

5

64,550

64,550

255,272

252,183

CURRENT ASSETS

Stocks

1,748,562

-

Debtors

6

1,653,852

1,459,859

Cash at bank

665,659

81,487

4,068,073

1,541,346

CREDITORS

Amounts falling due within one year

7

4,425,841

2,328,544

NET CURRENT LIABILITIES

(357,768

)

(787,198

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(102,496

)

(535,015

)

CREDITORS

Amounts falling due after more than one year

8

41,203

49,999

NET LIABILITIES

(143,699

)

(585,014

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(144,699

)

(586,014

)

SHAREHOLDERS' FUNDS

(143,699

)

(585,014

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 21 July 2022 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 reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2021

182,619

3,898

5,236

191,753

Additions

-

350

4,417

4,767

At 31 December 2021

182,619

4,248

9,653

196,520

DEPRECIATION

At 1 January 2021

-

1,618

2,502

4,120

Charge for year

-

636

1,042

1,678

At 31 December 2021

-

2,254

3,544

5,798

NET BOOK VALUE

At 31 December 2021

182,619

1,994

6,109

190,722

At 31 December 2020

182,619

2,280

2,734

187,633

5.	FIXED ASSET INVESTMENTS

Interest

Interest

in other

in joint

participating

venture

interests

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

50

64,500

64,550

NET BOOK VALUE

At 31 December 2021

50

64,500

64,550

At 31 December 2020

50

64,500

64,550

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.

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

2021

2020

£

£

Trade debtors

21,579

47,400

Other debtors

1,632,273

1,412,459

1,653,852

1,459,859

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

5,555

-

Trade creditors

56,384

79,122

Amounts owed to participating interests

50

50

Taxation and social security

61,111

-

Other creditors

4,302,741

2,249,372

4,425,841

2,328,544

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,203

49,999

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

18,985

-

9.	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.

D J Parker is a director of Noble Steele Limited.

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

2021

2020

£

£

Chase Design Group Limited

4,679

530

Chase Midlands Estates Limited

(827,471

)

(827,471

)

Chase-Reynes (Gloucester) Limited

(250,000

)

(250,000

)

Park Mill Developments Limited

35,000

55,000

At 31 December 2021 the company was owed £827,471 (2020: £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. This loan was repaid in full after the balance sheet date.

During the year the company incurred fees of £50,000 (2020: £50,000) for management services from Park Mill Developments Limited, a company owned by J R Meredith.

During the year the company incurred fees of £50,000 (2020: £50,000) for management services from Noble Steele Limiteda company owned by D R Parker.

At 31 December 2021 the company was owed £250,000 (2020: £250,000) by Chase-Reynes (Gloucester) Limited. This is repayable upon demand.

Interest accrued and charged for the year was £3,490 (2020: £5,500) in respect of the loan from Park Mill Developments Limited. Total interest accrued at the year end and included within accruals of £56,379 (2020: £52,889). This loan was repaid in full after the balance sheet date.

Other creditors include the following loans:

- an amount of £1,348,192 (2020: £1,348,192) included within other loans, owed to Worlddream Limited, a company which is owned by G J Ackrill and her children, on which interest of £267,047 (2020: £214,975) is included within accruals at the year end. The interest charged for the year is £52,072 (2020: £52,215) and is calculated on the interest bearing part of the loan balances at the rate of 10%.

£760,471 (2020: £760,471) is an interest free loan, and is repayable upon demand.

- an amount of £241,063 (2020: £241,063) included within other loans, owed to Gail Ackrill, which is an investment in Andover. The interest charged for the year is £24,106 (2020 £24,172), on which interest of £79,436 (2020 £55,330) is included within accruals at the year end.